Pitney Bowes Inc. (NYSE:PBI)’s share price shot up 0.6% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $14.80 and last traded at $14.20. 1,659,816 shares were traded during mid-day trading, a decline of 31% from the average session volume of 2,408,010 shares. The stock had previously closed at $14.11.
The technology company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.03. Pitney Bowes had a net margin of 7.36% and a return on equity of 379.85%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company posted $0.53 EPS. The business’s revenue for the quarter was up 18.3% on a year-over-year basis.
Several research firms have recently weighed in on PBI. Zacks Investment Research cut shares of Pitney Bowes from a “hold” rating to a “strong sell” rating in a research note on Monday, November 6th. Loop Capital dropped their price target on shares of Pitney Bowes from $14.00 to $12.00 and set a “hold” rating for the company in a research note on Thursday, November 2nd. Finally, ValuEngine cut shares of Pitney Bowes from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Pitney Bowes currently has an average rating of “Hold” and a consensus target price of $14.50.
Several hedge funds have recently modified their holdings of PBI. State of Alaska Department of Revenue acquired a new position in shares of Pitney Bowes in the 4th quarter worth approximately $120,000. NEXT Financial Group Inc lifted its holdings in shares of Pitney Bowes by 2,155.1% in the 4th quarter. NEXT Financial Group Inc now owns 11,005 shares of the technology company’s stock worth $123,000 after acquiring an additional 10,517 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Pitney Bowes in the 4th quarter worth approximately $151,000. ETRADE Capital Management LLC acquired a new position in shares of Pitney Bowes in the 3rd quarter worth approximately $168,000. Finally, D.A. Davidson & CO. lifted its holdings in shares of Pitney Bowes by 23.0% in the 2nd quarter. D.A. Davidson & CO. now owns 12,300 shares of the technology company’s stock worth $185,000 after acquiring an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 73.50% of the company’s stock.
The company has a market capitalization of $2,634.73 and a price-to-earnings ratio of 9.28. The company has a debt-to-equity ratio of 18.34, a current ratio of 1.28 and a quick ratio of 1.37.
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Pitney Bowes Company Profile
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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