Pitney Bowes (NYSE:PBI) Upgraded at Bank of America

Pitney Bowes (NYSE:PBI) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Monday,Benzinga reports. The firm currently has a $16.50 target price on the technology company’s stock, up from their prior target price of $9.50. Bank of America‘s target price would suggest a potential upside of 5.19% from the company’s previous close.

Several other research firms have also issued reports on PBI. Truist Financial upped their price objective on Pitney Bowes from $11.00 to $15.00 and gave the company a “hold” rating in a research note on Thursday. The Goldman Sachs Group set a $15.20 price objective on Pitney Bowes in a research note on Friday. Citigroup restated an “outperform” rating on shares of Pitney Bowes in a research note on Friday, April 17th. Citizens Jmp upped their price objective on Pitney Bowes from $13.00 to $14.00 and gave the company a “market outperform” rating in a research note on Friday, April 17th. Finally, Zacks Research upgraded Pitney Bowes from a “hold” rating to a “strong-buy” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.18.

Pitney Bowes Stock Performance

Shares of NYSE PBI opened at $15.69 on Monday. The stock has a 50 day moving average price of $11.94 and a 200 day moving average price of $10.87. Pitney Bowes has a 52 week low of $8.95 and a 52 week high of $15.95. The stock has a market capitalization of $2.12 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 0.99 and a beta of 1.64.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.47 EPS for the quarter, meeting the consensus estimate of $0.47. Pitney Bowes had a negative return on equity of 33.41% and a net margin of 8.92%.The firm had revenue of $477.41 million during the quarter, compared to analysts’ expectations of $471.83 million. During the same period in the prior year, the firm posted $0.33 earnings per share. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, research analysts forecast that Pitney Bowes will post 1.61 EPS for the current year.

Insiders Place Their Bets

In related news, Director Brent D. Rosenthal acquired 4,000 shares of the stock in a transaction on Friday, March 13th. The shares were purchased at an average price of $10.22 per share, for a total transaction of $40,880.00. Following the purchase, the director directly owned 9,000 shares in the company, valued at approximately $91,980. The trade was a 80.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Kurt James Wolf sold 966,561 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $14.58, for a total value of $14,092,459.38. Following the transaction, the chief executive officer owned 452,628 shares in the company, valued at approximately $6,599,316.24. This trade represents a 68.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 2,456,054 shares of company stock worth $34,864,180. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Pitney Bowes

A number of hedge funds have recently added to or reduced their stakes in PBI. LSV Asset Management increased its stake in Pitney Bowes by 246.7% during the 4th quarter. LSV Asset Management now owns 4,197,189 shares of the technology company’s stock worth $44,364,000 after acquiring an additional 2,986,689 shares during the period. Cannell & Spears LLC increased its stake in Pitney Bowes by 89.5% during the 3rd quarter. Cannell & Spears LLC now owns 3,364,466 shares of the technology company’s stock worth $38,389,000 after acquiring an additional 1,588,579 shares during the period. Assenagon Asset Management S.A. bought a new position in Pitney Bowes during the 1st quarter worth $16,403,000. Millennium Management LLC increased its stake in Pitney Bowes by 60.2% during the 4th quarter. Millennium Management LLC now owns 2,630,801 shares of the technology company’s stock worth $27,808,000 after acquiring an additional 988,653 shares during the period. Finally, Cibc World Market Inc. increased its stake in Pitney Bowes by 2,724.6% during the 3rd quarter. Cibc World Market Inc. now owns 836,071 shares of the technology company’s stock worth $9,540,000 after acquiring an additional 806,471 shares during the period. Institutional investors own 67.88% of the company’s stock.

Pitney Bowes Company Profile

Pitney Bowes Inc (NYSE: PBI) is an American technology company that specializes in shipping, mailing, and e-commerce solutions. Founded in 1920 by Walter Bowes and Arthur Pitney, the company pioneered postage meter technology and has since evolved to offer a broad portfolio of hardware, software, and services designed to streamline physical and digital communications. Headquartered in Stamford, Connecticut, Pitney Bowes leverages a century of expertise to serve enterprises, small businesses, and government agencies around the globe.

The company’s core offerings span mailing and shipping equipment, including postage meters, folder inserters, and address verification systems, alongside integrated software platforms for customer information management, data analytics, and location intelligence.