Pitney Bowes (NYSE:PBI) CEO Sells $3,589,024.42 in Stock

Key Points

• CEO Kurt James Wolf sold 210,871 Pitney Bowes shares on June 11 at an average price of $17.02, totaling about $3.59 million. The sale cut his direct ownership by 41.77%, according to an SEC filing.
• Pitney Bowes stock rose 0.9% to $17.30, near its 52-week high of $17.59. The company now has a market cap of about $2.34 billion and has traded well above its 50-day and 200-day moving averages.
• The company reported mixed but solid quarterly results, matching EPS estimates at $0.47 and beating revenue expectations with $477.41 million in sales. Pitney Bowes also cut its dividend to $0.01 per quarter, yielding 0.2% annually.

Pitney Bowes Inc. (NYSE:PBI - Get Free Report) CEO Kurt James Wolf sold 210,871 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $17.02, for a total transaction of $3,589,024.42. Following the transaction, the chief executive officer directly owned 293,977 shares of the company's stock, valued at approximately $5,003,488.54. This trade represents a 41.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Friday, June 12th, Kurt James Wolf sold 322,829 shares of Pitney Bowes stock. The shares were sold at an average price of $17.40, for a total transaction of $5,617,224.60.
• On Wednesday, June 10th, Kurt James Wolf sold 281,117 shares of Pitney Bowes stock. The shares were sold at an average price of $16.93, for a total transaction of $4,759,310.81.
• On Friday, May 22nd, Kurt James Wolf sold 40,476 shares of Pitney Bowes stock. The shares were sold at an average price of $15.62, for a total transaction of $632,235.12.
• On Friday, May 8th, Kurt James Wolf sold 389,161 shares of Pitney Bowes stock. The shares were sold at an average price of $15.69, for a total transaction of $6,105,936.09.
• On Thursday, May 7th, Kurt James Wolf sold 597,224 shares of Pitney Bowes stock. The shares were sold at an average price of $15.59, for a total transaction of $9,310,722.16.
• On Wednesday, May 6th, Kurt James Wolf sold 966,561 shares of Pitney Bowes stock. The shares were sold at an average price of $14.58, for a total transaction of $14,092,459.38.
• On Thursday, April 2nd, Kurt James Wolf sold 39,919 shares of Pitney Bowes stock. The shares were sold at an average price of $11.14, for a total transaction of $444,697.66.
• On Wednesday, April 1st, Kurt James Wolf sold 160,289 shares of Pitney Bowes stock. The shares were sold at an average price of $11.06, for a total transaction of $1,772,796.34.

Pitney Bowes Stock Up 0.9%

Shares of NYSE:PBI traded up $0.16 during midday trading on Friday, hitting $17.30. 2,985,341 shares of the stock traded hands, compared to its average volume of 2,858,893. The stock has a market capitalization of $2.34 billion, a PE ratio of 16.79, a P/E/G ratio of 0.76 and a beta of 1.63. The business's 50 day moving average is $14.68 and its two-hundred day moving average is $11.91. Pitney Bowes Inc. has a one year low of $8.95 and a one year high of $17.59.

Pitney Bowes (NYSE:PBI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. The firm had revenue of $477.41 million during the quarter, compared to the consensus estimate of $471.83 million. Pitney Bowes had a net margin of 8.92% and a negative return on equity of 33.41%. The company's quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 earnings per share. As a group, sell-side analysts forecast that Pitney Bowes Inc. will post 1.62 earnings per share for the current year.

Pitney Bowes Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Monday, May 18th were given a dividend of $0.01 per share. The ex-dividend date was Monday, May 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. Pitney Bowes's payout ratio is currently 38.83%.

Hedge Funds Weigh In On Pitney Bowes

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp increased its stake in shares of Pitney Bowes by 3.1% during the second quarter. State Street Corp now owns 6,366,188 shares of the technology company's stock valued at $69,455,000 after purchasing an additional 188,886 shares in the last quarter. LSV Asset Management increased its stake in shares of Pitney Bowes by 246.7% during the fourth quarter. LSV Asset Management now owns 4,197,189 shares of the technology company's stock valued at $44,364,000 after purchasing an additional 2,986,689 shares in the last quarter. Cannell & Spears LLC increased its stake in shares of Pitney Bowes by 89.5% during the third quarter. Cannell & Spears LLC now owns 3,364,466 shares of the technology company's stock valued at $38,389,000 after purchasing an additional 1,588,579 shares in the last quarter. Permit Capital LLC increased its stake in shares of Pitney Bowes by 14.0% during the fourth quarter. Permit Capital LLC now owns 3,250,000 shares of the technology company's stock valued at $34,352,000 after purchasing an additional 400,000 shares in the last quarter. Finally, Capital Management Corp VA increased its stake in shares of Pitney Bowes by 25.3% during the fourth quarter. Capital Management Corp VA now owns 2,930,328 shares of the technology company's stock valued at $30,974,000 after purchasing an additional 592,568 shares in the last quarter. Institutional investors own 67.88% of the company's stock.

Analysts Set New Price Targets

PBI has been the topic of several research analyst reports. Citigroup reiterated an "outperform" rating on shares of Pitney Bowes in a research report on Friday, June 5th. Zacks Research upgraded shares of Pitney Bowes from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 7th. The Goldman Sachs Group set a $15.20 price target on shares of Pitney Bowes in a research report on Friday, May 8th. Bank of America upgraded shares of Pitney Bowes from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $9.50 to $16.50 in a research report on Monday, May 11th. Finally, Wall Street Zen upgraded shares of Pitney Bowes from a "buy" rating to a "strong-buy" rating in a research report on Saturday, April 25th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Pitney Bowes presently has an average rating of "Moderate Buy" and a consensus target price of $16.43.

About Pitney Bowes

Pitney Bowes Inc NYSE: PBI is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.

The company's core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.

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