Shares of Pitney Bowes Inc. (NYSE:PBI – Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $17.67 and last traded at $17.6040, with a volume of 41675 shares traded. The stock had previously closed at $17.52.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the stock. Bank of America upgraded shares of Pitney Bowes from an “underperform” rating to a “neutral” rating and raised their target price for the company from $9.50 to $16.50 in a research note on Monday, May 11th. Truist Financial upped their price objective on shares of Pitney Bowes from $11.00 to $15.00 and gave the company a “hold” rating in a report on Thursday, May 7th. Zacks Research upgraded shares of Pitney Bowes from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Weiss Ratings raised shares of Pitney Bowes from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Finally, Citigroup restated a “market outperform” rating on shares of Pitney Bowes in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.43.
View Our Latest Report on Pitney Bowes
Pitney Bowes Stock Performance
Pitney Bowes (NYSE:PBI – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.The business had revenue of $477.41 million for the quarter, compared to the consensus estimate of $471.83 million. During the same quarter in the prior year, the business earned $0.33 earnings per share. Pitney Bowes’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts expect that Pitney Bowes Inc. will post 1.62 earnings per share for the current year.
Pitney Bowes Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Monday, May 18th were given a $0.01 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.04 annualized dividend and a yield of 0.2%. Pitney Bowes’s payout ratio is 38.83%.
Insider Transactions at Pitney Bowes
In other Pitney Bowes news, EVP Deborah Pfeiffer sold 18,750 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $16.06, for a total transaction of $301,125.00. Following the completion of the transaction, the executive vice president owned 97,828 shares of the company’s stock, valued at $1,571,117.68. This represents a 16.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Kurt James Wolf sold 322,829 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $17.40, for a total value of $5,617,224.60. Following the completion of the sale, the chief executive officer directly owned 264,922 shares of the company’s stock, valued at $4,609,642.80. The trade was a 54.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,030,097 shares of company stock worth $46,661,100 in the last 90 days. Company insiders own 6.50% of the company’s stock.
Institutional Trading of Pitney Bowes
Hedge funds have recently modified their holdings of the business. LSV Asset Management increased its holdings in Pitney Bowes by 246.7% in the 4th quarter. LSV Asset Management now owns 4,197,189 shares of the technology company’s stock worth $44,364,000 after buying an additional 2,986,689 shares in the last quarter. Cannell & Spears LLC lifted its position in shares of Pitney Bowes by 89.5% during the 3rd quarter. Cannell & Spears LLC now owns 3,364,466 shares of the technology company’s stock valued at $38,389,000 after buying an additional 1,588,579 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Pitney Bowes during the first quarter valued at approximately $16,403,000. Millennium Management LLC boosted its position 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 period. Finally, Invesco Ltd. boosted its position in shares of Pitney Bowes by 29.5% in the third quarter. Invesco Ltd. now owns 2,622,003 shares of the technology company’s stock worth $29,917,000 after purchasing an additional 597,938 shares during the period. Institutional investors own 67.88% of the company’s stock.
Pitney Bowes Company Profile
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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