KLP Kapitalforvaltning AS Invests $269,000 in Pitney Bowes Inc. (NYSE:PBI)

KLP Kapitalforvaltning AS bought a new stake in Pitney Bowes Inc. (NYSE:PBI) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 37,200 shares of the technology company’s stock, valued at approximately $269,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its position in Pitney Bowes by 33.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 84,893 shares of the technology company’s stock worth $605,000 after purchasing an additional 21,367 shares during the last quarter. FMR LLC grew its holdings 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 buying an additional 310,758 shares during the last quarter. BNP Paribas Financial Markets increased its position in Pitney Bowes by 31.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 209,169 shares of the technology company’s stock valued at $1,491,000 after acquiring an additional 49,854 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Pitney Bowes by 10.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,663 shares of the technology company’s stock valued at $347,000 after acquiring an additional 4,728 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Pitney Bowes by 2.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,422 shares of the technology company’s stock worth $2,641,000 after acquiring an additional 8,973 shares during the period. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Pitney Bowes from a “strong-buy” rating to a “buy” rating in a report on Monday, March 31st.

Pitney Bowes Stock Performance

Shares of PBI opened at $7.95 on Monday. The stock has a market capitalization of $1.45 billion, a P/E ratio of -7.09, a P/E/G ratio of 0.59 and a beta of 1.89. Pitney Bowes Inc. has a 1 year low of $3.90 and a 1 year high of $11.01. The company’s fifty day moving average is $9.55 and its two-hundred day moving average is $8.15.

Pitney Bowes (NYSE:PBI) last issued its earnings results on Tuesday, February 11th. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative net margin of 7.71% and a negative return on equity of 20.95%. Sell-side analysts predict that Pitney Bowes Inc. will post 1.21 EPS for the current year.

Pitney Bowes Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Friday, February 21st were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.02%. This is an increase from Pitney Bowes’s previous quarterly dividend of $0.05. The ex-dividend date was Friday, February 21st. Pitney Bowes’s dividend payout ratio is -21.43%.

Insider Activity

In other Pitney Bowes news, EVP Deborah Pfeiffer sold 35,000 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $9.02, for a total transaction of $315,700.00. Following the transaction, the executive vice president now directly owns 124,124 shares in the company, valued at approximately $1,119,598.48. This represents a 22.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kurt James Wolf sold 1,250,000 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $9.66, for a total transaction of $12,075,000.00. Following the completion of the transaction, the director now directly owns 622,250 shares of the company’s stock, valued at approximately $6,010,935. This trade represents a 66.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,974,484 shares of company stock valued at $19,815,631 in the last three months. 14.30% of the stock is currently owned by company insiders.

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.