Pitney Bowes (NYSE:PBI) Trading 5.4% Higher – Here’s What Happened

Pitney Bowes Inc. (NYSE:PBI) shares rose 5.4% on Monday . The company traded as high as $10.90 and last traded at $10.88. Approximately 1,319,891 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 2,519,807 shares. The stock had previously closed at $10.32.

Pitney Bowes Trading Up 2.8 %

The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -9.47, a P/E/G ratio of 0.59 and a beta of 2.01. The business’s 50 day moving average price is $8.22 and its two-hundred day moving average price is $7.59.

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 analysts’ consensus estimates 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%. Analysts expect that Pitney Bowes Inc. will post 1.21 EPS for the current year.

Pitney Bowes Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Friday, February 21st will be issued a dividend of $0.06 per share. This is an increase from Pitney Bowes’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.24 annualized dividend and a dividend yield of 2.26%. Pitney Bowes’s dividend payout ratio (DPR) is -21.43%.

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 shares were sold at an average price of $8.12, for a total transaction of $343,540.96. Following the sale, the executive vice president now directly owns 18,664 shares of the company’s stock, valued at $151,551.68. The trade was a 69.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kurt James Wolf sold 78,285 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $10.66, for a total transaction of $834,518.10. Following the completion of the transaction, the director now owns 606,289 shares of the company’s stock, valued at approximately $6,463,040.74. This trade represents a 11.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,405,593 shares of company stock valued at $13,568,759 in the last 90 days. Corporate insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Pitney Bowes by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company’s stock valued at $153,217,000 after buying an additional 1,299,716 shares during the last quarter. Hestia Capital Management LLC acquired a new position in shares of Pitney Bowes in the fourth quarter worth approximately $114,326,000. Geode Capital Management LLC lifted its stake in shares of Pitney Bowes by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,628,672 shares of the technology company’s stock worth $25,878,000 after acquiring an additional 51,093 shares during the period. Assenagon Asset Management S.A. boosted its holdings in 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 acquiring an additional 586,249 shares during the last quarter. Finally, Millennium Management LLC increased its position in Pitney Bowes by 103.0% during the 4th quarter. Millennium Management LLC now owns 1,269,207 shares of the technology company’s stock valued at $9,189,000 after purchasing an additional 644,002 shares during the period. 67.88% of the stock is owned by 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.