Filing Details
- Accession Number:
- 0000921895-25-001800
- Form Type:
- 13D Filing
- Publication Date:
- 2025-06-17 20:00:00
- Filed By:
- HESTIA CAPITAL PARTNERS LP
- Company:
- Pitney Bowes Inc (NYSE:PBI)
- Filing Date:
- 2025-06-18
- SEC Url:
- 13D Filing
Ownership Summary
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
HESTIA CAPITAL PARTNERS LP | 0 | 4,810,917 | 0 | 4,810,917 | 4,810,917 | 2.7% |
HELIOS I, LP | 0 | 6,639,492 | 0 | 6,639,492 | 6,639,492 | 3.7% |
HESTIA CAPITAL PARTNERS GP, LLC | 0 | 11,450,409 | 0 | 11,450,409 | 11,450,409 | 6.3% |
Hestia Capital Management, LLC | 0 | 12,035,045 | 0 | 12,035,045 | 12,035,045 | 6.6% |
Wolf Kurt James | 35,280 | 12,035,045 | 35,280 | 12,035,045 | 12,070,325 | 6.7% |
Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10)
|
PITNEY BOWES INC /DE/ (Name of Issuer) |
Common Stock, par value $1.00 per share (Title of Class of Securities) |
724479100 (CUSIP Number) |
KURTIS J. WOLF HESTIA CAPITAL MANAGEMENT, LLC, 175 Brickyard Road, Suite 200 Adams Township, PA, 16046 724-687-7842 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
06/16/2025 (Date of Event Which Requires Filing of This Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.


The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the
Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
SCHEDULE 13D
|
CUSIP No. | 724479100 |
1 |
Name of reporting person
HESTIA CAPITAL PARTNERS LP | ||||||||
2 | Check the appropriate box if a member of a Group (See Instructions)
![]() ![]() | ||||||||
3 | SEC use only | ||||||||
4 |
Source of funds (See Instructions)
WC | ||||||||
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
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6 | Citizenship or place of organization
DELAWARE
| ||||||||
Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
11 | Aggregate amount beneficially owned by each reporting person
4,810,917.00 | ||||||||
12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
![]() | ||||||||
13 | Percent of class represented by amount in Row (11)
2.7 % | ||||||||
14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
CUSIP No. | 724479100 |
1 |
Name of reporting person
HELIOS I, LP | ||||||||
2 | Check the appropriate box if a member of a Group (See Instructions)
![]() ![]() | ||||||||
3 | SEC use only | ||||||||
4 |
Source of funds (See Instructions)
WC | ||||||||
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
![]() | ||||||||
6 | Citizenship or place of organization
DELAWARE
| ||||||||
Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
11 | Aggregate amount beneficially owned by each reporting person
6,639,492.00 | ||||||||
12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
![]() | ||||||||
13 | Percent of class represented by amount in Row (11)
3.7 % | ||||||||
14 | Type of Reporting Person (See Instructions)
PN |
SCHEDULE 13D
|
CUSIP No. | 724479100 |
1 |
Name of reporting person
HESTIA CAPITAL PARTNERS GP, LLC | ||||||||
2 | Check the appropriate box if a member of a Group (See Instructions)
![]() ![]() | ||||||||
3 | SEC use only | ||||||||
4 |
Source of funds (See Instructions)
AF, OO | ||||||||
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
![]() | ||||||||
6 | Citizenship or place of organization
DELAWARE
| ||||||||
Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
11 | Aggregate amount beneficially owned by each reporting person
11,450,409.00 | ||||||||
12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
![]() | ||||||||
13 | Percent of class represented by amount in Row (11)
6.3 % | ||||||||
14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
CUSIP No. | 724479100 |
1 |
Name of reporting person
Hestia Capital Management, LLC | ||||||||
2 | Check the appropriate box if a member of a Group (See Instructions)
![]() ![]() | ||||||||
3 | SEC use only | ||||||||
4 |
Source of funds (See Instructions)
AF, OO | ||||||||
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
![]() | ||||||||
6 | Citizenship or place of organization
DELAWARE
| ||||||||
Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
11 | Aggregate amount beneficially owned by each reporting person
12,035,045.00 | ||||||||
12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
![]() | ||||||||
13 | Percent of class represented by amount in Row (11)
6.6 % | ||||||||
14 | Type of Reporting Person (See Instructions)
OO |
SCHEDULE 13D
|
CUSIP No. | 724479100 |
1 |
Name of reporting person
Wolf Kurt James | ||||||||
2 | Check the appropriate box if a member of a Group (See Instructions)
![]() ![]() | ||||||||
3 | SEC use only | ||||||||
4 |
Source of funds (See Instructions)
AF, OO | ||||||||
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)
![]() | ||||||||
6 | Citizenship or place of organization
UNITED STATES
| ||||||||
Number of Shares Beneficially Owned by Each Reporting Person With: |
| ||||||||
11 | Aggregate amount beneficially owned by each reporting person
12,070,325.00 | ||||||||
12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)
![]() | ||||||||
13 | Percent of class represented by amount in Row (11)
6.7 % | ||||||||
14 | Type of Reporting Person (See Instructions)
IN |
SCHEDULE 13D
|
Item 1. | Security and Issuer |
(a) | Title of Class of Securities:
Common Stock, par value $1.00 per share |
(b) | Name of Issuer:
PITNEY BOWES INC /DE/ |
(c) | Address of Issuer's Principal Executive Offices:
PITNEY BOWES INC, 3001 SUMMER STREET, STAMFORD,
CONNECTICUT
, 06926-0700. |
Item 3. | Source and Amount of Funds or Other Consideration |
Item 3 is hereby amended and restated to read as follows:
The Shares beneficially owned directly by each of Hestia Capital, Helios and held in the SMAs were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 4,810,917 Shares directly owned by Hestia Capital is approximately $18,853,829, including brokerage commissions. The aggregate purchase price of the 6,639,492 Shares directly owned by Helios is approximately $21,292,339, including brokerage commissions. The aggregate purchase price of the 584,636 Shares held in the SMAs is approximately $2,323,581, including brokerage commissions.
The 35,280 Shares beneficially owned directly by Mr. Wolf were acquired in connection with his service as a director of the Issuer.
In addition, in connection with his appointment as President and Chief Executive Officer of the Issuer, as described in more detail in Item 4 of Amendment No. 9 to the Schedule 13D, Mr. Wolf is eligible to receive certain long-term incentive awards, which are described in more detail in Item 6 of Amendment No. 9 to the Schedule 13D. | |
Item 4. | Purpose of Transaction |
Item 4 is hereby amended to add the following:
On June 17, 2025, the Issuer announced that the Board of Directors of the Issuer (the "Board") appointed Brent Rosenthal as a director, effective as of June 16, 2025. The appointment of Mr. Rosenthal to the Board was made pursuant to Section 1(c) of the cooperation agreement, dated as of January 31, 2024, by and among the Issuer and the Reporting Persons (the "Cooperation Agreement"). Mr. Rosenthal will be deemed to replace Lance Rosenzweig as a Replacement Director (as defined in the Cooperation Agreement) under the Cooperation Agreement. | |
Item 5. | Interest in Securities of the Issuer |
(a) | Item 5(a) is hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each person named herein is based upon 181,253,371 shares outstanding as of April 30, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2025.
A. Hestia Capital
As of the date hereof, Hestia Capital directly owned 4,810,917 Shares.
Percentage: Approximately 2.7%
B. Helios
As of the date hereof, Helios directly owned 6,639,492 Shares.
Percentage: Approximately 3.7%
C. Hestia Partners GP
As the general partner of each of Hestia Capital and Helios, Hestia Partners GP may be deemed the beneficial owner of the (i) 4,810,917 Shares directly owned by Hestia Capital and the (ii) 6,639,492 Shares directly owned by Helios.
Percentage: Approximately 6.3%
D. Hestia LLC
As of the date hereof, 584,636 Shares were held in SMAs. As the investment manager of each of Hestia Capital, Helios and the SMAs, Hestia LLC may be deemed the beneficial owner of the (i) 4,810,917 Shares directly owned by Hestia Capital, (ii) 6,639,492 Shares directly owned by Helios and (iii) 584,636 Shares held in the SMAs.
Percentage: Approximately 6.6%
E. Kurtis J. Wolf
As of the date hereof, Mr. Wolf directly owned 35,280 Shares. In addition, as the managing member of each of Hestia Partners GP and Hestia LLC, Mr. Wolf may be deemed the beneficial owner of the (i) 4,810,917 Shares directly owned by Hestia Capital, (ii) 6,639,492 Shares directly owned by Helios and (iii) 584,636 Shares held in SMAs.
Percentage: Approximately 6.7%
The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own. |
(b) | Item 5(b) is hereby amended and restated to read as follows:
A. Hestia Capital
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 4,810,917
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 4,810,917
B. Helios
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 6,639,492
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 6,639,492
C. Hestia Partners GP
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 11,450,409
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 11,450,409
D. Hestia LLC
1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 12,035,045
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 12,035,045
E. Kurtis J. Wolf
1. Sole power to vote or direct vote: 35,280
2. Shared power to vote or direct vote: 12,035,045
3. Sole power to dispose or direct the disposition: 35,280
4. Shared power to dispose or direct the disposition: 12,035,045 |
(c) | Item 5(c) is hereby amended and restated to read as follows:
On May 27, 2025, Mr. Wolf received 23,810 Shares upon the vesting of certain restricted stock units held by him, of which 7,434 Shares were withheld by the Issuer for payment of taxes. In addition, on June 16, 2025, Helios made an in-kind distribution to certain of its limited partners of 1,670,000 Shares for no consideration. Other than as set forth herein, none of the Reporting Persons has entered into any transactions in the securities of the Issuer since the filing of Amendment No. 9 to the Schedule 13D. |
SIGNATURE | |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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