Pitney Bowes Inc. (NYSE:PBI) Given Average Recommendation of “Hold” by Brokerages

Shares of Pitney Bowes Inc. (NYSE:PBI) have received an average rating of “Hold” from the seven research firms that are covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $16.4250.

A number of brokerages have issued reports on PBI. Bank of America raised Pitney Bowes from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $9.50 to $16.50 in a report on Monday, May 11th. Weiss Ratings upgraded Pitney Bowes from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Citigroup reissued a “market outperform” rating on shares of Pitney Bowes in a research report on Tuesday, June 16th. Zacks Research cut Pitney Bowes from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Finally, Truist Financial upped their price target on Pitney Bowes from $11.00 to $15.00 and gave the company a “hold” rating in a report on Thursday, May 7th.

Pitney Bowes Trading Down 2.6%

Shares of PBI opened at $17.98 on Thursday. Pitney Bowes has a twelve month low of $8.95 and a twelve month high of $18.77. The firm’s fifty day simple moving average is $17.01 and its 200-day simple moving average is $13.42. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 0.83 and a beta of 1.62.

Pitney Bowes (NYSE:PBI) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.47 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.47. The business had revenue of $477.41 million during the quarter, compared to analysts’ expectations of $471.83 million. Pitney Bowes had a net margin of 8.92% and a negative return on equity of 33.41%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.33 EPS. On average, analysts predict that Pitney Bowes will post 1.62 earnings per share for the current fiscal year.

Pitney Bowes Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Monday, May 18th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Monday, May 18th. Pitney Bowes’s payout ratio is currently 38.83%.

Insider Activity

In related news, CEO Kurt James Wolf sold 966,561 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $14.58, for a total value of $14,092,459.38. Following the transaction, the chief executive officer directly owned 452,628 shares of the company’s stock, valued at $6,599,316.24. This trade represents a 68.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 3,349,130 shares of company stock valued at $53,285,535. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Pitney Bowes

Hedge funds have recently made changes to their positions in the company. LSV Asset Management grew its position in shares of Pitney Bowes by 246.7% during the fourth quarter. LSV Asset Management now owns 4,197,189 shares of the technology company’s stock worth $44,364,000 after acquiring an additional 2,986,689 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Pitney Bowes in the 1st quarter valued at $16,403,000. Pacer Advisors Inc. purchased a new stake in Pitney Bowes in the 1st quarter valued at $12,950,000. Millennium Management LLC raised its position in Pitney Bowes by 60.2% in the 4th quarter. Millennium Management LLC now owns 2,630,801 shares of the technology company’s stock valued at $27,808,000 after purchasing an additional 988,653 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Pitney Bowes by 29.5% during the 3rd quarter. Invesco Ltd. now owns 2,622,003 shares of the technology company’s stock worth $29,917,000 after purchasing an additional 597,938 shares during the period. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Pitney Bowes Company Profile

Pitney Bowes Inc (NYSE: PBI) is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.

The company’s core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.