Shares of Pitney Bowes Inc. (NYSE:PBI - Get Free Report) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $8.74, but opened at $9.01. Pitney Bowes shares last traded at $9.60, with a volume of 2,709,612 shares traded.
The technology company reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.16. Pitney Bowes had a negative return on equity of 12.85% and a negative net margin of 13.02%.
Pitney Bowes Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Friday, February 21st will be issued a dividend of $0.06 per share. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.05. The ex-dividend date is Friday, February 21st. This represents a $0.24 annualized dividend and a dividend yield of 2.28%. Pitney Bowes's payout ratio is presently -9.17%.
Insiders Place Their Bets
In other Pitney Bowes news, EVP Lauren Freemen-Bosworth sold 42,308 shares of the business's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $8.12, for a total value of $343,540.96. Following the completion of the sale, the executive vice president now owns 18,664 shares in the company, valued at approximately $151,551.68. The trade was a 69.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul J. Evans acquired 29,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $7.80 per share, with a total value of $226,200.00. Following the transaction, the director now directly owns 29,000 shares of the company's stock, valued at approximately $226,200. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 1,405,593 shares of company stock valued at $13,568,759 over the last quarter. 14.30% of the stock is owned by corporate insiders.
Institutional Trading of Pitney Bowes
Several hedge funds and other institutional investors have recently bought and sold shares of PBI. Hestia Capital Management LLC bought a new position in shares of Pitney Bowes during the fourth quarter valued at approximately $114,326,000. Assenagon Asset Management S.A. raised its holdings in shares of Pitney Bowes by 47.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company's stock valued at $13,139,000 after acquiring an additional 586,249 shares in the last quarter. Algert Global LLC raised its holdings in shares of Pitney Bowes by 76.9% during the third quarter. Algert Global LLC now owns 344,829 shares of the technology company's stock valued at $2,459,000 after acquiring an additional 149,944 shares in the last quarter. FMR LLC raised 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 valued at $2,283,000 after acquiring an additional 310,758 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Pitney Bowes by 182.4% during the third quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company's stock valued at $6,897,000 after acquiring an additional 624,878 shares in the last quarter. Institutional investors own 67.88% of the company's stock.
Pitney Bowes Stock Up 0.3 %
The company has a market cap of $1.92 billion, a P/E ratio of -4.84, a P/E/G ratio of 0.52 and a beta of 2.01. The business has a fifty day moving average of $7.94 and a 200 day moving average of $7.42.
About Pitney Bowes
(
Get Free Report)
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.
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