Pitney Bowes (NYSE:PBI) Shares Gap Up After Earnings Beat

Shares of Pitney Bowes Inc. (NYSE:PBI) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $8.74, but opened at $9.01. Pitney Bowes shares last traded at $9.60, with a volume of 2,709,612 shares traded.

The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.16. Pitney Bowes had a negative return on equity of 12.85% and a negative net margin of 13.02%.

Insider Buying and Selling at Pitney Bowes

In other news, Director Paul J. Evans purchased 29,000 shares of the stock in a transaction dated Wednesday, November 20th. The shares were purchased at an average cost of $7.80 per share, with a total value of $226,200.00. Following the acquisition, the director now directly owns 29,000 shares of the company’s stock, valued at $226,200. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lauren Freemen-Bosworth sold 42,308 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $8.12, for a total value of $343,540.96. Following the transaction, the executive vice president now directly owns 18,664 shares in the company, valued at $151,551.68. The trade was a 69.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Pitney Bowes

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Pitney Bowes by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 21,162,512 shares of the technology company’s stock worth $153,217,000 after buying an additional 1,299,716 shares in the last quarter. Hestia Capital Management LLC purchased a new position in shares of Pitney Bowes during the fourth quarter valued at about $114,326,000. Geode Capital Management LLC grew its position in shares of Pitney Bowes by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,628,672 shares of the technology company’s stock valued at $25,878,000 after purchasing an additional 51,093 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Pitney Bowes by 47.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,814,811 shares of the technology company’s stock valued at $13,139,000 after purchasing an additional 586,249 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Pitney Bowes by 182.4% during the third quarter. JPMorgan Chase & Co. now owns 967,384 shares of the technology company’s stock valued at $6,897,000 after purchasing an additional 624,878 shares in the last quarter. 67.88% of the stock is owned by institutional investors.

Pitney Bowes Trading Up 7.7 %

The firm has a market capitalization of $1.71 billion, a P/E ratio of -4.32, a price-to-earnings-growth ratio of 0.52 and a beta of 2.01. The firm has a 50 day moving average price of $7.78 and a 200-day moving average price of $7.33.

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.