Pitney Bowes (NYSE:PBI) Shares Gap Up After Dividend Announcement

Pitney Bowes Inc. (NYSE:PBI) shares gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $8.05, but opened at $8.78. Pitney Bowes shares last traded at $8.21, with a volume of 538,283 shares trading hands.

The newly announced dividend which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.64%. Pitney Bowes’s payout ratio is presently -13.33%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Pitney Bowes from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 21st.

Pitney Bowes Trading Down 5.8 %

The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -5.05, a price-to-earnings-growth ratio of 1.50 and a beta of 1.97. The company’s 50-day moving average is $7.03 and its 200-day moving average is $6.25.

Pitney Bowes (NYSE:PBI) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.10. The business had revenue of $793.17 million for the quarter, compared to analyst estimates of $771.65 million. Pitney Bowes had a negative net margin of 8.05% and a negative return on equity of 5.31%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. Equities research analysts forecast that Pitney Bowes Inc. will post 0.35 EPS for the current year.

Institutional Trading of Pitney Bowes

Several large investors have recently made changes to their positions in PBI. Tidal Investments LLC bought a new position in Pitney Bowes in the 1st quarter valued at approximately $764,000. BNP Paribas Financial Markets lifted its stake in Pitney Bowes by 10.0% in the 1st quarter. BNP Paribas Financial Markets now owns 216,002 shares of the technology company’s stock valued at $935,000 after purchasing an additional 19,690 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Pitney Bowes in the 2nd quarter valued at approximately $208,000. Quadrature Capital Ltd lifted its stake in Pitney Bowes by 21.6% in the 1st quarter. Quadrature Capital Ltd now owns 66,247 shares of the technology company’s stock valued at $287,000 after purchasing an additional 11,753 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Pitney Bowes by 248.1% in the 2nd quarter. Marshall Wace LLP now owns 706,302 shares of the technology company’s stock valued at $3,588,000 after purchasing an additional 503,378 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

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.