Principal Financial Group Inc. Reduces Stock Holdings in Pitney Bowes Inc. (NYSE:PBI)

Principal Financial Group Inc. reduced its position in Pitney Bowes Inc. (NYSE:PBI) by 4.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Algert Global LLC lifted its stake in shares of Pitney Bowes by 76.9% during the 3rd quarter. Algert Global LLC now owns 344,829 shares of the technology company’s stock valued at $2,459,000 after buying an additional 149,944 shares in the last quarter. FMR LLC lifted its position in shares of Pitney Bowes by 3,308.0% during the third quarter. FMR LLC now owns 320,152 shares of the technology company’s stock worth $2,283,000 after acquiring an additional 310,758 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Pitney Bowes in the third quarter valued at $3,442,000. American Assets Inc. purchased a new position in shares of Pitney Bowes in the third quarter valued at $513,000. Finally, Verition Fund Management LLC raised its stake in shares of Pitney Bowes by 126.6% during the 3rd quarter. Verition Fund Management LLC now owns 135,531 shares of the technology company’s stock valued at $966,000 after purchasing an additional 75,724 shares during the period. 67.88% of the stock is currently owned by institutional investors.

Pitney Bowes Stock Down 0.3 %

PBI stock opened at $7.22 on Friday. The stock has a 50-day simple moving average of $7.60 and a two-hundred day simple moving average of $6.94. Pitney Bowes Inc. has a twelve month low of $3.68 and a twelve month high of $8.80. The firm has a market capitalization of $1.31 billion, a PE ratio of -3.31, a PEG ratio of 1.35 and a beta of 1.97.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings data on Friday, November 8th. The technology company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.13 by $0.08. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%. The company had revenue of $499.46 million during the quarter, compared to analysts’ expectations of $467.80 million. On average, equities research analysts anticipate that Pitney Bowes Inc. will post 0.38 EPS for the current fiscal year.

Pitney Bowes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.77%. The ex-dividend date was Monday, November 18th. Pitney Bowes’s dividend payout ratio is -9.17%.

Insider Buying and Selling

In other Pitney Bowes news, EVP Lauren Freemen-Bosworth sold 42,308 shares of Pitney Bowes stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $8.12, for a total transaction of $343,540.96. Following the completion of the sale, the executive vice president now directly owns 18,664 shares in the company, valued at $151,551.68. The trade was a 69.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul J. Evans purchased 29,000 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $7.80 per share, for a total transaction of $226,200.00. Following the acquisition, the director now directly owns 29,000 shares in the company, valued at approximately $226,200. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 14.30% of the stock is owned by company insiders.

Pitney Bowes Company Profile

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.