Pitney Bowes (NYSE:PBI) Shares Gap Up Following Better-Than-Expected Earnings

Pitney Bowes Inc. (NYSE:PBI) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $8.74, but opened at $9.01. Pitney Bowes shares last traded at $9.60, with a volume of 2,709,612 shares traded.

The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative return on equity of 12.85% and a negative net margin of 13.02%.

Insider Activity

In related news, EVP Deborah Pfeiffer sold 35,000 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $9.02, for a total transaction of $315,700.00. Following the completion of the transaction, the executive vice president now owns 124,124 shares in the company, valued at $1,119,598.48. The trade was a 22.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul J. Evans acquired 29,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was acquired at an average cost of $7.80 per share, for a total transaction of $226,200.00. Following the transaction, the director now directly owns 29,000 shares in the company, valued at $226,200. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 14.30% of the company’s stock.

Institutional Trading of Pitney Bowes

A number of large investors have recently made changes to their positions in PBI. Hestia Capital Management LLC bought a new stake in Pitney Bowes during the 4th quarter valued at about $114,326,000. Vanguard Group Inc. increased its position in shares of Pitney Bowes by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company’s stock worth $153,217,000 after acquiring an additional 1,299,716 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Pitney Bowes by 2,894.2% during the third quarter. Assenagon Asset Management S.A. now owns 1,228,562 shares of the technology company’s stock worth $8,760,000 after acquiring an additional 1,187,531 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Pitney Bowes by 182.4% during the third quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company’s stock valued at $6,897,000 after acquiring an additional 624,878 shares in the last quarter. Finally, PEAK6 Investments LLC purchased a new stake in shares of Pitney Bowes in the third quarter valued at approximately $3,470,000. 67.88% of the stock is owned by hedge funds and other institutional investors.

Pitney Bowes Stock Up 11.3 %

The firm has a 50 day moving average of $7.80 and a 200-day moving average of $7.35. The company has a market cap of $1.77 billion, a P/E ratio of -4.46, a PEG ratio of 0.52 and a beta of 2.01.

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.