Pitney Bowes Inc. (PBI) Stake Lowered by TIAA CREF Investment Management LLC
TIAA CREF Investment Management LLC reduced its position in shares of Pitney Bowes Inc. (NYSE:PBI) by 24.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 602,833 shares of the technology company’s stock after selling 193,070 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.32% of Pitney Bowes worth $9,103,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PBI. Great West Life Assurance Co. Can grew its position in shares of Pitney Bowes by 124.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 108,618 shares of the technology company’s stock valued at $1,421,000 after purchasing an additional 60,260 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in shares of Pitney Bowes by 19.9% during the 1st quarter. UBS Asset Management Americas Inc. now owns 183,502 shares of the technology company’s stock valued at $2,406,000 after purchasing an additional 30,516 shares in the last quarter. Karp Capital Management Corp purchased a new position in shares of Pitney Bowes during the 1st quarter valued at $766,000. Ameriprise Financial Inc. grew its position in shares of Pitney Bowes by 809.5% during the 1st quarter. Ameriprise Financial Inc. now owns 872,215 shares of the technology company’s stock valued at $11,433,000 after purchasing an additional 776,314 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Pitney Bowes during the 1st quarter valued at $149,000. Hedge funds and other institutional investors own 76.18% of the company’s stock.
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Shares of Pitney Bowes Inc. (PBI) opened at 13.96 on Friday. Pitney Bowes Inc. has a 12-month low of $12.31 and a 12-month high of $18.20. The stock’s 50 day moving average is $13.10 and its 200-day moving average is $14.07. The company has a market capitalization of $2.61 billion, a P/E ratio of 27.43 and a beta of 1.21.
Pitney Bowes (NYSE:PBI) last posted its earnings results on Tuesday, August 1st. The technology company reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.03). The company had revenue of $821.40 million for the quarter, compared to analysts’ expectations of $822.90 million. Pitney Bowes had a net margin of 3.02% and a return on equity of 15,666.66%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.39 earnings per share. Analysts anticipate that Pitney Bowes Inc. will post $1.68 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Friday, August 25th were paid a dividend of $0.1875 per share. The ex-dividend date was Wednesday, August 23rd. This represents a $0.75 annualized dividend and a yield of 5.37%. Pitney Bowes’s payout ratio is 144.23%.
A number of research analysts have recently commented on the stock. Loop Capital assumed coverage on shares of Pitney Bowes in a research report on Friday, July 28th. They set a “hold” rating and a $16.00 price target for the company. Zacks Investment Research lowered shares of Pitney Bowes from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. BidaskClub lowered shares of Pitney Bowes from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. ValuEngine upgraded shares of Pitney Bowes from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Finally, Cross Research lowered shares of Pitney Bowes from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $17.67.
Pitney Bowes Profile
Pitney Bowes Inc is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe.
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