Pitney Bowes (NYSE:PBI) Stock Rating Lowered by Wall Street Zen

Pitney Bowes (NYSE:PBI) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

PBI has been the topic of a number of other research reports. Truist Financial lifted their price objective on shares of Pitney Bowes from $15.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, July 31st. The Goldman Sachs Group restated a “neutral” rating and issued a $17.30 price objective on shares of Pitney Bowes in a research note on Thursday, July 30th. Zacks Research cut shares of Pitney Bowes from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Weiss Ratings downgraded Pitney Bowes from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, October 27th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Pitney Bowes in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.45.

Pitney Bowes Trading Down 1.0%

PBI opened at $16.15 on Friday. Pitney Bowes has a 12-month low of $8.95 and a 12-month high of $19.07. The business’s fifty day simple moving average is $16.93 and its 200-day simple moving average is $14.83. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 9.85, a PEG ratio of 0.70 and a beta of 1.66.

Pitney Bowes (NYSE:PBI) last posted its earnings results on Wednesday, October 28th. The technology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The business had revenue of $456.18 million for the quarter, compared to the consensus estimate of $458.24 million. Pitney Bowes had a net margin of 10.10% and a negative return on equity of 30.30%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 EPS. On average, equities research analysts predict that Pitney Bowes will post 1.67 EPS for the current year.

Insider Activity at Pitney Bowes

In related news, CEO Kurt Wolf sold 150,000 shares of Pitney Bowes stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $16.23, for a total transaction of $2,434,500.00. Following the transaction, the chief executive officer owned 73,184 shares in the company, valued at approximately $1,187,776.32. This trade represents a 67.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Todd Everett sold 10,000 shares of Pitney Bowes stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $16.89, for a total value of $168,900.00. Following the transaction, the executive vice president owned 86,048 shares in the company, valued at approximately $1,453,350.72. This represents a 10.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 608,092 shares of company stock valued at $10,215,751. 6.50% of the stock is currently owned by insiders.

Institutional Trading of Pitney Bowes

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Pitney Bowes during the second quarter worth about $220,473,000. Bank of New York Mellon Corp acquired a new position in shares of Pitney Bowes during the second quarter worth $28,683,000. Hsbc Holdings PLC purchased a new position in shares of Pitney Bowes in the 2nd quarter valued at about $27,762,000. Assenagon Asset Management S.A. raised its holdings in Pitney Bowes by 3,481.5% during the third quarter. Assenagon Asset Management S.A. now owns 1,309,845 shares of the technology company’s stock worth $21,377,000 after purchasing an additional 1,273,272 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Pitney Bowes in the first quarter valued at $12,950,000. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

Pitney Bowes Company Profile

Pitney Bowes Inc (NYSE:PBI) is a global technology and services company that helps businesses manage mailing, shipping and related communications. Its offerings include postage meters, mailing systems, shipping software, parcel management tools, address and data services, and equipment financing and support.

The company serves small businesses, large enterprises and government organizations through solutions designed to streamline the preparation, processing and delivery of physical mail and packages.