Pitney Bowes (NYSE:PBI) Trading 8.8% Higher Following Dividend Announcement

Pitney Bowes Inc. (NYSE:PBI) shares rose 8.8% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $10.62 and last traded at $10.62. Approximately 1,920,584 shares traded hands during trading, a decline of 16% from the average daily 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 paid 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 is Friday, February 21st. Pitney Bowes’s dividend payout ratio (DPR) is -9.17%.

Pitney Bowes Stock Performance

The company has a 50-day moving average of $7.94 and a 200-day moving average of $7.41. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -4.84, a P/E/G ratio of 0.52 and a beta of 2.01.

Pitney Bowes (NYSE:PBI) last released 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 return on equity of 12.85% and a negative net margin of 13.02%. As a group, analysts expect that Pitney Bowes Inc. will post 0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Pitney Bowes news, Director Paul J. Evans purchased 29,000 shares of the stock in a transaction on Wednesday, November 20th. The stock was bought at an average price of $7.80 per share, for a total transaction of $226,200.00. Following the acquisition, the director now directly owns 29,000 shares of the company’s stock, valued at $226,200. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Deborah Pfeiffer sold 35,000 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $9.02, for a total transaction of $315,700.00. Following the transaction, the executive vice president now owns 124,124 shares in the company, valued at approximately $1,119,598.48. The trade was a 22.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,405,593 shares of company stock valued at $13,568,759 in the last ninety days. Insiders own 14.30% of the company’s stock.

Institutional Trading of Pitney Bowes

Several institutional investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. acquired a new position in shares of Pitney Bowes during the 4th quarter valued at $31,000. Smartleaf Asset Management LLC grew its position in shares of Pitney Bowes by 130.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,078 shares of the technology company’s stock worth $37,000 after buying an additional 2,873 shares in the last quarter. Quarry LP increased its stake in shares of Pitney Bowes by 889.2% in the third quarter. Quarry LP now owns 8,319 shares of the technology company’s stock worth $59,000 after buying an additional 7,478 shares during the last quarter. Truvestments Capital LLC acquired a new stake in Pitney Bowes in the third quarter valued at $86,000. Finally, Xponance Inc. raised its holdings in Pitney Bowes by 36.7% in the fourth quarter. Xponance Inc. now owns 14,283 shares of the technology company’s stock valued at $103,000 after acquiring an additional 3,837 shares in the last quarter. 67.88% of the stock is owned by hedge funds and other institutional investors.

Pitney Bowes Company Profile

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.