Pitney Bowes (PBI) Trading Down 4.1%
Pitney Bowes Inc. (NYSE:PBI) fell 4.1% during mid-day trading on Thursday . The stock traded as low as $6.56 and last traded at $6.59. 3,463,571 shares were traded during mid-day trading, an increase of 1% from the average session volume of 3,432,779 shares. The stock had previously closed at $6.87.
Several brokerages recently issued reports on PBI. Northcoast Research downgraded shares of Pitney Bowes from a “buy” rating to a “neutral” rating in a research note on Wednesday, February 6th. Zacks Investment Research cut shares of Pitney Bowes from a “hold” rating to a “sell” rating in a report on Thursday, February 7th. Finally, Maxim Group set a $12.00 price target on shares of Pitney Bowes and gave the company a “buy” rating in a report on Thursday, December 13th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $11.00.
The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 6.50 and a beta of 1.46. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 12.82.
The business also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Shareholders of record on Friday, February 15th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $0.20 annualized dividend and a yield of 3.03%. Pitney Bowes’s dividend payout ratio is currently 17.24%.
Pitney Bowes declared that its board has authorized a stock buyback plan on Tuesday, February 5th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 7.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in Pitney Bowes by 28.9% in the 4th quarter. Geode Capital Management LLC now owns 2,530,553 shares of the technology company’s stock valued at $14,955,000 after acquiring an additional 566,632 shares during the period. Norges Bank bought a new position in Pitney Bowes in the 4th quarter valued at about $13,178,000. Financial Advocates Investment Management raised its holdings in Pitney Bowes by 49,813.7% in the 4th quarter. Financial Advocates Investment Management now owns 25,456 shares of the technology company’s stock valued at $2,145,000 after acquiring an additional 25,405 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Pitney Bowes by 4.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,900,055 shares of the technology company’s stock worth $17,140,000 after purchasing an additional 118,348 shares during the period. Finally, Coldstream Capital Management Inc. bought a new position in shares of Pitney Bowes during the fourth quarter worth approximately $72,000. 71.71% of the stock is currently owned by hedge funds and other institutional investors.
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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: Commerce Services; Small & Medium Business Solutions; and Software Solutions. The Commerce Services segment provides cross-border e-commerce solutions, domestic retail and e-commerce shipping solutions, fulfillment, and delivery and return services; and mail sortation services that allow clients to qualify large volumes of first class mail, marketing mail, and bound and packet mail for postal work sharing discounts.
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