Shares of Pitney Bowes Inc. (NYSE:PBI) dropped 4% during mid-day trading on Thursday . The stock traded as low as $3.18 and last traded at $3.15, approximately 67,398 shares traded hands during trading. A decline of 97% from the average daily volume of 2,678,938 shares. The stock had previously closed at $3.28.
PBI has been the topic of several research reports. ValuEngine lowered shares of Pitney Bowes from a “sell” rating to a “strong sell” rating in a report on Thursday. Maxim Group set a $9.00 price objective on shares of Pitney Bowes and gave the company a “buy” rating in a report on Friday, May 31st.
The company has a market capitalization of $560.55 million, a PE ratio of 2.99 and a beta of 1.92. The company’s fifty day moving average is $4.00 and its 200-day moving average is $5.51. The company has a debt-to-equity ratio of 57.19, a current ratio of 1.23 and a quick ratio of 1.19.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Shareholders of record on Friday, August 23rd will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 5.76%. The ex-dividend date of this dividend is Thursday, August 22nd. Pitney Bowes’s dividend payout ratio is currently 17.24%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PBI. Legal & General Group Plc lifted its position in Pitney Bowes by 4.2% in the 4th quarter. Legal & General Group Plc now owns 345,927 shares of the technology company’s stock valued at $2,045,000 after acquiring an additional 14,061 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Pitney Bowes by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,900,055 shares of the technology company’s stock valued at $17,140,000 after buying an additional 118,348 shares during the period. Norges Bank bought a new position in shares of Pitney Bowes during the 4th quarter valued at $13,178,000. Geode Capital Management LLC lifted its holdings in shares of Pitney Bowes by 28.9% during the 4th quarter. Geode Capital Management LLC now owns 2,530,553 shares of the technology company’s stock valued at $14,955,000 after buying an additional 566,632 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Pitney Bowes during the 1st quarter valued at $80,000. 74.66% of the stock is currently owned by institutional investors and hedge funds.
Pitney Bowes Company Profile (NYSE:PBI)
Pitney Bowes Inc offers customer information management, location intelligence, and customer engagement products and solutions in the United States and internationally. The company operates in three segments: Commerce Services; Small & Medium Business Solutions; and Software Solutions. The Commerce Services segment provides cross-border e-commerce solutions, domestic retail and e-commerce shipping solutions, fulfillment, and delivery and return services; and mail sortation services that allow clients to qualify large volumes of first class mail, marketing mail, and bound and packet mail for postal work sharing discounts.
Featured Story: How accurate is the Rule of 72?
Receive News & Ratings for Pitney Bowes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pitney Bowes and related companies with MarketBeat.com's FREE daily email newsletter.