Comerica Bank grew its stake in shares of Pitney Bowes Inc. (NYSE:PBI) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 148,054 shares of the technology company’s stock after buying an additional 1,786 shares during the period. Comerica Bank owned 0.08% of Pitney Bowes worth $2,327,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Pitney Bowes by 9,828.4% during the first quarter. BlackRock Inc. now owns 21,131,601 shares of the technology company’s stock worth $277,037,000 after buying an additional 20,918,761 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Pitney Bowes by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 9,271,892 shares of the technology company’s stock valued at $140,005,000 after purchasing an additional 137,446 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Pitney Bowes by 37.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,780,498 shares of the technology company’s stock valued at $23,342,000 after purchasing an additional 486,581 shares during the period. Lapides Asset Management LLC grew its position in shares of Pitney Bowes by 95.2% in the first quarter. Lapides Asset Management LLC now owns 1,659,700 shares of the technology company’s stock valued at $21,759,000 after purchasing an additional 809,400 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in Pitney Bowes by 149.0% in the first quarter. Renaissance Technologies LLC now owns 1,414,026 shares of the technology company’s stock valued at $18,538,000 after acquiring an additional 846,126 shares during the last quarter. 76.28% of the stock is owned by institutional investors.
PBI has been the topic of a number of recent research reports. Cross Research cut Pitney Bowes from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. BidaskClub cut Pitney Bowes from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research cut Pitney Bowes from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. ValuEngine lowered Pitney Bowes from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Loop Capital began coverage on Pitney Bowes in a report on Friday, July 28th. They issued a “hold” rating and a $16.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Pitney Bowes presently has an average rating of “Hold” and an average price target of $17.50.
Shares of Pitney Bowes Inc. (NYSE PBI) traded up 0.897% during mid-day trading on Friday, reaching $12.935. 186,710 shares of the company’s stock traded hands. The company’s 50 day moving average is $13.03 and its 200-day moving average is $14.04. Pitney Bowes Inc. has a 52 week low of $12.31 and a 52 week high of $18.24. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 25.413 and a beta of 1.20.
Pitney Bowes (NYSE:PBI) last released its quarterly earnings data on Tuesday, August 1st. The technology company reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.03). The company had revenue of $821.40 million for the quarter, compared to analyst estimates of $822.90 million. Pitney Bowes had a return on equity of 15,666.66% and a net margin of 3.02%. Pitney Bowes’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 earnings per share. Equities analysts expect that Pitney Bowes Inc. will post $1.68 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were given a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 5.85%. The ex-dividend date was Wednesday, August 23rd. Pitney Bowes’s dividend payout ratio (DPR) is currently 144.23%.
About Pitney Bowes
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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