Stilwell Slams CPBI's Paltry Buybacks: Only 43K Shares Repurchased vs. 1.1M Traded, Urges 10% Annual Repurchase
CPBI sits 34% above its 52-week low of $14.52.
Summary
Stilwell Group mailed a letter to CPBI shareholders criticizing the board for repurchasing only 43,183 shares in FY2026 despite ample capital and a sub-book stock price, and reiterates its push for a 10% annual buyback.
Key Events · Ownership and Investor Activity · CPBI
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Stilwell Criticizes Buyback Inaction
In FY2026, CPBI repurchased only 43,183 shares while 1,111,920 shares traded, missing 96.1% of available volume despite the stock trading below book value all year.
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Accretion Math Presented
Stilwell calculates that repurchasing 10% of outstanding shares at the FY2026 average price of $15.97 would have cost ~$6.7M and boosted book value per share by 10.1% to ~$21.79.
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Management Engagement Revealed
Stilwell states it repeatedly contacted management over the past year, offering to help structure repurchases, but management failed to act despite professed willingness.
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Proxy Fight Continues
This letter is part of Stilwell's ongoing solicitation for its 10% annual share repurchase proposal at the upcoming annual meeting, following its preliminary proxy filing on July 10.
Analysis · CPBI · Finance
Activist Stilwell Group, which holds a 9.7% stake in CPBI, has mailed a letter to shareholders detailing the company's failure to repurchase shares despite the stock trading below book value all year. Out of 1.1 million shares traded, only 43,183 were bought back—a 96% miss. Stilwell calculates that repurchasing 10% of shares at the average price would have boosted book value per share by 10.1%. The letter reveals that Stilwell repeatedly offered to help structure buybacks, but management failed to act. This escalates the proxy fight ahead of the annual meeting, putting pressure on the board to adopt the 10% repurchase proposal.
At the time of this filing, CPBI was trading at $19.50 on NASDAQ in the Finance sector, with a market capitalization of approximately $81.6M. The 52-week trading range was $14.52 to $21.83. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.