Wednesday 6/3 Insider Buying Report: CUBI, PCP
updated Wednesday, June 3, 1:37 PMAs the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Customers Bancorp (CUBI), a filing with the SEC revealed that on Friday, CFO & Exec. VP Robert E. Wahlman purchased 17,000 shares of CUBI, for a cost of $25.08 each, for a total investment of $426,435. Wahlman was up about 4.8% on the buy at the high point of today's trading session, with CUBI trading as high as $26.28 at last check today. Customers Bancorp is trading up about 1.7% on the day Wednesday.
And at Precision Castparts (PCP), there was insider buying on Friday, by SVP, President Airframe Products Alan J. Power who bought 1,500 shares for a cost of $212.00 each, for a total investment of $318,000. This buy marks the first one filed by Power in the past year. Precision Castparts is trading up about 2.4% on the day Wednesday. Power was up about 3.3% on the purchase at the high point of today's trading session, with PCP trading as high as $219.06 in trading on Wednesday.
For MarketNewsVideo.com, I'm Sayoko Murase.