Pitney Bowes (NYSE:PBI) CEO Kurt James Wolf Sells 51,517 Shares of Stock

Key Points

• CEO Kurt Wolf sold 51,517 Pitney Bowes shares at an average price of $17.45, generating approximately $899,000 and reducing his position by 37.28% to 86,684 shares. The sale follows several other substantial insider sales in recent months.
• Pitney Bowes shares fell 1.0% to $16.15, while the company reported quarterly EPS of $0.42, beating estimates of $0.36. Revenue of $456.18 million was slightly below forecasts and declined 0.8% year over year.
• The company increased its quarterly dividend from $0.01 to $0.10 per share, implying a 2.5% annualized yield. Analysts maintain an overall “Hold” rating with a consensus price target of $18.45.

Pitney Bowes Inc. (NYSE:PBI - Get Free Report) CEO Kurt Wolf sold 51,517 shares of Pitney Bowes stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $17.45, for a total value of $898,971.65. Following the completion of the transaction, the chief executive officer owned 86,684 shares in the company, valued at approximately $1,512,635.80. The trade was a 37.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Kurt James Wolf also recently made the following trade(s):

• On Monday, November 2nd, Kurt Wolf sold 150,000 shares of Pitney Bowes stock. The stock was sold at an average price of $16.23, for a total value of $2,434,500.00.
• On Thursday, October 1st, Kurt Wolf sold 150,000 shares of Pitney Bowes stock. The stock was sold at an average price of $16.16, for a total value of $2,424,000.00.
• On Thursday, September 17th, Kurt Wolf sold 23,887 shares of Pitney Bowes stock. The shares were sold at an average price of $17.43, for a total value of $416,350.41.
• On Wednesday, September 16th, Kurt Wolf sold 25,371 shares of Pitney Bowes stock. The shares were sold at an average price of $17.43, for a total value of $442,216.53.
• On Tuesday, September 15th, Kurt Wolf sold 150,000 shares of Pitney Bowes stock. The shares were sold at an average price of $17.31, for a total value of $2,596,500.00.
• On Friday, August 28th, Kurt Wolf sold 397 shares of Pitney Bowes stock. The stock was sold at an average price of $17.42, for a total value of $6,915.74.
• On Thursday, August 27th, Kurt Wolf sold 1,920 shares of Pitney Bowes stock. The stock was sold at an average price of $17.42, for a total value of $33,446.40.

Pitney Bowes Stock Down 1.0%

Shares of PBI stock traded down $0.16 on Monday, reaching $16.15. The company had a trading volume of 1,786,883 shares, compared to its average volume of 1,594,590. The stock has a market capitalization of $2.21 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 0.70 and a beta of 1.66. Pitney Bowes Inc. has a one year low of $8.95 and a one year high of $19.07. The business's 50-day moving average is $16.93 and its 200 day moving average is $14.83.

• Pitney Bowes NYSE: PBI is Surging, Is it Too Risky?

Pitney Bowes (NYSE:PBI - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $456.18 million for the quarter, compared to analyst estimates of $458.24 million. Pitney Bowes had a net margin of 10.10% and a negative return on equity of 30.30%. The firm's revenue was down .8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 EPS. On average, sell-side analysts forecast that Pitney Bowes Inc. will post 1.67 earnings per share for the current fiscal year.

Pitney Bowes Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Monday, November 16th will be given a $0.10 dividend. This is an increase from Pitney Bowes's previous quarterly dividend of $0.01. This represents a $0.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, November 16th. Pitney Bowes's dividend payout ratio (DPR) is 31.01%.

Institutional Trading of Pitney Bowes

Several institutional investors have recently modified their holdings of PBI. BlackRock Inc. acquired a new stake in Pitney Bowes during the 2nd quarter valued at approximately $220,473,000. Capital Management Corp VA raised its holdings in Pitney Bowes by 0.5% during the 3rd quarter. Capital Management Corp VA now owns 2,404,924 shares of the technology company's stock worth $39,248,000 after purchasing an additional 11,351 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Pitney Bowes by 9.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,331,315 shares of the technology company's stock worth $25,760,000 after purchasing an additional 193,145 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Pitney Bowes in the 2nd quarter valued at $28,683,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Pitney Bowes during the second quarter worth $27,762,000. Institutional investors own 67.88% of the company's stock.

Analysts Set New Price Targets

PBI has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a report on Sunday. Weiss Ratings cut Pitney Bowes from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, October 27th. Citizens Jmp raised their price objective on Pitney Bowes from $19.00 to $22.00 and gave the company a "market outperform" rating in a report on Friday, July 31st. Citigroup restated a "market outperform" rating on shares of Pitney Bowes in a research report on Friday, July 31st. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $17.30 target price on shares of Pitney Bowes in a report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Pitney Bowes has an average rating of "Hold" and a consensus price target of $18.45.

Pitney Bowes Company Profile

Pitney Bowes Inc NYSE: PBI is a global technology and services company that helps businesses manage mailing, shipping and related communications. Its offerings include postage meters, mailing systems, shipping software, parcel management tools, address and data services, and equipment financing and support.

The company serves small businesses, large enterprises and government organizations through solutions designed to streamline the preparation, processing and delivery of physical mail and packages.

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