Assenagon Asset Management S.A. Takes Position in Pitney Bowes Inc. (NYSE:PBI)

Assenagon Asset Management S.A. purchased a new stake in shares of Pitney Bowes Inc. (NYSE:PBI) during the second quarter, Holdings Channel reports. The fund purchased 41,031 shares of the technology company’s stock, valued at approximately $208,000.

A number of other hedge funds have also recently made changes to their positions in PBI. Steward Partners Investment Solutions LLC bought a new position in shares of Pitney Bowes during the fourth quarter worth about $1,869,000. Hsbc Holdings PLC raised its position in shares of Pitney Bowes by 58.2% during the fourth quarter. Hsbc Holdings PLC now owns 950,496 shares of the technology company’s stock worth $4,145,000 after acquiring an additional 349,599 shares during the last quarter. Tidal Investments LLC bought a new position in shares of Pitney Bowes during the first quarter worth about $764,000. Verity & Verity LLC bought a new position in shares of Pitney Bowes during the first quarter worth about $560,000. Finally, Mackenzie Financial Corp raised its position in shares of Pitney Bowes by 711.3% during the fourth quarter. Mackenzie Financial Corp now owns 92,015 shares of the technology company’s stock worth $405,000 after acquiring an additional 80,674 shares during the last quarter. 67.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Pitney Bowes Price Performance

Shares of PBI opened at $7.38 on Friday. Pitney Bowes Inc. has a 1 year low of $2.80 and a 1 year high of $7.70. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -3.40, a price-to-earnings-growth ratio of 1.37 and a beta of 1.99. The business has a 50-day moving average of $6.28 and a 200-day moving average of $5.12.

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

Pitney Bowes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd will be issued a $0.05 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $0.20 dividend on an annualized basis and a yield of 2.71%. Pitney Bowes’s 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.