CEO Kurt James Wolf-linked funds trim Pitney Bowes (PBI) stake under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Pitney Bowes director and CEO Kurt James Wolf reported indirect open-market sales of 814,817 shares of Common Stock over three days in June. The sales were made through entities he is associated with, including Hestia Capital Partners, LP and certain separately managed accounts, at weighted average prices around $16.93–$17.40 per share.
The filing states these transactions, including stock option exercises and broker-assisted sales, were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 10, 2025. Following these sales, he reports indirect holdings of 3,138,498 shares via Hestia Capital Partners, 264,922 shares in separately managed accounts, and 1,132,581 shares held directly, while disclaiming beneficial ownership except to the extent of his pecuniary interest.
Positive
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Negative
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Insights
CEO-linked entities executed sizable pre-planned sales under a Rule 10b5-1 plan.
The reporting person, Pitney Bowes President & CEO Kurt James Wolf, disclosed indirect open-market sales totaling 814,817 Common Stock shares over June 10–12, 2026. The sales were made via Hestia Capital Partners, LP and separately managed accounts at prices around $17 per share.
A footnote explains these stock option exercises and broker-assisted sales were executed pursuant to a Rule 10b5-1 trading plan adopted on November 10, 2025. Such plans are established in advance, so the timing of sales is less informative about the insider’s current view than discretionary trades.
Post-transaction, the filing shows substantial remaining exposure: 3,138,498 shares indirectly via Hestia Capital Partners, 264,922 via separately managed accounts, plus 1,132,581 shares held directly. The reporting person may be deemed a beneficial owner through management roles but disclaims beneficial ownership except for his pecuniary interest.
Insider Trade Summary 10b5-1
Net Seller: 814,817 shares ($13,964,971)
Net Sell
7 txns
Insider
Wolf Kurt James
Role
President & CEO
Sold
814,817 shs ($13.96M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 293,774 | $17.396 | $5.11M |
| Sale | Common Stock | 29,055 | $17.396 | $505K |
| Sale | Common Stock | 191,893 | $17.022 | $3.27M |
| Sale | Common Stock | 18,978 | $17.022 | $323K |
| Sale | Common Stock | 255,816 | $16.931 | $4.33M |
| Sale | Common Stock | 25,301 | $16.931 | $428K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 3,138,498 shares (Indirect, By Hestia Capital Partners, LP);
Common Stock — 1,132,581 shares (Direct, null)
Footnotes (1)
- The stock option exercises and broker-assisted sales transactions reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 10, 2025 during the Company's open window period (the "Trading Plan"). The price reported here is a weighted average price. This transaction was executed in multiple transactions at prices ranging from $16.575 to $17.12, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. 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. The price reported here is a weighted average price. This transaction was executed in multiple transactions at prices ranging from $16.74 to $17.23, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range. The price reported here is a weighted average price. This transaction was executed in multiple transactions at prices ranging from $17.04 to $17.5832, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
Key Figures
Shares sold (net): 814,817 shares
Sale price June 10: $16.931 per share
Sale price June 11: $17.022 per share
+5 more
8 metrics
Shares sold (net)
814,817 shares
Net open-market sales over June 10–12, 2026
Sale price June 10
$16.931 per share
Weighted average price for June 10, 2026 sales
Sale price June 11
$17.022 per share
Weighted average price for June 11, 2026 sales
Sale price June 12
$17.396 per share
Weighted average price for June 12, 2026 sales
Indirect Hestia holdings
3,138,498 shares
Shares indirectly held via Hestia Capital Partners after sales
Indirect SMA holdings
264,922 shares
Shares indirectly held via separately managed accounts after sales
Direct holdings
1,132,581 shares
Shares held directly as of June 10, 2026 holding entry
10b5-1 plan adoption date
November 10, 2025
Date the trading plan governing these transactions was adopted
Key Terms
Rule 10b5-1 trading plan, Separately Managed Accounts, beneficial owner, pecuniary interest, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"transactions reported were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Separately Managed Accounts financial
"shares held in the SMAs. As the managing member ... certain separately managed accounts (the SMAs)"
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.
beneficial owner regulatory
"the reporting person may be deemed the beneficial owner of the shares directly owned by Hestia Capital"
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.
pecuniary interest financial
"The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein."
weighted average price financial
"The price reported here is a weighted average price. This transaction was executed in multiple transactions"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
FAQ
What insider transactions did Pitney Bowes (PBI) report for Kurt James Wolf?
Pitney Bowes reported that entities associated with CEO Kurt James Wolf sold 814,817 Common Stock shares in open-market transactions. These occurred over June 10–12, 2026 at prices around $16.93–$17.40 per share, according to the Form 4 filing.
Were the recent Pitney Bowes (PBI) insider sales by Kurt James Wolf pre-planned?
Yes. A footnote states the stock option exercises and broker-assisted sales were executed under a Rule 10b5-1 trading plan adopted on November 10, 2025. Such plans schedule trades in advance, reducing the significance of short-term market timing for these transactions.
How are Kurt James Wolf’s Pitney Bowes (PBI) indirect holdings structured?
The filing explains he is managing member of Hestia Partners GP and Hestia LLC, which oversee Hestia Capital Partners, LP and certain separately managed accounts. Through these roles, he may be deemed a beneficial owner of Pitney Bowes shares held by those entities, subject to his pecuniary interest.