Pitney Bowes (NYSE:PBI) Sets New 52-Week High After Better-Than-Expected Earnings

Pitney Bowes Inc. (NYSE:PBI) shares hit a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $9.37 and last traded at $8.74, with a volume of 698937 shares trading hands. The stock had previously closed at $8.82.

The technology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.16. Pitney Bowes had a negative net margin of 13.02% and a negative return on equity of 12.85%.

Insider Transactions at Pitney Bowes

In other Pitney Bowes news, Director Paul J. Evans bought 29,000 shares of the stock in a transaction dated Wednesday, November 20th. The stock was bought at an average cost of $7.80 per share, for a total transaction of $226,200.00. Following the completion of the purchase, the director now owns 29,000 shares in the company, valued at $226,200. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lauren Freemen-Bosworth sold 42,308 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $8.12, for a total transaction of $343,540.96. Following the transaction, the executive vice president now owns 18,664 shares in the company, valued at approximately $151,551.68. This trade represents a 69.39 % decrease in their position. The disclosure for this sale can be found here. 14.30% of the stock is owned by company insiders.

Institutional Trading of Pitney Bowes

Hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. acquired a new position in Pitney Bowes during the 4th quarter worth $31,000. Smartleaf Asset Management LLC raised its position in shares of Pitney Bowes by 130.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,078 shares of the technology company’s stock worth $37,000 after acquiring an additional 2,873 shares during the last quarter. Quarry LP lifted its stake in shares of Pitney Bowes by 889.2% during the third quarter. Quarry LP now owns 8,319 shares of the technology company’s stock valued at $59,000 after acquiring an additional 7,478 shares during the period. Truvestments Capital LLC bought a new position in Pitney Bowes in the third quarter valued at about $86,000. Finally, Xponance Inc. boosted its holdings in Pitney Bowes by 36.7% in the fourth quarter. Xponance Inc. now owns 14,283 shares of the technology company’s stock valued at $103,000 after acquiring an additional 3,837 shares during the last quarter. 67.88% of the stock is owned by institutional investors.

Pitney Bowes Price Performance

The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -4.75, a price-to-earnings-growth ratio of 0.52 and a beta of 2.01. The stock has a 50-day moving average of $7.80 and a 200 day moving average of $7.35.

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.