Pitney Bowes (NYSE:PBI) CEO Sells $2,434,500.00 in Stock

Pitney Bowes Inc. (NYSE:PBI) CEO Kurt Wolf sold 150,000 shares of Pitney Bowes stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $16.23, for a total transaction of $2,434,500.00. Following the completion of the sale, the chief executive officer directly owned 73,184 shares of the company’s stock, valued at approximately $1,187,776.32. This trade represents a 67.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Thursday, October 29th, Kurt Wolf sold 51,517 shares of Pitney Bowes stock. The shares were sold at an average price of $17.45, for a total transaction of $898,971.65.
• On Thursday, October 1st, Kurt Wolf sold 150,000 shares of Pitney Bowes stock. The stock was sold at an average price of $16.16, for a total transaction of $2,424,000.00.
• On Thursday, September 17th, Kurt Wolf sold 23,887 shares of Pitney Bowes stock. The stock was sold at an average price of $17.43, for a total transaction of $416,350.41.
• On Wednesday, September 16th, Kurt Wolf sold 25,371 shares of Pitney Bowes stock. The shares were sold at an average price of $17.43, for a total value of $442,216.53.
• On Tuesday, September 15th, Kurt Wolf sold 150,000 shares of Pitney Bowes stock. The shares were sold at an average price of $17.31, for a total value of $2,596,500.00.
• On Friday, August 28th, Kurt Wolf sold 397 shares of Pitney Bowes stock. The shares were sold at an average price of $17.42, for a total value of $6,915.74.
• On Thursday, August 27th, Kurt Wolf sold 1,920 shares of Pitney Bowes stock. The stock was sold at an average price of $17.42, for a total value of $33,446.40.

Pitney Bowes Stock Performance

PBI stock opened at $16.02 on Thursday. The stock’s 50 day simple moving average is $16.89 and its 200 day simple moving average is $14.88. The company has a market cap of $2.17 billion, a P/E ratio of 8.76, a price-to-earnings-growth ratio of 0.63 and a beta of 1.74. Pitney Bowes Inc. has a fifty-two week low of $8.95 and a fifty-two week high of $19.07.

Pitney Bowes (NYSE:PBI) last announced its quarterly earnings data 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 firm had revenue of $456.18 million during the quarter, compared to analysts’ expectations of $458.24 million. Pitney Bowes had a negative return on equity of 30.45% and a net margin of 10.10%. The company’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. Equities analysts predict that Pitney Bowes Inc. will post 1.67 earnings per share for the current year.

Pitney Bowes Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Monday, November 16th will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, November 16th. This is a positive change from Pitney Bowes’s previous quarterly dividend of $0.01. This represents a $0.40 annualized dividend and a yield of 2.5%. Pitney Bowes’s dividend payout ratio is currently 31.01%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PBI. Zacks Research cut shares of Pitney Bowes from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Truist Financial boosted their target price 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. Citizens Jmp upped their target price on shares of Pitney Bowes from $19.00 to $22.00 and gave the stock a “market outperform” rating in a report on Friday, July 31st. Citigroup reaffirmed a “market outperform” rating on shares of Pitney Bowes in a research report on Friday, July 31st. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $17.30 price target on shares of Pitney Bowes in a research report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Pitney Bowes presently has a consensus rating of “Hold” and an average price target of $18.45.

Institutional Investors Weigh In On Pitney Bowes

Several institutional investors have recently bought and sold shares of PBI. BlackRock Inc. purchased a new position in Pitney Bowes during the second quarter worth about $220,473,000. Capital Management Corp VA grew its position in Pitney Bowes by 0.5% in the 3rd quarter. Capital Management Corp VA now owns 2,404,924 shares of the technology company’s stock worth $39,248,000 after purchasing an additional 11,351 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Pitney Bowes by 9.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,331,315 shares of the technology company’s stock worth $25,760,000 after purchasing an additional 193,145 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Pitney Bowes in the 2nd quarter valued at about $28,683,000. Finally, Hsbc Holdings PLC purchased a new stake in Pitney Bowes in the 2nd quarter valued at about $27,762,000. Institutional investors own 67.88% of the company’s stock.

About Pitney Bowes

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.