TrueNorth Inc. trimmed its stake in Pitney Bowes Inc. (NYSE:PBI) by 50.5% in the fourth quarter, Holdings Channel reports. The fund owned 60,634 shares of the technology company’s stock after selling 61,813 shares during the quarter. TrueNorth Inc.’s holdings in Pitney Bowes were worth $678,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new position in shares of Pitney Bowes in the fourth quarter worth $120,000. NEXT Financial Group Inc raised its holdings in shares of Pitney Bowes by 2,155.1% in the fourth quarter. NEXT Financial Group Inc now owns 11,005 shares of the technology company’s stock worth $123,000 after acquiring an additional 10,517 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Pitney Bowes in the fourth quarter worth $151,000. ETRADE Capital Management LLC acquired a new position in shares of Pitney Bowes in the third quarter worth $168,000. Finally, Shelton Capital Management acquired a new position in shares of Pitney Bowes in the second quarter worth $213,000. 70.45% of the stock is owned by institutional investors.
A number of research firms have recently weighed in on PBI. Zacks Investment Research raised Pitney Bowes from a “sell” rating to a “hold” rating in a report on Tuesday, October 10th. Loop Capital cut their price target on Pitney Bowes from $14.00 to $12.00 and set a “hold” rating for the company in a report on Thursday, November 2nd. Finally, ValuEngine cut Pitney Bowes from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Pitney Bowes has a consensus rating of “Hold” and a consensus price target of $14.50.
Pitney Bowes (NYSE:PBI) last announced its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.03. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. Pitney Bowes had a return on equity of 379.85% and a net margin of 7.36%. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 earnings per share. analysts expect that Pitney Bowes Inc. will post 1.48 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 5.88%. Pitney Bowes’s dividend payout ratio is currently 53.57%.
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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