Pitney Bowes (PBI) CEO shifts holdings via in-kind share distribution
Rhea-AI Filing Summary
Kurt James Wolf, President & CEO of Pitney Bowes, reported internal transfers of Common Stock on August 3, 2026 tied to an in-kind distribution by Hestia Capital Partners.
He received 478,475 shares directly, while 500,000 shares were distributed in kind from Hestia Capital, including the shares he received and additional shares to other limited partners, using a reference price of $17.5300 per share based on the July 31, 2026 close. Footnotes state these transactions change only the form of beneficial ownership rather than representing a sale by him. Following the transfers, he reports 1,611,056 shares held directly, 1,203,124 shares held indirectly through Hestia Capital Partners, LP, and 122,963 shares held in separately managed accounts.
Positive
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Negative
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Insights
Analyzing...
Insider Trade Summary
Net Seller: 21,525 shares
Net Sell
3 txns
Insider
Wolf Kurt James
Role
President & CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock F1, F2 | 478,475 | $17.53 | $8.39M |
| Other | Common Stock F1, F2, F3 | 500,000 | $17.53 | $8.77M |
| holding | Common Stock F3 | -- | -- | -- |
Holdings After Transaction:
Common Stock — 1,611,056 shares (Direct);
Common Stock — 1,203,124 shares (Indirect, By Hestia Capital Partners, LP);
Common Stock — 122,963 shares (Indirect, By Separately Managed Accounts)
Footnotes (3)
- F1. The reported transactions reflect (i) the Reporting Person's in-kind direct receipt of 478,475 shares distributed by Hestia Capital Partners, LP (collectively with its affiliates, "Hestia" or the "Funds") based on a reduction of the Funds' aggregate position in the Issuer's Common Stock and (ii) the in-kind distribution of shares held indirectly by the Reporting Person, consisting of 478,475 shares that were distributed in-kind to the Reporting Person and 21,525 shares that were distributed in-kind to other participating limited partners. The Reporting Person's personal holdings of the Issuer's Common Stock remain unchanged, as the reported transactions reflect a change in the Reporting Person's form of beneficial ownership rather than a sale by the Reporting Person.
- F2. The number of shares received by the Reporting Person was determined based on Hestia's pro rata distribution of shares to each limited partner participating in the distribution event and the closing price of the Issuer's Common Stock as of the close of trading on July 31, 2026.
- F3. The reporting person is the managing member of (a) Hestia Partners GP, the general partner of Hestia Capital Partners, LP (Hestia Capital), and (b) Hestia LLC, the investment manager of Hestia Capital and certain separately managed accounts (the SMAs). As the managing member of each of Hestia Partners GP and Hestia LLC, the reporting person may be deemed the beneficial owner of the shares directly owned by Hestia Capital and shares held in the SMAs. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
Key Figures
Shares received directly: 478,475 shares
Shares distributed from Hestia Capital: 500,000 shares
Reference price for distribution: $17.5300 per share
+3 more
6 metrics
Shares received directly
478,475 shares
In-kind distribution of Common Stock received on 2026-08-03
Shares distributed from Hestia Capital
500,000 shares
In-kind distribution of indirectly held shares to limited partners
Reference price for distribution
$17.5300 per share
Closing price on July 31, 2026 used to determine pro rata distribution
Direct holdings after transactions
1,611,056 shares
Common Stock reported as held directly by Kurt James Wolf after transfers
Indirect holdings via Hestia Capital
1,203,124 shares
Common Stock held indirectly through Hestia Capital Partners, LP after transfers
Indirect holdings via SMAs
122,963 shares
Common Stock held indirectly through separately managed accounts
Key Terms
in-kind distribution, beneficial owner, separately managed accounts, pecuniary interest
4 terms
in-kind distribution financial
"the in-kind distribution of shares held indirectly by the Reporting Person"
beneficial owner financial
"the reporting person may be deemed the beneficial owner of the shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
separately managed accounts financial
"the investment manager of Hestia Capital and certain separately managed accounts"
A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.
pecuniary interest financial
"disclaims beneficial ownership of these securities except to the extent of his pecuniary interest"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
Were Kurt James Wolf’s recent Pitney Bowes (PBI) transactions open‑market trades?
No. The reported activity reflects an in-kind distribution from Hestia Capital rather than open‑market purchases or sales. Footnotes state his personal holdings of Pitney Bowes Common Stock remain unchanged and that the transfers represent a change in the form of beneficial ownership, not a sale.
How are Hestia Capital and separately managed accounts linked to Kurt James Wolf’s Pitney Bowes (PBI) holdings?
He is the managing member of entities that control Hestia Capital Partners, LP and certain separately managed accounts. Through these roles, he may be deemed beneficial owner of shares they hold, but he disclaims beneficial ownership except to the extent of his pecuniary interest in those securities.
Did Kurt James Wolf’s economic interest in Pitney Bowes (PBI) change as a result of these transactions?
Footnotes explain that his personal holdings remain unchanged, indicating the transactions reclassified how his interest is held. The activity reflects an in-kind distribution and a shift between indirect and direct ownership, rather than a sale or purchase changing his economic exposure.