Insider Selling: Pitney Bowes (NYSE:PBI) CEO Sells $4,759,310.81 in Stock

Pitney Bowes Inc. (NYSE:PBI) CEO Kurt James Wolf sold 281,117 shares of Pitney Bowes stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $16.93, for a total value of $4,759,310.81. Following the sale, the chief executive officer directly owned 312,955 shares of the company’s stock, valued at approximately $5,298,328.15. The trade was a 47.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Kurt James Wolf also recently made the following trade(s):

• On Friday, June 12th, Kurt James Wolf sold 322,829 shares of Pitney Bowes stock. The shares were sold at an average price of $17.40, for a total value of $5,617,224.60.
• On Thursday, June 11th, Kurt James Wolf sold 210,871 shares of Pitney Bowes stock. The stock was sold at an average price of $17.02, for a total value of $3,589,024.42.
• On Friday, May 22nd, Kurt James Wolf sold 40,476 shares of Pitney Bowes stock. The shares were sold at an average price of $15.62, for a total value of $632,235.12.
• On Friday, May 8th, Kurt James Wolf sold 389,161 shares of Pitney Bowes stock. The shares were sold at an average price of $15.69, for a total value of $6,105,936.09.
• On Thursday, May 7th, Kurt James Wolf sold 597,224 shares of Pitney Bowes stock. The stock was sold at an average price of $15.59, for a total value of $9,310,722.16.
• On Wednesday, May 6th, Kurt James Wolf sold 966,561 shares of Pitney Bowes stock. The shares were sold at an average price of $14.58, for a total transaction of $14,092,459.38.
• On Thursday, April 2nd, Kurt James Wolf sold 39,919 shares of Pitney Bowes stock. The shares were sold at an average price of $11.14, for a total transaction of $444,697.66.
• On Wednesday, April 1st, Kurt James Wolf sold 160,289 shares of Pitney Bowes stock. The stock was sold at an average price of $11.06, for a total transaction of $1,772,796.34.

Pitney Bowes Stock Up 0.9%

Shares of PBI traded up $0.16 during mid-day trading on Friday, hitting $17.30. 2,985,341 shares of the company’s stock were exchanged, compared to its average volume of 2,858,893. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 16.79, a P/E/G ratio of 0.76 and a beta of 1.63. The firm has a fifty day moving average of $14.68 and a two-hundred day moving average of $11.91. Pitney Bowes Inc. has a twelve month low of $8.95 and a twelve month high of $17.59.

Pitney Bowes (NYSE:PBI) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.47 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.47. Pitney Bowes had a net margin of 8.92% and a negative return on equity of 33.41%. 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 company posted $0.33 earnings per share. Pitney Bowes’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities analysts predict that Pitney Bowes Inc. will post 1.62 earnings per share for the current year.

Pitney Bowes Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Monday, May 18th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. Pitney Bowes’s dividend payout ratio is currently 38.83%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PBI shares. Zacks Research raised Pitney Bowes from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Truist Financial raised 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, May 7th. Citigroup reissued an “outperform” rating on shares of Pitney Bowes in a research note on Friday, June 5th. Wall Street Zen raised Pitney Bowes from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 25th. Finally, The Goldman Sachs Group set a $15.20 price objective on Pitney Bowes in a research note on Friday, May 8th. One research 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $16.43.

Hedge Funds Weigh In On Pitney Bowes

A number of institutional investors have recently made changes to their positions in the business. State Street Corp increased its stake in shares of Pitney Bowes by 3.1% in the second quarter. State Street Corp now owns 6,366,188 shares of the technology company’s stock worth $69,455,000 after purchasing an additional 188,886 shares during the period. LSV Asset Management increased its stake in shares of Pitney Bowes by 246.7% in the fourth quarter. LSV Asset Management now owns 4,197,189 shares of the technology company’s stock worth $44,364,000 after purchasing an additional 2,986,689 shares during the period. Cannell & Spears LLC increased its stake in shares of Pitney Bowes by 89.5% in the third quarter. Cannell & Spears LLC now owns 3,364,466 shares of the technology company’s stock worth $38,389,000 after purchasing an additional 1,588,579 shares during the period. Permit Capital LLC increased its stake in shares of Pitney Bowes by 14.0% in the fourth quarter. Permit Capital LLC now owns 3,250,000 shares of the technology company’s stock worth $34,352,000 after purchasing an additional 400,000 shares during the period. Finally, Capital Management Corp VA increased its stake in shares of Pitney Bowes by 25.3% in the fourth quarter. Capital Management Corp VA now owns 2,930,328 shares of the technology company’s stock worth $30,974,000 after purchasing an additional 592,568 shares during the period. 67.88% of the stock is currently owned by institutional investors.

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.