Victory Capital Management Inc. Purchases 10,974 Shares of Pitney Bowes Inc. (NYSE:PBI)

Victory Capital Management Inc. grew its position in shares of Pitney Bowes Inc. (NYSE:PBI) by 35.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,897 shares of the technology company’s stock after buying an additional 10,974 shares during the period. Victory Capital Management Inc.’s holdings in Pitney Bowes were worth $213,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. nVerses Capital LLC acquired a new stake in Pitney Bowes in the 2nd quarter worth about $48,000. William Howard & Co Financial Advisors Inc bought a new stake in shares of Pitney Bowes in the first quarter valued at approximately $52,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Pitney Bowes during the fourth quarter worth approximately $55,000. SageView Advisory Group LLC bought a new position in Pitney Bowes during the 1st quarter worth $57,000. Finally, Fifth Third Bancorp raised its holdings in Pitney Bowes by 3,412.2% in the 2nd quarter. Fifth Third Bancorp now owns 16,648 shares of the technology company’s stock valued at $85,000 after acquiring an additional 16,174 shares in the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered Pitney Bowes from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 21st.

Pitney Bowes Stock Up 0.6 %

Shares of Pitney Bowes stock opened at $7.06 on Tuesday. Pitney Bowes Inc. has a 12-month low of $2.87 and a 12-month high of $7.70. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -3.25, a PEG ratio of 1.26 and a beta of 1.98. The firm’s 50-day moving average price is $6.78 and its two-hundred day moving average price is $5.55.

Pitney Bowes (NYSE:PBI) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.10. Pitney Bowes had a negative net margin of 8.05% and a negative return on equity of 5.31%. The business had revenue of $793.17 million for the quarter, compared to analyst estimates of $771.65 million. During the same quarter last year, the business posted ($0.02) EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, sell-side analysts expect that Pitney Bowes Inc. will post 0.35 earnings per share for the current year.

Pitney Bowes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a dividend of $0.05 per share. The ex-dividend date was Thursday, August 22nd. This represents a $0.20 annualized dividend and a dividend yield of 2.83%. Pitney Bowes’s dividend payout ratio is currently -9.22%.

About Pitney Bowes

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.