Pitney Bowes Inc. (NYSE:PBI) Stake Trimmed by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Pitney Bowes Inc. (NYSE:PBI) by 4.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 737,715 shares of the technology company’s stock after selling 32,177 shares during the quarter. Principal Financial Group Inc. owned approximately 0.41% of Pitney Bowes worth $5,260,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in PBI. ProShare Advisors LLC grew its position in Pitney Bowes by 7.5% during the 1st quarter. ProShare Advisors LLC now owns 34,900 shares of the technology company’s stock worth $151,000 after purchasing an additional 2,440 shares in the last quarter. Quadrature Capital Ltd lifted its stake in Pitney Bowes by 21.6% in the 1st quarter. Quadrature Capital Ltd now owns 66,247 shares of the technology company’s stock worth $287,000 after acquiring an additional 11,753 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Pitney Bowes by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 220,888 shares of the technology company’s stock valued at $957,000 after acquiring an additional 8,305 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Pitney Bowes by 10.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 98,956 shares of the technology company’s stock valued at $428,000 after purchasing an additional 9,222 shares during the period. Finally, Tidal Investments LLC purchased a new stake in shares of Pitney Bowes in the first quarter worth approximately $764,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Pitney Bowes Stock Down 3.2 %

PBI stock opened at $7.52 on Thursday. The firm has a 50 day moving average of $7.15 and a two-hundred day moving average of $6.41. Pitney Bowes Inc. has a 12 month low of $3.68 and a 12 month high of $8.80. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -3.45, a P/E/G ratio of 1.27 and a beta of 1.97.

Pitney Bowes (NYSE:PBI) last posted its earnings results on Friday, November 8th. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.08. Pitney Bowes had a negative return on equity of 12.85% and a negative net margin of 13.02%. The firm had revenue of $499.46 million during the quarter, compared to analyst estimates of $467.80 million. On average, research analysts expect that Pitney Bowes Inc. will post 0.38 EPS for the current fiscal year.

Pitney Bowes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Monday, November 18th. Pitney Bowes’s payout ratio is presently -9.17%.

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.