Shares of Pitney Bowes Inc. (NYSE:PBI) rose 17.2% during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $4.58 and last traded at $4.16, approximately 8,379,165 shares changed hands during trading. An increase of 140% from the average daily volume of 3,484,428 shares. The stock had previously closed at $3.55.
The technology company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.04. The firm had revenue of $860.78 million for the quarter, compared to analyst estimates of $861.66 million. Pitney Bowes had a return on equity of 99.26% and a net margin of 4.77%. Pitney Bowes’s revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 11th. Stockholders of record on Friday, August 23rd will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 4.81%. Pitney Bowes’s dividend payout ratio is currently 17.24%.
In related news, Director Robert M. Dutkowsky bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were acquired at an average cost of $5.22 per share, for a total transaction of $52,200.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $52,200. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.20% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. World Asset Management Inc grew its position in Pitney Bowes by 46.8% during the 1st quarter. World Asset Management Inc now owns 18,337 shares of the technology company’s stock worth $126,000 after purchasing an additional 5,848 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in shares of Pitney Bowes by 5,667.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 52,484 shares of the technology company’s stock valued at $359,000 after buying an additional 51,574 shares in the last quarter. Parsec Financial Management Inc. purchased a new position in shares of Pitney Bowes during the first quarter valued at $172,000. Cetera Advisor Networks LLC purchased a new position in shares of Pitney Bowes during the first quarter valued at $89,000. Finally, Norges Bank purchased a new position in Pitney Bowes during the 4th quarter valued at about $13,178,000. 74.11% of the stock is currently owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 35.45, a quick ratio of 1.22 and a current ratio of 1.25. The stock’s 50 day moving average price is $4.08. The firm has a market capitalization of $641.59 million, a P/E ratio of 3.59 and a beta of 1.92.
About Pitney Bowes (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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