Pitney Bowes (NYSE:PBI) Hits New 52-Week High Following Strong Earnings

Shares of Pitney Bowes Inc. (NYSE:PBI) reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $9.37 and last traded at $8.74, with a volume of 698937 shares trading hands. The stock had previously closed at $8.82.

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

Insider Transactions at Pitney Bowes

In related news, EVP Deborah Pfeiffer sold 35,000 shares of Pitney Bowes stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $9.02, for a total transaction of $315,700.00. Following the sale, the executive vice president now directly owns 124,124 shares of the company’s stock, valued at approximately $1,119,598.48. The trade was a 22.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Lauren Freemen-Bosworth sold 42,308 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $8.12, for a total transaction of $343,540.96. Following the sale, the executive vice president now directly owns 18,664 shares in the company, valued at approximately $151,551.68. The trade was a 69.39 % decrease in their position. The disclosure for this sale can be found here. 14.30% of the stock is owned by insiders.

Institutional Trading of Pitney Bowes

Several hedge funds and other institutional investors have recently made changes to their positions in PBI. Vanguard Group Inc. raised its holdings in Pitney Bowes by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company’s stock valued at $153,217,000 after buying an additional 1,299,716 shares during the last quarter. Hestia Capital Management LLC acquired a new position in Pitney Bowes in the 4th quarter valued at approximately $114,326,000. Geode Capital Management LLC raised its stake in shares of Pitney Bowes by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,628,672 shares of the technology company’s stock valued at $25,878,000 after acquiring an additional 51,093 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Pitney Bowes by 47.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company’s stock worth $13,139,000 after purchasing an additional 586,249 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Pitney Bowes by 182.4% in the third quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company’s stock worth $6,897,000 after purchasing an additional 624,878 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors.

Pitney Bowes Stock Up 11.3 %

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. The firm’s 50 day moving average is $7.80 and its two-hundred day moving average is $7.35.

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.