Pitney Bowes Inc. (NYSE:PBI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, May 12th. The firm presently has a $18.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 18.03% from the stock’s current price.
According to Zacks, “Pitney Bowes reported adjusted earnings of $0.36 per share, which beat the Zacks Consensus Estimate of $0.34 and was up 5.9% on a year-over-year basis. A fall in total costs, along with lower restructuring and asset impairment charges proved conducive to bottom-line growth. Going forward, the company believes that positive industry trends, new products and digital capabilities within SMB and robust momentum of Global Ecommerce will act as strong growth drivers. After years of dismal performance, the company’s Software business witnessed a rebound on the back of concerted transformation initiatives. Despite these positives, over the past six months, Pitney Bowes’ shares witnessed a steep negative return compared with the Zacks categorized Office Automation & Equipment industry’s average positive return. High incremental marketing expense and prolonged weakness in mailing business pose as major headwinds.”
Pitney Bowes (NYSE PBI) traded down 0.39% during trading on Friday, reaching $15.25. The company’s stock had a trading volume of 1,579,977 shares. The firm has a market cap of $2.84 billion, a P/E ratio of 28.61 and a beta of 1.19. Pitney Bowes has a 52 week low of $12.31 and a 52 week high of $19.33. The stock’s 50 day moving average is $15.20 and its 200-day moving average is $14.48.
Pitney Bowes (NYSE:PBI) last issued its earnings results on Tuesday, May 2nd. The technology company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. Pitney Bowes had a return on equity of 2,282.68% and a net margin of 3.28%. The business had revenue of $836.60 million during the quarter, compared to analyst estimates of $817.07 million. During the same period in the previous year, the company posted $0.34 EPS. The firm’s revenue was down .9% compared to the same quarter last year. On average, equities research analysts forecast that Pitney Bowes will post $1.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 26th were issued a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date of this dividend was Wednesday, May 24th. Pitney Bowes’s dividend payout ratio is currently 138.89%.
In related news, Director Linda S. Sanford acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was purchased at an average cost of $15.09 per share, with a total value of $75,450.00. Following the acquisition, the director now owns 18,690 shares of the company’s stock, valued at approximately $282,032.10. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.01% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in Pitney Bowes by 85.1% in the fourth quarter. Renaissance Technologies LLC now owns 567,900 shares of the technology company’s stock valued at $8,626,000 after buying an additional 261,100 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Pitney Bowes during the fourth quarter valued at approximately $1,789,000. State of Tennessee Treasury Department increased its position in Pitney Bowes by 136.5% in the third quarter. State of Tennessee Treasury Department now owns 100,738 shares of the technology company’s stock valued at $1,829,000 after buying an additional 58,137 shares during the last quarter. BlackRock Advisors LLC increased its position in Pitney Bowes by 1.1% in the third quarter. BlackRock Advisors LLC now owns 83,145 shares of the technology company’s stock valued at $1,510,000 after buying an additional 936 shares during the last quarter. Finally, ARGI Investment Services LLC increased its position in Pitney Bowes by 7.6% in the third quarter. ARGI Investment Services LLC now owns 101,437 shares of the technology company’s stock valued at $1,842,000 after buying an additional 7,122 shares during the last quarter. 79.21% of the stock is owned by institutional investors.
About Pitney Bowes
Pitney Bowes Inc is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe.
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