Pitney Bowes (NYSE:PBI) Sets New 12-Month High After Strong Earnings

Pitney Bowes Inc. (NYSE:PBI)’s stock price reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $5.07 and last traded at $5.04, with a volume of 1403481 shares traded. The stock had previously closed at $4.21.

The technology company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Pitney Bowes had a negative return on equity of 3.09% and a negative net margin of 11.67%. The company had revenue of $831.00 million for the quarter, compared to analysts’ expectations of $797.00 million. During the same period in the previous year, the firm earned ($0.01) EPS. The firm’s revenue was down .4% compared to the same quarter last year.

Pitney Bowes Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Thursday, May 23rd will be given a $0.05 dividend. The ex-dividend date is Wednesday, May 22nd. This represents a $0.20 dividend on an annualized basis and a yield of 3.80%. Pitney Bowes’s dividend payout ratio is presently -9.22%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Pitney Bowes from a “hold” rating to a “buy” rating in a research report on Friday.

Institutional Trading of Pitney Bowes

Hedge funds and other institutional investors have recently bought and sold shares of the business. National Bank of Canada FI purchased a new stake in Pitney Bowes in the fourth quarter worth $30,000. Syon Capital LLC purchased a new position in Pitney Bowes in the third quarter valued at about $32,000. CenterBook Partners LP purchased a new position in Pitney Bowes in the third quarter valued at about $33,000. Envestnet Portfolio Solutions Inc. purchased a new position in Pitney Bowes in the fourth quarter valued at about $55,000. Finally, First Citizens Bank & Trust Co. grew its stake in Pitney Bowes by 20.8% in the fourth quarter. First Citizens Bank & Trust Co. now owns 16,016 shares of the technology company’s stock valued at $70,000 after purchasing an additional 2,753 shares during the last quarter. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Pitney Bowes Stock Up 0.3 %

The firm has a 50 day simple moving average of $4.18 and a 200-day simple moving average of $4.07.

About Pitney Bowes

Pitney Bowes Inc, a shipping and mailing company, provides technology, logistics, and financial services to small and medium-sized businesses, large enterprises, retailers, and government clients in the United States and internationally. It operates through Global Ecommerce, Presort Services, and SendTech Solutions segments.