Pitney Bowes Inc. [NYSE: PBI] gained 1.69% or 0.16 points to close at $9.60 with a heavy trading volume of 6939343 shares. The company report on March 13, 2021 that Pitney Bowes Inc. Prices Senior Unsecured Notes and Obtains Commitments to Amend and Refinance Credit Facilities.
Pitney Bowes Inc. (NYSE:PBI) (“Pitney Bowes” or, the “Company”), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and financial services, announced the pricing of its private offering (the “Offering”) of $400,000,000 aggregate principal amount of 6.875% senior unsecured notes due 2027 and $350,000,000 aggregate principal amount of 7.250% senior unsecured notes due 2029 (collectively, the “Notes”), to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Offering is expected to close on or about March 19, 2021, subject to the satisfaction of various customary closing conditions.
The Notes will be fully and unconditionally guaranteed by certain of Pitney Bowes subsidiaries. Pitney Bowes intends to use the net proceeds of the Offering, together with cash on hand, to (i) repay a portion of the borrowings outstanding under the Pitney Bowes secured term loan B facility (together with the repayment using the New Term Loan B Facility described below, the “Term Loan B Repayment”), (ii) pay the tender offer consideration for up to $375,000,000 aggregate principal amount of its 3.875% Notes due 2022, 4.700% Notes due 2023, and 4.625% Notes due 2024 (collectively, the “Existing Notes”), subject to the applicable tender cap for each series of the Existing Notes, that are validly tendered (and not validly withdrawn) by holders of the Existing Notes and accepted by Pitney Bowes in connection with the cash tender offer that it commenced on March 8, 2021 (the “Concurrent Tender Offer”) and (iii) pay the fees and expenses in connection with the Offering and the Concurrent Tender Offer. Any excess proceeds after Pitney Bowes uses the proceeds as described above will be used for general corporate purposes. The Offering is not conditioned on the Term Loan B Repayment or the completion of the Concurrent Tender Offer. If the Term Loan B Repayment is not made or the Concurrent Tender Offer is not completed, Pitney Bowes intends to use the net proceeds from the Offering for general corporate purposes.
It opened the trading session at $9.29, the shares rose to $9.64 and dropped to $9.13, the range by which the price of stock traded the whole day. The daily chart for PBI points out that the company has recorded 71.74% gains over the past six months. However, it is still -474.85% lower than its most recent low trading price.
If we look at the average trading volume of 4.46M shares, PBI reached to a volume of 6939343 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Pitney Bowes Inc. [PBI]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PBI shares is $9.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PBI stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Maxim Group have made an estimate for Pitney Bowes Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 27, 2021. The new note on the price target was released on January 27, 2021, representing the official price target for Pitney Bowes Inc. stock.
The Average True Range (ATR) for Pitney Bowes Inc. is set at 0.54, with the Price to Sales ratio for PBI stock in the period of the last 12 months amounting to 0.46. The Price to Book ratio for the last quarter was 24.62, with the Price to Cash per share for the same quarter was set at 5.52. Price to Free Cash Flow for PBI in the course of the last twelve months was 10.05 with Quick ratio for the last quarter at 1.10.
Trading performance analysis for PBI stock
Pitney Bowes Inc. [PBI] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.01. With this latest performance, PBI shares gained by 11.37% in over the last four-week period, additionally plugging by 71.74% over the last 6 months – not to mention a rise of 231.03% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PBI stock in for the last two-week period is set at 59.56, with the RSI for the last a single of trading hit 65.26, and the three-weeks RSI is set at 57.57 for Pitney Bowes Inc. [PBI]. The present Moving Average for the last 50 days of trading for this stock 8.75, while it was recorded at 9.44 for the last single week of trading, and 5.95 for the last 200 days.
Pitney Bowes Inc. [PBI]: A deeper dive into fundamental analysis
Pitney Bowes Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.
Pitney Bowes Inc. [PBI]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Pitney Bowes Inc. posted 0.05/share EPS, while the average EPS was predicted by analysts to be reported at 0.08/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -37.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PBI.
An analysis of insider ownership at Pitney Bowes Inc. [PBI]
There are presently around $1,220 million, or 78.60% of PBI stock, in the hands of institutional investors. The top three institutional holders of PBI stocks are: BLACKROCK INC. with ownership of 25,330,336, which is approximately 0.482% of the company’s market cap and around 0.40% of the total institutional ownership; VANGUARD GROUP INC, holding 17,574,190 shares of the stock with an approximate value of $168.71 million in PBI stocks shares; and STATE STREET CORP, currently with $62.14 million in PBI stock with ownership of nearly -0.696% of the company’s market capitalization.
141 institutional holders increased their position in Pitney Bowes Inc. [NYSE:PBI] by around 15,079,687 shares. Additionally, 109 investors decreased positions by around 16,160,708 shares, while 47 investors held positions by with 95,884,146 shares. The mentioned changes placed institutional holdings at 127,124,541 shares, according to the latest SEC report filing. PBI stock had 54 new institutional investments in for a total of 5,387,058 shares, while 32 institutional investors sold positions of 1,514,412 shares during the same period.