Pitney Bowes (NYSE:PBI) Shares Gap Up to $5.20

Pitney Bowes Inc. (NYSE:PBI - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $5.20, but opened at $5.39. Pitney Bowes shares last traded at $5.38, with a volume of 298,801 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Pitney Bowes from a "hold" rating to a "buy" rating in a research note on Tuesday, May 14th.

Pitney Bowes Stock Down 3.3 %

The company has a market cap of $907.82 million, a PE ratio of -2.34, a P/E/G ratio of 35.20 and a beta of 2.14. The stock's 50 day simple moving average is $4.48 and its two-hundred day simple moving average is $4.24.

Pitney Bowes (NYSE:PBI - Get Free Report) last issued its earnings results on Thursday, May 2nd. The technology company reported ($0.01) EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.03. Pitney Bowes had a negative net margin of 11.67% and a negative return on equity of 3.09%. The business had revenue of $831.00 million for the quarter, compared to the consensus estimate of $797.00 million. During the same quarter last year, the firm posted ($0.01) EPS. The business's revenue for the quarter was down .4% compared to the same quarter last year. Analysts forecast that Pitney Bowes Inc. will post 0.01 EPS for the current year.

Pitney Bowes Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Wednesday, May 22nd. Pitney Bowes's dividend payout ratio is presently -9.22%.

Hedge Funds Weigh In On Pitney Bowes

Hedge funds have recently made changes to their positions in the business. Invesco Ltd. raised its stake in shares of Pitney Bowes by 13.3% in the 3rd quarter. Invesco Ltd. now owns 2,732,113 shares of the technology company's stock valued at $8,251,000 after acquiring an additional 321,438 shares during the period. Assenagon Asset Management S.A. increased its stake in Pitney Bowes by 164.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,738,793 shares of the technology company's stock worth $7,651,000 after buying an additional 1,082,506 shares during the period. GSA Capital Partners LLP increased its stake in Pitney Bowes by 301.6% during the 3rd quarter. GSA Capital Partners LLP now owns 378,503 shares of the technology company's stock worth $1,143,000 after buying an additional 284,244 shares during the period. Barclays PLC increased its stake in Pitney Bowes by 2.8% during the 3rd quarter. Barclays PLC now owns 155,396 shares of the technology company's stock worth $469,000 after buying an additional 4,293 shares during the period. Finally, First Citizens Bank & Trust Co. increased its stake in Pitney Bowes by 20.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 16,016 shares of the technology company's stock worth $70,000 after buying an additional 2,753 shares during the period. Hedge funds and other 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.