Range Financial Group LLC has significantly reduced its stake in Pitney Bowes Inc. (NYSE:PBI), selling 109,412 shares during the third quarter. This move has decreased Range’s holdings by an impressive 90%, leaving the firm with just 12,188 shares valued at approximately $139,000 according to its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also adjusted their positions in Pitney Bowes. Kestra Advisory Services LLC increased its stake by 9.5% in the first quarter, acquiring an additional 7,960 shares to bring its total to 91,694 shares, worth $830,000. Additionally, Ieq Capital LLC entered a new position valued at $422,000, while Trexquant Investment LP purchased shares worth $1.685 million. The State of Wyoming raised its holdings by 162.4%, now owning 28,413 shares after acquiring 17,583 shares, valued at $257,000. Graham Capital Management L.P. also expanded its stake by 45.1%, increasing its holdings to 112,411 shares worth $1.017 million. Overall, hedge funds and institutional investors currently control 67.88% of Pitney Bowes stock.
Analysts Provide Mixed Outlook on Pitney Bowes
Recent analyses from various research firms have provided a mixed outlook for Pitney Bowes. On December 3, Citizens JMP initiated coverage with a “market outperform” rating and set a price target of $13.00. The Goldman Sachs Group began its coverage on November 3, assigning a “neutral” rating and a price objective of $11.00. Truist Financial also initiated coverage, issuing a “hold” rating with a target of $11.00. Citigroup provided an “outperform” rating on the same day. Weiss Ratings reiterated a “hold (c)” rating, leading to a consensus average rating of “hold” and a target price of $12.00.
Pitney Bowes Reports Earnings and Dividend Increase
Pitney Bowes recently reported its quarterly earnings on October 29, revealing a $0.31 earnings per share (EPS), which fell short of analysts’ expectations of $0.32 by $0.01. The company generated revenues of $459.68 million, compared to the anticipated $467.45 million. The negative return on equity stood at 38.38%, with a net margin of 4.14%. This represents an 8.0% decline in revenue compared to the same quarter the previous year, when the company reported an EPS of $0.21.
In a positive development, Pitney Bowes declared a quarterly dividend of $0.09 per share, which was paid on December 8. This marks an increase from the previous dividend of $0.08, reflecting a 3.4% annualized yield. The ex-dividend date was November 10, and the payout ratio currently stands at 80.00%.
Pitney Bowes Inc., founded in 1920 and headquartered in Stamford, Connecticut, specializes in shipping, mailing, and e-commerce solutions. The company has evolved from its origins in postage meter technology to offer a comprehensive portfolio of hardware, software, and services designed to enhance both physical and digital communications for enterprises, small businesses, and government agencies worldwide.
As it navigates a challenging market environment, the performance of Pitney Bowes remains closely monitored by investors and analysts alike.
