Pitney Bowes (PBI) Shares Down 9.9%
Pitney Bowes Inc. (NYSE:PBI) shares dropped 9.9% on Tuesday . The company traded as low as $7.62 and last traded at $7.64. Approximately 3,331,394 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 2,335,761 shares. The stock had previously closed at $8.48.
PBI has been the subject of several analyst reports. Maxim Group set a $12.00 price target on shares of Pitney Bowes and gave the stock a “buy” rating in a report on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Pitney Bowes from a “sell” rating to a “hold” rating in a report on Monday, September 3rd.
The company has a debt-to-equity ratio of 12.25, a quick ratio of 1.16 and a current ratio of 1.19. The firm has a market capitalization of $1.58 billion, a P/E ratio of 5.42 and a beta of 0.85.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Shareholders of record on Tuesday, November 20th will be issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 9.82%. The ex-dividend date is Monday, November 19th. Pitney Bowes’s dividend payout ratio (DPR) is presently 53.19%.
A number of hedge funds and other institutional investors have recently bought and sold shares of PBI. Paloma Partners Management Co acquired a new position in Pitney Bowes during the 3rd quarter worth approximately $108,000. Tower Research Capital LLC TRC boosted its holdings in shares of Pitney Bowes by 84.2% in the 3rd quarter. Tower Research Capital LLC TRC now owns 18,686 shares of the technology company’s stock valued at $133,000 after buying an additional 8,541 shares in the last quarter. Advisory Services Network LLC boosted its holdings in shares of Pitney Bowes by 745.1% in the 3rd quarter. Advisory Services Network LLC now owns 20,536 shares of the technology company’s stock valued at $145,000 after buying an additional 18,106 shares in the last quarter. Wedbush Securities Inc. acquired a new position in shares of Pitney Bowes in the 2nd quarter valued at $184,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Pitney Bowes in the 2nd quarter valued at $219,000. Institutional investors own 70.79% of the company’s stock.
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Pitney Bowes Company Profile (NYSE:PBI)
Pitney Bowes Inc offers customer information management, location intelligence, and customer engagement products and solutions in the United States and internationally. The company operates in three segments: Small & Medium Business Solutions; Enterprise Business Solutions; and Digital Commerce Solutions.
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