Pitney Bowes (NYSE:PBI) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Pitney Bowes (NYSE:PBI) issued its quarterly earnings data on Wednesday. The technology company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06, FiscalAI reports. The firm had revenue of $456.18 million for the quarter, compared to analyst estimates of $458.24 million. Pitney Bowes had a net margin of 10.04% and a negative return on equity of 31.37%. The business’s revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 EPS.

Pitney Bowes Price Performance

Shares of PBI stock traded up $0.12 during trading on Wednesday, reaching $17.41. The company’s stock had a trading volume of 1,789,038 shares, compared to its average volume of 2,430,974. Pitney Bowes has a 1-year low of $8.95 and a 1-year high of $19.07. The stock’s 50-day moving average price is $16.93 and its 200 day moving average price is $14.75. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 0.70 and a beta of 1.66.

Insiders Place Their Bets

In other Pitney Bowes news, CEO Kurt Wolf sold 150,000 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $16.16, for a total value of $2,424,000.00. Following the completion of the transaction, the chief executive officer owned 91,321 shares in the company, valued at $1,475,747.36. The trade was a 62.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Todd Everett sold 10,000 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $16.89, for a total value of $168,900.00. Following the sale, the executive vice president directly owned 86,048 shares in the company, valued at $1,453,350.72. This represents a 10.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,461,767 shares of company stock worth $25,920,799 in the last ninety days. 6.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PBI. Truist Financial boosted their target price on Pitney Bowes from $15.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, July 31st. Citizens Jmp raised their price target on Pitney Bowes from $19.00 to $22.00 and gave the stock a “market outperform” rating in a research report on Friday, July 31st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $17.30 price objective on shares of Pitney Bowes in a research note on Thursday, July 30th. Zacks Research cut Pitney Bowes from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Finally, Weiss Ratings downgraded Pitney Bowes from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Pitney Bowes presently has a consensus rating of “Hold” and a consensus target price of $18.45.

About Pitney Bowes

Pitney Bowes Inc (NYSE:PBI) is a global technology and services company that helps businesses manage mailing, shipping and related communications. Its offerings include postage meters, mailing systems, shipping software, parcel management tools, address and data services, and equipment financing and support.

The company serves small businesses, large enterprises and government organizations through solutions designed to streamline the preparation, processing and delivery of physical mail and packages.