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

Pitney Bowes Inc. (NYSE:PBI) shares hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. 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) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $831.00 million during the quarter, compared to the consensus estimate of $797.00 million. Pitney Bowes had a negative return on equity of 3.09% and a negative net margin of 11.67%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.01) EPS.

Pitney Bowes Announces Dividend

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

Analyst Upgrades and Downgrades

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

Institutional Trading of Pitney Bowes

A number of institutional investors have recently added to or reduced their stakes in PBI. Strs Ohio lifted its position in shares of Pitney Bowes by 98.5% during the third quarter. Strs Ohio now owns 52,000 shares of the technology company’s stock worth $157,000 after purchasing an additional 25,800 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Pitney Bowes by 50.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 18,616 shares of the technology company’s stock valued at $56,000 after acquiring an additional 6,279 shares in the last quarter. Capital Management Corp VA increased its position in shares of Pitney Bowes by 2.3% during the third quarter. Capital Management Corp VA now owns 4,539,425 shares of the technology company’s stock worth $13,709,000 after acquiring an additional 104,190 shares during the last quarter. Syon Capital LLC purchased a new stake in shares of Pitney Bowes during the third quarter worth about $32,000. Finally, Illinois Municipal Retirement Fund acquired a new position in shares of Pitney Bowes in the third quarter worth about $327,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Pitney Bowes Trading Up 0.3 %

The business has a 50 day simple moving average of $4.18 and a two-hundred 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.