Hestia Capital Decreases Stake in Pitney Bowes Inc. Below 5% Threshold

On May 11, 2026, Hestia Capital Partners LP and associated reporting persons, including Kurtis J. Wolf, filed an amendment to their Schedule 13D regarding Pitney Bowes Inc. (PBI). The filing reveals that the reporting persons have decreased their position, with Hestia Capital Partners LP now holding 5,638,798 shares, representing approximately 4.2% of the company. As of May 7, 2026, the reporting group ceased to beneficially own more than 5% of the outstanding common stock. The reduction in holdings was executed through a series of open market sales between April 1 and May 8, 2026, under a Rule 10b5-1 trading plan. Additionally, Hestia Capital Management, LLC plans to distribute approximately 1.5 million shares to limited partners, including roughly 1.1 million shares to Mr. Wolf. These transactions were reportedly motivated by a desire to align the portfolio with current views on diversification and position sizing. Despite the sales, Mr. Wolf, who serves as CEO, expressed continued confidence in the company's long-term value and intends to maintain a significant personal stake.