In a recent transaction, G William Beale, President and CEO of Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS), acquired Series B Preferred Stock in the company worth a total of $250. The transaction took place on April 3, 2024, and was reported in an SEC filing dated April 5, 2024.
The preferred stock was purchased at a conversion price of $2.50 per share. This transaction reflects the confidence of the CEO in the company's future prospects. According to the filing, the shares acquired are part of the Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series B, which can be converted into common stock under certain conditions as outlined in the company's Articles of Amendment.
Investors often monitor insider transactions such as these for insights into how company executives view the financial health and future performance of their organizations. The acquisition of preferred shares by Blue Ridge Bankshares' CEO is a move that could be interpreted as a positive signal about the bank's position and trajectory.
Blue Ridge Bankshares, headquartered in Richmond, Virginia, operates within the state commercial banks sector and has been serving the community with a range of banking services and products.
The details of the transaction were made public through the SEC's Form 4 filing, which is used to report changes in company insider ownership.
InvestingPro Insights
Amidst the recent insider transaction at Blue Ridge Bankshares, Inc. (NYSEAMERICAN: BRBS), where President and CEO G William Beale acquired Series B Preferred Stock, investors are keen to understand the company's financial standing and future potential. According to real-time data from InvestingPro, Blue Ridge Bankshares is currently trading at a low Price / Book multiple of 0.33. This metric suggests that the company's stock is potentially undervalued relative to its book value, which could be a factor in the CEO's decision to increase his stake.
Adding to the intrigue, Blue Ridge Bankshares has demonstrated a significant return over the last week, with a 1 Week Price Total Return of 10.04%. This short-term performance, coupled with a noteworthy 1 Month Price Total Return of 19.84%, may indicate a rallying sentiment among investors. Nevertheless, it's important to note that the stock has experienced a considerable 1 Year Price Total Return drop of -70.15%, reflecting a longer-term market assessment.
One of the InvestingPro Tips that stands out for Blue Ridge Bankshares is its commitment to shareholder returns, having maintained dividend payments for 13 consecutive years. The current Dividend Yield is an impressive 16.55%, a figure that income-focused investors might find particularly attractive. However, it's essential to consider that the company has not been profitable over the last twelve months, which could affect its ability to sustain such high dividend payouts in the future.
For those who are considering a deeper dive into Blue Ridge Bankshares' financials and performance metrics, there are additional InvestingPro Tips available. Subscribers to InvestingPro can access these insights, which could further inform investment decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover why the company's CEO is showing confidence in its stock.
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