Pitney Bowes (NYSE:PBI) Reaches New 52-Week High – Here’s What Happened

Pitney Bowes Inc. (NYSE:PBI) shares reached a new 52-week high on Tuesday . The company traded as high as $9.37 and last traded at $8.74, with a volume of 698937 shares traded. The stock had previously closed at $8.82.

Pitney Bowes Stock Performance

The stock’s 50 day moving average price is $7.76 and its 200 day moving average price is $7.32. The company has a market capitalization of $1.57 billion, a P/E ratio of -3.97, a price-to-earnings-growth ratio of 0.52 and a beta of 2.01.

Insider Buying and Selling

In related news, EVP Lauren Freemen-Bosworth sold 42,308 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $8.12, for a total value of $343,540.96. Following the completion of the sale, the executive vice president now directly owns 18,664 shares of the company’s stock, valued at approximately $151,551.68. This represents a 69.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Paul J. Evans acquired 29,000 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were purchased at an average cost of $7.80 per share, for a total transaction of $226,200.00. Following the completion of the acquisition, the director now directly owns 29,000 shares in the company, valued at approximately $226,200. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 14.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Pitney Bowes

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC purchased a new position in shares of Pitney Bowes in the second quarter worth about $97,000. Wedge Capital Management L L P NC bought a new position in shares of Pitney Bowes in the third quarter worth approximately $1,405,000. nVerses Capital LLC raised its stake in Pitney Bowes by 59.6% in the third quarter. nVerses Capital LLC now owns 15,000 shares of the technology company’s stock valued at $107,000 after purchasing an additional 5,600 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in Pitney Bowes during the third quarter valued at approximately $519,000. Finally, Assenagon Asset Management S.A. grew 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 worth $8,760,000 after buying an additional 1,187,531 shares in the last quarter. 67.88% of the stock is owned by hedge funds and other institutional investors.

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.