Pitney Bowes (NYSE:PBI) CEO Sells 150,000 Shares of Stock

Pitney Bowes Inc. (NYSE:PBI) CEO Kurt Wolf sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $16.23, for a total transaction of $2,434,500.00. Following the transaction, the chief executive officer directly owned 73,184 shares of the company’s stock, valued at $1,187,776.32. The trade was a 67.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Kurt James Wolf also recently made the following trade(s):

• On Thursday, October 29th, Kurt Wolf sold 51,517 shares of Pitney Bowes stock. The stock was sold at an average price of $17.45, for a total transaction of $898,971.65.
• On Thursday, October 1st, Kurt Wolf sold 150,000 shares of Pitney Bowes stock. The stock was sold at an average price of $16.16, for a total transaction of $2,424,000.00.
• On Thursday, September 17th, Kurt Wolf sold 23,887 shares of Pitney Bowes stock. The shares were sold at an average price of $17.43, for a total transaction of $416,350.41.
• On Wednesday, September 16th, Kurt Wolf sold 25,371 shares of Pitney Bowes stock. The shares were sold at an average price of $17.43, for a total transaction of $442,216.53.
• On Tuesday, September 15th, Kurt Wolf sold 150,000 shares of Pitney Bowes stock. The shares were sold at an average price of $17.31, for a total value of $2,596,500.00.
• On Friday, August 28th, Kurt Wolf sold 397 shares of Pitney Bowes stock. The stock was sold at an average price of $17.42, for a total value of $6,915.74.
• On Thursday, August 27th, Kurt Wolf sold 1,920 shares of Pitney Bowes stock. The stock was sold at an average price of $17.42, for a total value of $33,446.40.

Pitney Bowes Price Performance

Shares of PBI traded down $0.16 during trading hours on Monday, hitting $16.15. The stock had a trading volume of 1,786,883 shares, compared to its average volume of 1,594,590. The firm has a market capitalization of $2.21 billion, a PE ratio of 9.85, a PEG ratio of 0.70 and a beta of 1.66. Pitney Bowes Inc. has a 12 month low of $8.95 and a 12 month high of $19.07. The stock has a fifty day moving average price of $16.93 and a 200 day moving average price of $14.83.

Pitney Bowes (NYSE:PBI) last posted its earnings results on Wednesday, October 28th. The technology company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $456.18 million for the quarter, compared to the consensus estimate of $458.24 million. Pitney Bowes had a negative return on equity of 30.30% and a net margin of 10.10%. Pitney Bowes’s revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 earnings per share. As a group, analysts anticipate that Pitney Bowes Inc. will post 1.67 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 8th. Stockholders of record on Monday, November 16th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, November 16th. This is an increase from Pitney Bowes’s previous quarterly dividend of $0.01. Pitney Bowes’s payout ratio is currently 31.01%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Zacks Research downgraded shares of Pitney Bowes from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. The Goldman Sachs Group reiterated a “neutral” rating and issued a $17.30 price target on shares of Pitney Bowes in a research report on Thursday, July 30th. Truist Financial lifted their price target on shares of Pitney Bowes from $15.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, July 31st. Weiss Ratings downgraded shares of Pitney Bowes from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, October 27th. Finally, Citigroup restated a “market outperform” rating on shares of Pitney Bowes in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Pitney Bowes has an average rating of “Hold” and an average price target of $18.45.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PBI. HB Wealth Management LLC raised its stake in Pitney Bowes by 1.0% during the 2nd quarter. HB Wealth Management LLC now owns 63,088 shares of the technology company’s stock worth $1,105,000 after acquiring an additional 642 shares during the period. IFP Advisors Inc boosted its position in shares of Pitney Bowes by 21.8% in the third quarter. IFP Advisors Inc now owns 3,801 shares of the technology company’s stock worth $62,000 after purchasing an additional 681 shares during the period. Yousif Capital Management LLC increased its stake in shares of Pitney Bowes by 3.1% in the third quarter. Yousif Capital Management LLC now owns 35,048 shares of the technology company’s stock worth $572,000 after purchasing an additional 1,060 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Pitney Bowes by 2.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 60,455 shares of the technology company’s stock worth $1,059,000 after purchasing an additional 1,221 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Pitney Bowes by 8.5% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 30,748 shares of the technology company’s stock valued at $502,000 after purchasing an additional 2,400 shares during the period. 67.88% of the stock is currently owned by institutional investors.

Pitney Bowes Company Profile

Pitney Bowes Inc (NYSE:PBI) is a global technology and services company that helps businesses manage mailing, shipping and related communications. Its offerings include postage meters, mailing systems, shipping software, parcel management tools, address and data services, and equipment financing and support.

The company serves small businesses, large enterprises and government organizations through solutions designed to streamline the preparation, processing and delivery of physical mail and packages.