Pitney Bowes (NYSE:PBI) Trading 6.8% Higher – Here’s What Happened

Shares of Pitney Bowes Inc. (NYSE:PBI) shot up 6.8% on Thursday . The stock traded as high as $7.83 and last traded at $7.82. 604,947 shares were traded during mid-day trading, a decline of 60% from the average session volume of 1,524,496 shares. The stock had previously closed at $7.32.

Pitney Bowes Stock Up 13.9 %

The stock has a fifty day moving average price of $7.54 and a 200-day moving average price of $7.14. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -3.82, a price-to-earnings-growth ratio of 0.46 and a beta of 2.00.

Pitney Bowes (NYSE:PBI) last announced its quarterly earnings data on Friday, November 8th. The technology company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.08. The company had revenue of $499.46 million during the quarter, compared to the consensus estimate of $467.80 million. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%. As a group, research analysts expect that Pitney Bowes Inc. will post 0.38 earnings per share for the current year.

Pitney Bowes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.40%. Pitney Bowes’s dividend payout ratio (DPR) is presently -9.17%.

Insider Buying and Selling

In other news, Director Paul J. Evans purchased 29,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average price of $7.80 per share, for a total transaction of $226,200.00. Following the acquisition, the director now directly owns 29,000 shares in the company, valued at approximately $226,200. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lauren Freemen-Bosworth sold 42,308 shares of Pitney Bowes stock in a transaction 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 transaction, the executive vice president now directly owns 18,664 shares of the company’s stock, valued at approximately $151,551.68. This represents a 69.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 14.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in shares of Pitney Bowes by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,628,672 shares of the technology company’s stock worth $25,878,000 after buying an additional 51,093 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Pitney Bowes by 47.7% in 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 purchasing an additional 586,249 shares during the period. JPMorgan Chase & Co. boosted its stake in Pitney Bowes by 182.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company’s stock worth $6,897,000 after buying an additional 624,878 shares during the last quarter. Marshall Wace LLP grew its holdings in Pitney Bowes by 248.1% in the 2nd quarter. Marshall Wace LLP now owns 706,302 shares of the technology company’s stock valued at $3,588,000 after buying an additional 503,378 shares during the period. Finally, Westside Investment Management Inc. increased its stake in shares of Pitney Bowes by 0.5% during the 4th quarter. Westside Investment Management Inc. now owns 625,939 shares of the technology company’s stock valued at $4,532,000 after acquiring an additional 3,100 shares during the last quarter. 67.88% of the stock is owned by hedge funds and other institutional investors.

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.