Pitney Bowes Inc. (NYSE:PBI) Shares Down 15.4% on Disappointing Earnings

Pitney Bowes Inc. (NYSE:PBI) shares were down 15.4% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.06 and last traded at $13.31, with a volume of 9,692,792 shares. The stock had previously closed at $15.74.

The technology company reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.03. The firm had revenue of $821.40 million during the quarter, compared to analyst estimates of $822.90 million. Pitney Bowes had a net margin of 3.02% and a return on equity of 15,666.66%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 EPS.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Friday, August 25th will be given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 5.89%. The ex-dividend date of this dividend is Wednesday, August 23rd. Pitney Bowes’s dividend payout ratio is currently 144.23%.

A number of analysts recently issued reports on the company. Zacks Investment Research downgraded Pitney Bowes from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Cross Research downgraded Pitney Bowes from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. BidaskClub cut Pitney Bowes from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Finally, Sidoti cut Pitney Bowes from a “buy” rating to a “neutral” rating in a report on Monday, May 15th. Three analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $17.50.

Large investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Pitney Bowes by 11.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,041 shares of the technology company’s stock valued at $106,000 after buying an additional 748 shares in the last quarter. Seven Eight Capital LP purchased a new position in shares of Pitney Bowes during the second quarter valued at approximately $108,000. Sheaff Brock Investment Advisors LLC increased its position in shares of Pitney Bowes by 4.7% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 11,109 shares of the technology company’s stock valued at $146,000 after buying an additional 500 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Pitney Bowes during the first quarter valued at approximately $149,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Pitney Bowes during the first quarter valued at approximately $159,000. Institutional investors own 76.98% of the company’s stock.

The company has a market capitalization of $2.38 billion, a P/E ratio of 25.03 and a beta of 1.17. The stock has a 50-day moving average of $14.41 and a 200 day moving average of $14.15.

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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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