Bullish indicating open at $55-$60, IPO prices at $37
Carolyn J. Woodruff, a director at Blue Ridge Bankshares , Inc. (NYSE:BRBS), recently sold 2,549 shares of the company’s common stock. The shares were sold at a price of $3.75 each, amounting to a total transaction value of $9,558. Following this sale, Woodruff retains direct ownership of 147,102.5013 shares. Additionally, she holds an indirect stake of 3,387.46 shares through the Woodruff Ensley Foundation, Inc. The $307.6 million market cap company currently trades below book value at a P/B ratio of 0.94. InvestingPro subscribers can access additional insights, including 12+ more exclusive tips about Blue Ridge Bankshares’ financial health and growth prospects.
In other recent news, Blue Ridge Bankshares, Inc. has updated employment agreements for its top executives, according to a recent 8K filing with the U.S. Securities and Exchange Commission. The revised contracts for President and CEO G. William Beale and Executive Vice President and CFO Judy C. Gavant became effective on January 1, 2025. These agreements are set for a two-year term, with automatic one-year extensions unless either party opts out with at least 90 days’ notice. For Mr. Beale, the updated agreement includes modified severance benefits, providing a severance period equal to the greater of the remaining contract term or 12 months, in the event of termination without cause or resignation for good reason. Additionally, following a change in control, Mr. Beale’s payout will be a lump sum equal to double his annual base salary plus the highest annual bonus from the previous two years. The non-compete clause for Mr. Beale has been extended from three to 12 months post-employment, with fintech businesses excluded from the non-competition definition. Specific changes for Ms. Gavant were not detailed beyond general administrative updates. These amendments are designed to ensure leadership stability and align executive compensation with the company’s long-term interests.
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