Pitney Bowes 2014 Annual Report Download - page 23

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PART II
13
ITEM 5. MARKET FOR THE COMPANY'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
Our common stock is traded under the symbol "PBI" and is principally traded on the New York Stock Exchange (NYSE). At January 31,
2015, we had 18,689 common stockholders of record. The following table sets forth the high and low sales prices, as reported on the
NYSE, and the cash dividends paid per share of common stock, for the periods indicated.
Stock Price Dividend Per
ShareHigh Low
2014
First Quarter $ 26.63 $ 21.01 $ 0.1875
Second Quarter $ 28.23 $ 24.06 0.1875
Third Quarter $ 28.37 $ 24.63 0.1875
Fourth Quarter $ 25.68 $ 22.38 0.1875
$ 0.75
2013
First Quarter $ 15.56 $ 10.71 $ 0.3750
Second Quarter $ 16.43 $ 13.12 0.1875
Third Quarter $ 18.82 $ 13.76 0.1875
Fourth Quarter $ 24.18 $ 18.21 0.1875
$ 0.9375
Share Repurchases
We may periodically repurchase shares of our common stock to manage the dilution created by shares issued under employee stock
plans and for other purposes. During 2014, we repurchased 1,863,262 shares of our common stock in the open market at an average
share price of $26.84. There were no share repurchases during the fourth quarter of 2014. At December 31, 2014, we have authorization
to repurchase up to $100 million of our common stock.
Stock Performance Graph
In 2014, we revised our peer group in response to our enhanced focus on software and technology. Our new peer group consists of
services, industrial and technology companies with revenues of $3 to $22 billion and market capitalization of $2 to $16 billion.
Our new peer group is comprised of: Alliance Data Systems Corporation, Diebold, Incorporated, DST Systems Inc., EchoStar Corp.,
Fidelity National Information Services, Inc., Fiserv, Inc., Harris Corporation, Iron Mountain Inc., Lexmark International Inc., NCR
Corp., Pitney Bowes Inc., R.R. Donnelley & Sons Company, Rockwell Automation Inc., Unisys Corporation, The Western Union
Company and Xerox Corporation.
Our prior peer group was comprised of: Agilent Technologies Inc., Alliance Data Systems Corporation, Avery Dennison Corp., Diebold,
Incorporated, DST Systems Inc., Fiserv, Inc., Harris Corporation, Iron Mountain Inc., Lexmark International Inc., NCR Corp., Pitney
Bowes Inc., R.R. Donnelley & Sons Company., Rockwell Automation Inc., Unisys Corporation and Xerox Corporation.
The accompanying graph and table below compare the most recent five-year share performance of Pitney Bowes, the Standard and
Poor's (S&P) 500 Composite Index, our new peer group and our prior peer group. On a total return basis, assuming reinvestment of
all dividends, $100 invested in Pitney Bowes, the S&P 500 Composite Index, the new peer group and the prior peer group on December
31, 2009 would have been worth $149, $205, $203 and $205, respectively, on December 31, 2014.
All information is based upon data independently provided to us by Standard & Poor's Corporation and is derived from their official
total return calculation. Total return for the S&P 500 Composite Index and each peer group is based on market capitalization, weighted
for each year. The stock price performance is not necessarily indicative of future stock price performance.