Pitney Bowes (NYSE:PBI) Sets New 52-Week High - Here's What Happened

Pitney Bowes Inc. (NYSE:PBI - Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $11.01 and last traded at $10.95, with a volume of 2967222 shares trading hands. The stock had previously closed at $10.58.

Analysts Set New Price Targets

Several research analysts have recently commented on PBI shares. Wall Street Zen lowered shares of Pitney Bowes from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 15th. Sidoti upgraded shares of Pitney Bowes to a "hold" rating in a research note on Monday, May 5th.

Pitney Bowes Price Performance

The business's 50 day moving average is $9.65 and its 200-day moving average is $8.98. The company has a market cap of $2.00 billion, a PE ratio of -12.03, a P/E/G ratio of 0.56 and a beta of 1.61.

Pitney Bowes (NYSE:PBI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. The business had revenue of $493.42 million during the quarter, compared to the consensus estimate of $498.99 million. Pitney Bowes had a negative net margin of 7.18% and a negative return on equity of 31.61%. The company's revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.01) EPS. As a group, sell-side analysts predict that Pitney Bowes Inc. will post 1.21 EPS for the current fiscal year.

Pitney Bowes Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Monday, May 19th were issued a dividend of $0.07 per share. The ex-dividend date was Monday, May 19th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.56%. This is a positive change from Pitney Bowes's previous quarterly dividend of $0.06. Pitney Bowes's dividend payout ratio (DPR) is currently -30.77%.

Hedge Funds Weigh In On Pitney Bowes

Institutional investors have recently bought and sold shares of the company. PFG Investments LLC grew its stake in shares of Pitney Bowes by 14.6% during the 1st quarter. PFG Investments LLC now owns 12,884 shares of the technology company's stock worth $117,000 after purchasing an additional 1,644 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of Pitney Bowes by 11.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 18,000 shares of the technology company's stock worth $130,000 after purchasing an additional 1,878 shares during the period. Federated Hermes Inc. grew its stake in shares of Pitney Bowes by 2.7% during the 4th quarter. Federated Hermes Inc. now owns 102,197 shares of the technology company's stock worth $740,000 after purchasing an additional 2,711 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Pitney Bowes by 130.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,078 shares of the technology company's stock worth $37,000 after purchasing an additional 2,873 shares during the period. Finally, Bank of Montreal Can grew its stake in shares of Pitney Bowes by 8.6% during the 4th quarter. Bank of Montreal Can now owns 37,259 shares of the technology company's stock worth $270,000 after purchasing an additional 2,962 shares during the period. 67.88% of the stock is owned by institutional investors and hedge funds.

Pitney Bowes Company Profile

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.

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