Permit Capital LLC Acquires 450,000 Shares of Pitney Bowes Inc. $PBI

Permit Capital LLC lifted its holdings in shares of Pitney Bowes Inc. (NYSE:PBI) by 18.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,850,000 shares of the technology company’s stock after purchasing an additional 450,000 shares during the quarter. Pitney Bowes makes up about 10.1% of Permit Capital LLC’s holdings, making the stock its 2nd biggest position. Permit Capital LLC’s holdings in Pitney Bowes were worth $31,094,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quantbot Technologies LP acquired a new position in shares of Pitney Bowes during the 1st quarter worth $36,000. KBC Group NV acquired a new position in Pitney Bowes in the 1st quarter valued at $65,000. United Services Automobile Association acquired a new position in Pitney Bowes in the 1st quarter valued at $96,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Pitney Bowes in the 1st quarter valued at $98,000. Finally, Thompson Davis & CO. Inc. acquired a new position in Pitney Bowes in the 1st quarter valued at $122,000. Institutional investors and hedge funds own 67.88% of the company’s stock.

Analysts Set New Price Targets

PBI has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 22nd. The Goldman Sachs Group initiated coverage on shares of Pitney Bowes in a research note on Monday. They issued a “neutral” rating and a $11.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Pitney Bowes in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $11.00.

Insider Activity at Pitney Bowes

In other Pitney Bowes news, Director Brent D. Rosenthal acquired 3,000 shares of Pitney Bowes stock in a transaction dated Wednesday, September 3rd. The stock was bought at an average cost of $11.97 per share, with a total value of $35,910.00. Following the acquisition, the director owned 3,000 shares of the company’s stock, valued at approximately $35,910. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.00% of the company’s stock.

Pitney Bowes Price Performance

Shares of Pitney Bowes stock opened at $9.47 on Thursday. Pitney Bowes Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $13.11. The firm has a fifty day moving average price of $11.38 and a two-hundred day moving average price of $10.86. The company has a market cap of $1.52 billion, a PE ratio of 21.04, a price-to-earnings-growth ratio of 0.57 and a beta of 1.27.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings results on Wednesday, October 29th. The technology company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). Pitney Bowes had a net margin of 4.14% and a negative return on equity of 40.31%. The company had revenue of $459.68 million during the quarter, compared to the consensus estimate of $467.45 million. During the same period last year, the company earned $0.21 earnings per share. Pitney Bowes’s revenue for the quarter was down 8.0% on a year-over-year basis. Pitney Bowes has set its FY 2025 guidance at 1.300-1.300 EPS. Analysts expect that Pitney Bowes Inc. will post 1.21 earnings per share for the current fiscal year.

Pitney Bowes Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 8th. Shareholders of record on Monday, November 10th will be issued a $0.09 dividend. This is a boost from Pitney Bowes’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, November 10th. This represents a $0.36 dividend on an annualized basis and a yield of 3.8%. Pitney Bowes’s payout ratio is currently 80.00%.

Pitney Bowes declared that its board has approved a share repurchase program on Wednesday, July 30th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the technology company to repurchase up to 18.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Pitney Bowes Profile

Pitney Bowes Inc, a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally. It operates through Global Ecommerce, Presort Services, and SendTech Solutions segments.