Pitney Bowes (NYSE:PBI) CEO Sells $2,434,500.00 in Stock

Key Points

• CEO Kurt Wolf sold 150,000 Pitney Bowes shares at an average price of $16.23, generating $2.43 million and reducing his direct ownership by 67.21% to 73,184 shares.
• Pitney Bowes shares traded around $16.15, with a 52-week range of $8.95 to $19.07. The company exceeded quarterly EPS expectations, but revenue declined 0.8% year over year.
• The company increased its quarterly dividend to $0.10 per share, or $0.40 annually, representing a 2.5% yield; analysts maintain a consensus “Hold” rating with an $18.45 target price.

Pitney Bowes Inc. (NYSE:PBI - Get Free Report) CEO Kurt Wolf sold 150,000 shares of Pitney Bowes stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $16.23, for a total transaction of $2,434,500.00. Following the sale, the chief executive officer directly owned 73,184 shares in the company, valued at $1,187,776.32. The trade was a 67.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Thursday, October 29th, Kurt Wolf sold 51,517 shares of Pitney Bowes stock. The stock was sold at an average price of $17.45, for a total transaction of $898,971.65.
• 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 stock was 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 stock was 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 shares were 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 shares were sold at an average price of $17.42, for a total value of $33,446.40.

Pitney Bowes Price Performance

PBI stock traded down $0.16 during midday trading on Monday, hitting $16.15. The stock had a trading volume of 1,786,883 shares, compared to its average volume of 1,594,590. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 9.85, a price-to-earnings-growth ratio of 0.70 and a beta of 1.66. The business has a 50-day moving average of $16.93 and a two-hundred day moving average of $14.83. Pitney Bowes Inc. has a 52-week low of $8.95 and a 52-week high of $19.07.

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

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

Pitney Bowes Increases Dividend

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

Institutional Trading of Pitney Bowes

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Pitney Bowes in the second quarter worth $220,473,000. Capital Management Corp VA boosted its position in shares of Pitney Bowes by 0.5% during the third quarter. Capital Management Corp VA now owns 2,404,924 shares of the technology company's stock valued at $39,248,000 after buying an additional 11,351 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Pitney Bowes in the 2nd quarter worth about $28,683,000. Hsbc Holdings PLC bought a new stake in Pitney Bowes in the 2nd quarter worth about $27,762,000. Finally, Dimensional Fund Advisors LP raised its position in 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 buying an additional 193,145 shares during the last quarter. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Citizens Jmp lifted their price objective on Pitney Bowes from $19.00 to $22.00 and gave the company a "market outperform" rating in a research note on Friday, July 31st. Wall Street Zen cut Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Citigroup reissued a "market outperform" rating on shares of Pitney Bowes in a research note on Friday, July 31st. Zacks Research downgraded Pitney Bowes from a "strong-buy" rating to a "hold" rating in a report on Friday, October 2nd. Finally, Truist Financial lifted their price target on Pitney Bowes from $15.00 to $18.00 and gave the stock a "hold" rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $18.45.

About Pitney Bowes

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.