Pitney Bowes (NYSE:PBI) Trading 5.4% Higher

Pitney Bowes Inc. (NYSE:PBI)’s share price was up 5.4% during trading on Monday . The stock traded as high as $6.64 and last traded at $6.63. Approximately 339,521 shares changed hands during trading, a decline of 81% from the average daily volume of 1,746,101 shares. The stock had previously closed at $6.29.

Analyst Ratings Changes

Separately, StockNews.com upgraded Pitney Bowes from a “buy” rating to a “strong-buy” rating in a research note on Tuesday.

Pitney Bowes Stock Up 0.7 %

The company has a market capitalization of $1.30 billion, a P/E ratio of -3.33, a PEG ratio of 4.88 and a beta of 1.99. The company’s 50-day moving average is $5.91 and its two-hundred day moving average is $4.92.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings results on Thursday, August 8th. The technology company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.10. The firm had revenue of $793.17 million for the quarter, compared to analyst estimates of $771.65 million. Pitney Bowes had a negative net margin of 11.67% and a negative return on equity of 3.09%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.02) EPS. On average, sell-side analysts predict that Pitney Bowes Inc. will post 0.08 EPS for the current year.

Pitney Bowes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, August 22nd. This represents a $0.20 dividend on an annualized basis and a yield of 2.75%. Pitney Bowes’s payout ratio is -9.22%.

Hedge Funds Weigh In On Pitney Bowes

Hedge funds and other institutional investors have recently modified their holdings of the company. Public Sector Pension Investment Board lifted its holdings in shares of Pitney Bowes by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 342,425 shares of the technology company’s stock worth $1,740,000 after acquiring an additional 24,078 shares during the last quarter. Intech Investment Management LLC purchased a new position in Pitney Bowes in the 2nd quarter worth $324,000. XTX Topco Ltd purchased a new stake in Pitney Bowes during the second quarter valued at about $128,000. Renaissance Technologies LLC grew its stake in shares of Pitney Bowes by 3.8% during the second quarter. Renaissance Technologies LLC now owns 519,571 shares of the technology company’s stock valued at $2,639,000 after buying an additional 19,000 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Pitney Bowes by 6.8% in the second quarter. Federated Hermes Inc. now owns 79,420 shares of the technology company’s stock worth $403,000 after buying an additional 5,073 shares during the period. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Pitney Bowes Company Profile

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.