Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS) director Jones Otis reported a purchase of Series B Preferred Stock on April 3, according to the company's latest SEC filing. The transaction involved the acquisition of 2 shares at a price of $10,000 each, totaling $20,000.
The preferred stock acquired by Otis is described as Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series B. This type of security is convertible into common stock under certain conditions as outlined in the company's Articles of Incorporation. It is important to note that these preferred shares are perpetual, meaning they have no expiration date, as detailed in the footnotes of the filing.
Investors often look to insider transactions as an indicator of confidence in the company's future prospects. The purchase by a company director can be seen as a positive sign, as it may suggest that the individuals with the most intimate knowledge of the company's operations believe in its value and potential for growth.
The filing was signed by Amanda G. Story, Attorney-in-Fact, on April 5. The transaction was direct, as indicated in the ownership nature section of the filing, which means that the shares are owned directly by Jones Otis rather than through a trust or other indirect means.
Blue Ridge Bankshares, headquartered in Richmond, Virginia, operates within the state commercial banks sector. This recent transaction adds to the ongoing narrative of insider activity that can offer investors additional insights into the company's financial health and trajectory.
InvestingPro Insights
Following the recent insider purchase by director Jones Otis, Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS) has shown some interesting metrics and trends worth considering. According to InvestingPro, Blue Ridge Bankshares is trading at a low Price / Book multiple of 0.33 as of the last twelve months ending Q4 2023, potentially indicating that the stock might be undervalued relative to its book value.
Investors looking at the short-term performance of the company will note a significant return over the last week, with a 10.04% price total return. This could reflect a positive market reaction to insider transactions or other company developments. In addition, the stock has experienced a strong return over the last month, posting a 19.84% price total return, which may attract investors seeking momentum in their portfolio.
For those interested in income-generating investments, Blue Ridge Bankshares has a notable Dividend Yield of 16.55%, as of the latest data point in 2024, and has maintained dividend payments for 13 consecutive years, demonstrating a commitment to returning value to shareholders. These InvestingPro Tips suggest that despite recent market fluctuations, the company has elements that could be attractive to both value and income-focused investors.
InvestingPro offers additional insights and tips for Blue Ridge Bankshares, which could provide further depth to investors' research. To explore these further, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
InvestingPro Data highlights include:
- Market Cap (Adjusted): $61.69M USD
- P/E Ratio (Adjusted) for the last twelve months as of Q4 2023: -2.46
- Revenue Growth (Quarterly) for Q4 2023: 4.15%
With these insights, investors can better gauge the company's current standing and potential future performance. For a more comprehensive analysis, there are 9 additional InvestingPro Tips available for Blue Ridge Bankshares, which could be instrumental in making informed investment decisions.
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