Range Financial Group LLC has significantly reduced its investment in Pitney Bowes Inc. (NYSE: PBI), selling 109,412 shares during the third quarter of 2023. This move has decreased the firm’s holdings by 90.0%, leaving it with 12,188 shares valued at approximately $139,000, according to its latest filing with the Securities and Exchange Commission (SEC).
Other major investors have also adjusted their positions in Pitney Bowes recently. Kestra Advisory Services LLC increased its stake by 9.5% in the first quarter, now holding 91,694 shares worth $830,000. Ieq Capital LLC entered a new position valued at $422,000, while Trexquant Investment LP acquired shares worth $1.685 million during the same period. Additionally, the State of Wyoming enhanced its investment by 162.4%, bringing its total to 28,413 shares valued at $257,000. Graham Capital Management L.P. also grew its stake by 45.1%, now owning 112,411 shares worth $1.017 million. Currently, hedge funds and institutional investors control 67.88% of Pitney Bowes stock.
Analysts’ Perspectives and Stock Performance
In recent weeks, several research firms have issued reports regarding Pitney Bowes. Citizens Jmp initiated coverage on December 3, 2023, rating the company as a “market outperform” with a target price of $13.00. The Goldman Sachs Group provided a “neutral” rating and set a price objective at $11.00. Truist Financial and Citigroup also initiated coverage, offering a “hold” rating and an outperform rating, respectively, while Weiss Ratings maintained a “hold (c)” rating on the stock. Overall, analysts have provided an average rating of “Hold” with a consensus target price of $12.00.
As of today, Pitney Bowes shares opened at $10.66. The company’s 50-day simple moving average stands at $10.12, and its 200-day simple moving average is $10.98. With a market capitalization of $1.71 billion, the stock has a price-to-earnings (P/E) ratio of 23.68 and a beta of 1.32. The stock has fluctuated between a 52-week low of $6.88 and a high of $13.11.
On October 29, 2023, Pitney Bowes announced its quarterly earnings, reporting an earnings per share (EPS) of $0.31, which fell short of analysts’ expectations of $0.32. The company’s revenue for the quarter was $459.68 million, below the consensus estimate of $467.45 million. Compared to the same quarter last year, revenue declined by 8.0%, with the previous year’s EPS at $0.21. For fiscal year 2025, the company has projected an EPS guidance of $1.30.
Dividend Announcement and Company Background
Recently, Pitney Bowes declared a quarterly dividend of $0.09 per share, which was paid on December 8, 2023, to stockholders of record from November 10, 2023. This marks an increase from the previous quarterly dividend of $0.08, leading to an annualized dividend of $0.36 and a yield of 3.4%. The firm’s current payout ratio stands at 80.00%.
Founded in 1920, Pitney Bowes Inc. specializes in shipping, mailing, and e-commerce solutions. The company, headquartered in Stamford, Connecticut, has a long history of innovation, including the development of postage meter technology. Today, it offers a diverse range of hardware, software, and services aimed at enhancing both physical and digital communications for enterprises, small businesses, and government agencies worldwide. Its offerings include mailing and shipping equipment, as well as integrated software platforms for data analytics and customer information management.
