Pitney Bowes (NYSE:PBI) Stock Price Up 8.8% Following Dividend Announcement

Pitney Bowes Inc. (NYSE:PBI) traded up 8.8% on Thursday after the company announced a dividend. The company traded as high as $10.62 and last traded at $10.62. 1,920,584 shares traded hands during trading, a decline of 16% from the average session volume of 2,276,239 shares. The stock had previously closed at $9.76.

The newly announced dividend which will be paid on Monday, March 24th. Stockholders of record on Friday, February 21st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.28%. This is a boost from Pitney Bowes’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Friday, February 21st. Pitney Bowes’s dividend payout ratio (DPR) is currently -9.17%.

Pitney Bowes Price Performance

The business’s 50-day moving average price is $7.94 and its two-hundred day moving average price is $7.41. The company has a market capitalization of $1.92 billion, a P/E ratio of -4.84, a PEG ratio of 0.52 and a beta of 2.01.

Pitney Bowes (NYSE:PBI) last announced its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.32 earnings per share 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%. Research analysts expect that Pitney Bowes Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Activity at Pitney Bowes

In related news, Director Kurt James Wolf sold 1,250,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $9.66, for a total value of $12,075,000.00. Following the sale, the director now directly owns 622,250 shares of the company’s stock, valued at approximately $6,010,935. The trade was a 66.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul J. Evans acquired 29,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 29,000 shares in the company, valued at $226,200. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 1,405,593 shares of company stock valued at $13,568,759. 14.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pitney Bowes

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PBI. AQR Capital Management LLC acquired a new stake in Pitney Bowes in the 2nd quarter valued at $97,000. nVerses Capital LLC increased its stake in Pitney Bowes by 59.6% in the 3rd quarter. nVerses Capital LLC now owns 15,000 shares of the technology company’s stock valued at $107,000 after buying an additional 5,600 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new stake in Pitney Bowes in the 3rd quarter valued at $519,000. Assenagon Asset Management S.A. increased its stake in Pitney Bowes by 2,894.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,228,562 shares of the technology company’s stock valued at $8,760,000 after buying an additional 1,187,531 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in Pitney Bowes by 5.9% in the 3rd quarter. New York State Teachers Retirement System now owns 257,279 shares of the technology company’s stock valued at $1,834,000 after buying an additional 14,428 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors and hedge funds.

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.