Zacks Investment Research upgraded shares of Pitney Bowes Inc. (NYSE:PBI) from a sell rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “Pitney Bowes’ concerted efforts to transform its business over the past three years have started to show results, as is evident from growth across most business lines in recent quarters. Particularly, the company’s Software business has witnessed a strong rebound on the back of these concerted transformation initiatives, after years of dismal performance. Also, the company’s efforts to optimize its new enterprise business platform to boost profitability are showing impressive results. However on the flip side, over the past six months, Pitney Bowes’ shares witnessed a steep decline, comparing unfavorably with the industry’s average positive return. High incremental marketing expense and prolonged weakness in mailing business are thwarting growth. Also, fluctuations in license revenues, currency fluctuations and softness in equipment sales pose as major threats, going forward.”
Several other research firms also recently issued reports on PBI. BidaskClub downgraded shares of Pitney Bowes from a buy rating to a hold rating in a research report on Friday, June 23rd. Cross Research downgraded shares of Pitney Bowes from a hold rating to a sell rating in a report on Wednesday, August 2nd. Loop Capital initiated coverage on shares of Pitney Bowes in a report on Friday, July 28th. They set a hold rating and a $16.00 price objective on the stock. ValuEngine downgraded shares of Pitney Bowes from a buy rating to a hold rating in a report on Friday, September 1st. Finally, Sidoti raised shares of Pitney Bowes from a neutral rating to a buy rating and set a $17.00 price objective on the stock in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Pitney Bowes currently has an average rating of Hold and an average target price of $17.67.
Shares of Pitney Bowes (NYSE:PBI) traded down 0.92% on Tuesday, reaching $13.99. 276,272 shares of the company traded hands. Pitney Bowes has a one year low of $12.31 and a one year high of $18.20. The firm has a 50-day moving average price of $13.18 and a 200 day moving average price of $14.11. The company has a market capitalization of $2.61 billion, a PE ratio of 26.90 and a beta of 1.21.
Pitney Bowes (NYSE:PBI) last posted its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). Pitney Bowes had a net margin of 3.02% and a return on equity of 15,666.66%. The business had revenue of $821.40 million during the quarter, compared to analyst estimates of $822.90 million. During the same period in the previous year, the business posted $0.39 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities analysts forecast that Pitney Bowes will post $1.68 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were issued a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date was Wednesday, August 23rd. Pitney Bowes’s dividend payout ratio is 144.23%.
A number of institutional investors and hedge funds have recently bought and sold shares of PBI. UBS Asset Management Americas Inc. boosted its holdings in Pitney Bowes by 19.9% during the 1st quarter. UBS Asset Management Americas Inc. now owns 183,502 shares of the technology company’s stock worth $2,406,000 after acquiring an additional 30,516 shares during the last quarter. Karp Capital Management Corp purchased a new position in Pitney Bowes during the 1st quarter worth $766,000. Ameriprise Financial Inc. boosted its holdings in Pitney Bowes by 809.5% during the 1st quarter. Ameriprise Financial Inc. now owns 872,215 shares of the technology company’s stock worth $11,433,000 after acquiring an additional 776,314 shares during the last quarter. Trexquant Investment LP purchased a new position in Pitney Bowes during the 1st quarter worth $149,000. Finally, M&T Bank Corp boosted its holdings in Pitney Bowes by 1.7% during the 1st quarter. M&T Bank Corp now owns 26,743 shares of the technology company’s stock worth $349,000 after acquiring an additional 439 shares during the last quarter. 76.18% of the stock is currently owned by hedge funds and other institutional investors.
About Pitney Bowes
Pitney Bowes Inc is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe.
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