Pitney Bowes Inc. (NYSE:PBI) Rating Lowered to Hold at Zacks Investment Research
Pitney Bowes Inc. (NYSE:PBI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Pitney Bowes’ concerted efforts to transform its business over the past three years have started to show results, as is evident from growth across most business lines during first-quarter 2017. Especially, the company’s Software business witnessed a rebound on the back of these concerted transformation initiatives, after years of dismal performance. Also, the company’s efforts to optimize its new enterprise business platform to boost profitability are showing impressive results. However on the flip side, over the past six months, Pitney Bowes’ shares witnessed a decline, comparing unfavorably to the Zacks categorized Office Automation & Equipment industry’s average gain. High incremental marketing expense and prolonged weakness in mailing business are thwarting growth. Also, fluctuations in license revenues, currency fluctuations and softness in equipment sales pose as major threats, going forward.”
PBI has been the topic of several other reports. ValuEngine cut Pitney Bowes from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BidaskClub cut Pitney Bowes from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Finally, Sidoti cut Pitney Bowes from a “buy” rating to a “neutral” rating in a research report on Monday, May 15th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $18.50.
Pitney Bowes (NYSE PBI) traded up 0.53% during mid-day trading on Tuesday, reaching $15.19. The company’s stock had a trading volume of 591,467 shares. Pitney Bowes has a 52 week low of $12.31 and a 52 week high of $19.33. The firm’s 50 day moving average price is $15.23 and its 200 day moving average price is $14.49. The firm has a market capitalization of $2.83 billion, a P/E ratio of 28.50 and a beta of 1.16.
Pitney Bowes (NYSE:PBI) last issued its quarterly earnings results on Tuesday, May 2nd. The technology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. Pitney Bowes had a return on equity of 2,282.68% and a net margin of 3.28%. The company had revenue of $836.60 million for the quarter, compared to analysts’ expectations of $817.07 million. During the same period last year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. On average, analysts anticipate that Pitney Bowes will post $1.74 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 26th were issued a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 4.96%. The ex-dividend date of this dividend was Wednesday, May 24th. Pitney Bowes’s payout ratio is 138.89%.
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In related news, Director Linda S. Sanford bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average cost of $15.09 per share, for a total transaction of $75,450.00. Following the acquisition, the director now directly owns 18,690 shares of the company’s stock, valued at approximately $282,032.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.01% of the company’s stock.
Several institutional investors have recently modified their holdings of PBI. Neuberger Berman Group LLC boosted its position in shares of Pitney Bowes by 0.3% in the fourth quarter. Neuberger Berman Group LLC now owns 12,733,043 shares of the technology company’s stock worth $262,938,000 after buying an additional 33,697 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Pitney Bowes by 4.2% in the fourth quarter. ProShare Advisors LLC now owns 67,415 shares of the technology company’s stock worth $1,392,000 after buying an additional 2,733 shares during the last quarter. LSV Asset Management boosted its position in shares of Pitney Bowes by 3.7% in the fourth quarter. LSV Asset Management now owns 1,564,700 shares of the technology company’s stock worth $32,311,000 after buying an additional 56,000 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Pitney Bowes by 64.6% in the fourth quarter. First Trust Advisors LP now owns 406,570 shares of the technology company’s stock worth $8,396,000 after buying an additional 159,566 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Pitney Bowes by 1.9% in the fourth quarter. Sei Investments Co. now owns 703,652 shares of the technology company’s stock worth $14,531,000 after buying an additional 12,900 shares during the last quarter. Institutional investors and hedge funds own 79.01% of the company’s stock.
Pitney Bowes Company Profile
Pitney Bowes Inc is a global technology company. The Company offers customer information management, location intelligence and customer engagement products and solutions to help its clients market to their customers, and shipping, mailing, and cross border e-commerce products and solutions that enable the sending of parcels and packages across the globe.
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