Pitney Bowes Stock Price, News & Analysis

Pitney Bowes (NYSE:PBI) recently responded to Hestia Capital, claiming their investor presentation contained misleading information and a flawed understanding of the company’s business. The company emphasized that Hestia's generic strategy lacks specificity and could harm shareholder value. In contrast, Pitney Bowes highlighted its ongoing transformation into three synergistic segments: SendTech, Presort, and Global Ecommerce. The company maintains a strong SG&A ratio and argues that Hestia’s proposals could lead to significant revenue declines. With approximately $230 million of debt due by March 2026, Pitney Bowes feels its financial position is stable. Shareholders are urged to vote for the nominees on the GOLD proxy card at the upcoming Annual Meeting on May 9, 2023.

Pitney Bowes (NYSE:PBI) has filed an investor presentation with the SEC ahead of its 2023 Annual Meeting on May 9, 2023, urging shareholders to vote for its nominees and Katie May using the GOLD Proxy Card.

The presentation highlights the company’s transformation under CEO Marc Lautenbach since 2012, which has successfully shifted the company from decline to growth, focusing on SendTech, Presort, and Global Ecommerce. Notably, Global Ecommerce achieved $1.6 billion in revenue as of 2022, with a 23% CAGR from 2015-2022.

The Board emphasizes its commitment to diversity and independence, with planned appointments that exceed demands made by activist investor Hestia. However, it asserts that Hestia's nominees lack relevant experience, positing that changes in leadership could jeopardize ongoing transformation efforts.

Hestia Capital Management, the third largest stockholder of Pitney Bowes (NYSE: PBI) with an 8.5% ownership stake, has announced a presentation advocating for significant changes in the company's boardroom. Hestia is urging stockholders to support its five independent director candidates at the upcoming Annual Meeting on May 9, 2023. The firm believes that implementing their comprehensive six-pillar plan could potentially increase Pitney Bowes' stock price to over $15 and enhance its credit profile. Hestia's initiative reflects a strategic move to address perceived mismanagement and promote sustainable value creation.

Hestia Capital Management, holding 8.5% of Pitney Bowes' outstanding shares, is advocating for changes in the company's leadership to enhance profitability. Hestia plans to elect five independent candidates to the nine-member Board of Directors during the 2023 Annual Meeting. This initiative is driven by the belief that Pitney Bowes has suffered due to a failed strategy, causing a 50% decline in share price and a 90% drop in free cash flow over the past decade. Hestia aims to restore the company as a leader in postage and parcel services, emphasizing the importance of employee stability and maintaining dividends while reducing debt.

Pitney Bowes is urging shareholders to support its board nominees at the upcoming Annual Meeting on May 9, 2023. The company has appointed two new directors and is recommending Hestia nominee Katie May. Pitney Bowes claims that Hestia’s candidates lack relevant experience, particularly in shipping and logistics, and would destabilize the board, risking shareholder value. The current board has undergone significant refreshment, adding six independent directors since 2018. Hestia has been criticized for its inconsistent strategies and for proposing Lance Rosenzweig as CEO, whom the board deems unqualified. Pitney Bowes argues that their nominees are better equipped to ensure long-term success, with an average director tenure of 5.1 years compared to 0.9 years if Hestia’s slate is elected.

Pitney Bowes (NYSE: PBI) has released its 2022 Parcel Shipping Index, showing a 2% decline in parcel volumes to 21.2 billion, although this figure surpassed pre-pandemic forecasts. Carrier revenues reached a record $198 billion, a 6.5% increase from $186 billion in 2021. Predictions indicate a 5% CAGR for parcel volume through 2028. Daily shipments averaged 58 million parcels, while per capita volume slightly decreased from 65 to 64. Notably, revenues from smaller carriers grew by 29%.

Pitney Bowes (NYSE:PBI) has issued a letter urging shareholders to vote for its Board nominees, including Hestia Capital nominee Katie May, ahead of the Annual Meeting on May 9, 2023. The letter criticizes Hestia's attempts to take control of the Board, stating they lack a coherent strategy and any proposed CEO candidate. The company claims its ten-year transformation has strengthened its business portfolio and is nearing profitable growth, despite facing challenges in a declining market. Pitney Bowes emphasizes strong corporate governance and board diversity, asserting that electing Hestia's slate could destabilize the Company.

Pitney Bowes (NYSE: PBI) has announced its participation in the Sidoti Virtual Conference on March 22-23, 2023. Key executives, including Ned Zachar and Alex Brown, will engage with investors through presentations and one-on-one meetings. The group presentation is set for March 23 at 1:45 pm, with a webcast available on the company's investor relations page. Pitney Bowes provides technology, logistics, and financial services to a vast clientele, including over 90% of the Fortune 500, thereby simplifying mailing and shipping operations.

Pitney Bowes Inc. (NYSE: PBI) has released its 2022 Order Experience Index, detailing the evolving consumer expectations in ecommerce from checkout to returns.

Key findings include that 62% of consumers prioritize accurate delivery dates over fast shipping, while convenience is the primary reason for online shopping. Retailers also face challenges with sustainability and return cost management. Notably, returns account for an average of 21% of order value, prompting many to seek solutions to reduce transportation and processing expenses.