Wedge Capital Management L L P NC Makes New Investment in Pitney Bowes Inc. (NYSE:PBI)

Wedge Capital Management L L P NC purchased a new position in shares of Pitney Bowes Inc. (NYSE:PBI) in the 3rd quarter, HoldingsChannel reports. The firm purchased 197,051 shares of the technology company’s stock, valued at approximately $1,405,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Tidal Investments LLC bought a new position in Pitney Bowes during the 1st quarter worth approximately $764,000. Quadrature Capital Ltd bought a new position in Pitney Bowes during the 4th quarter worth approximately $240,000. BNP Paribas Financial Markets raised its holdings in Pitney Bowes by 10.0% during the 1st quarter. BNP Paribas Financial Markets now owns 216,002 shares of the technology company’s stock worth $935,000 after purchasing an additional 19,690 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Pitney Bowes during the 2nd quarter worth approximately $208,000. Finally, Marshall Wace LLP raised its holdings in Pitney Bowes by 248.1% during the 2nd quarter. Marshall Wace LLP now owns 706,302 shares of the technology company’s stock worth $3,588,000 after purchasing an additional 503,378 shares during the last quarter. Institutional investors own 67.88% of the company’s stock.

Pitney Bowes Stock Up 1.9 %

NYSE:PBI opened at $7.09 on Thursday. The company has a fifty day moving average of $6.93 and a 200-day moving average of $5.87. The firm has a market capitalization of $1.27 billion, a P/E ratio of -3.27, a P/E/G ratio of 1.30 and a beta of 1.97. Pitney Bowes Inc. has a twelve month low of $3.03 and a twelve month high of $7.70.

Pitney Bowes (NYSE:PBI) last released its quarterly earnings data on Thursday, August 8th. The technology company reported $0.03 earnings per share for the quarter, beating 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 company had revenue of $793.17 million during the quarter, compared to analyst estimates of $771.65 million. During the same quarter in the previous year, the business posted ($0.02) EPS. Pitney Bowes’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, analysts anticipate that Pitney Bowes Inc. will post 0.35 EPS for the current fiscal year.

Pitney Bowes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend was Thursday, August 22nd. Pitney Bowes’s payout ratio is currently -9.22%.

Wall Street Analysts Forecast Growth

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

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.