Shares of Pitney Bowes Inc. (NYSE:PBI – Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $18.61 and last traded at $18.1780, with a volume of 1700888 shares changing hands. The stock had previously closed at $17.77.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on PBI. Bank of America upgraded shares of Pitney Bowes from an “underperform” rating to a “neutral” rating and raised their price target for the company from $9.50 to $16.50 in a report on Monday, May 11th. Zacks Research lowered shares of Pitney Bowes from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Weiss Ratings raised shares of Pitney Bowes from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 8th. The Goldman Sachs Group set a $15.20 target price on shares of Pitney Bowes in a research note on Friday, May 8th. Finally, Wall Street Zen raised shares of Pitney Bowes from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 25th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $16.43.
View Our Latest Stock Report on Pitney Bowes
Pitney Bowes Price Performance
Pitney Bowes (NYSE:PBI – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.47. The business had revenue of $477.41 million for the quarter, compared to analyst estimates of $471.83 million. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.The company’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. Equities analysts anticipate that Pitney Bowes Inc. will post 1.62 earnings per share for the current fiscal year.
Pitney Bowes Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Monday, May 18th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Monday, May 18th. Pitney Bowes’s payout ratio is currently 38.83%.
Insider Transactions at Pitney Bowes
In other Pitney Bowes news, CEO Kurt James Wolf sold 966,561 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $14.58, for a total transaction of $14,092,459.38. Following the transaction, the chief executive officer owned 452,628 shares in the company, valued at approximately $6,599,316.24. This represents a 68.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have sold 3,349,299 shares of company stock worth $53,287,943. Corporate insiders own 6.50% of the company’s stock.
Hedge Funds Weigh In On Pitney Bowes
Hedge funds have recently made changes to their positions in the company. State Street Corp lifted its position in Pitney Bowes by 3.1% during the 2nd quarter. State Street Corp now owns 6,366,188 shares of the technology company’s stock worth $69,455,000 after acquiring an additional 188,886 shares during the period. LSV Asset Management increased its holdings in shares of Pitney Bowes by 246.7% in the fourth quarter. LSV Asset Management now owns 4,197,189 shares of the technology company’s stock valued at $44,364,000 after purchasing an additional 2,986,689 shares during the period. Permit Capital LLC raised its stake in shares of Pitney Bowes by 14.0% in the fourth quarter. Permit Capital LLC now owns 3,250,000 shares of the technology company’s stock worth $34,352,000 after purchasing an additional 400,000 shares during the last quarter. Capital Management Corp VA raised its stake in shares of Pitney Bowes by 25.3% in the fourth quarter. Capital Management Corp VA now owns 2,930,328 shares of the technology company’s stock worth $30,974,000 after purchasing an additional 592,568 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Pitney Bowes by 60.2% in the fourth quarter. Millennium Management LLC now owns 2,630,801 shares of the technology company’s stock worth $27,808,000 after purchasing an additional 988,653 shares during the last quarter. 67.88% of the stock is owned by institutional investors and hedge funds.
About Pitney Bowes
Pitney Bowes Inc (NYSE: PBI) is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.
The company’s core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.
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