Pitney Bowes (NYSE:PBI) Shares Gap Up to $5.08

Pitney Bowes Inc. (NYSE:PBI)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $5.08, but opened at $5.23. Pitney Bowes shares last traded at $5.34, with a volume of 465,673 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Pitney Bowes from a “hold” rating to a “buy” rating in a report on Wednesday, May 22nd.

Pitney Bowes Price Performance

The stock has a market cap of $996.36 million, a P/E ratio of -2.60, a PEG ratio of 16.93 and a beta of 1.99. The firm’s 50-day moving average price is $4.99 and its 200-day moving average price is $4.44.

Pitney Bowes (NYSE:PBI) last released its quarterly earnings data on Thursday, May 2nd. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $831.00 million for the quarter, compared to analysts’ expectations of $797.00 million. Pitney Bowes had a negative net margin of 11.67% and a negative return on equity of 3.09%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) earnings per share. Sell-side analysts expect that Pitney Bowes Inc. will post 0.02 earnings per share for the current year.

Pitney Bowes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 3.59%. The ex-dividend date was Wednesday, May 22nd. Pitney Bowes’s payout ratio is currently -9.22%.

Institutional Investors Weigh In On Pitney Bowes

Several institutional investors and hedge funds have recently modified their holdings of PBI. Invesco Ltd. increased its position in Pitney Bowes by 13.3% in the third quarter. Invesco Ltd. now owns 2,732,113 shares of the technology company’s stock worth $8,251,000 after purchasing an additional 321,438 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Pitney Bowes by 164.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,738,793 shares of the technology company’s stock worth $7,651,000 after purchasing an additional 1,082,506 shares during the last quarter. Hsbc Holdings PLC increased its position in Pitney Bowes by 58.2% in the fourth quarter. Hsbc Holdings PLC now owns 950,496 shares of the technology company’s stock worth $4,145,000 after purchasing an additional 349,599 shares during the last quarter. Westside Investment Management Inc. increased its position in Pitney Bowes by 8.7% in the third quarter. Westside Investment Management Inc. now owns 765,614 shares of the technology company’s stock worth $2,312,000 after purchasing an additional 61,600 shares during the last quarter. Finally, Steward Partners Investment Solutions LLC bought a new stake in Pitney Bowes in the fourth quarter worth $1,869,000. Institutional investors own 67.88% of the company’s stock.

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.