Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS) director Janney Robert S. has made a recent acquisition of the company's preferred stock, according to a regulatory filing. The transaction, which took place on April 3, 2024, involved the purchase of Series B Preferred Stock at a conversion price of $2.50.
The filing indicates that Janney bought a total of 10 shares of Series B Preferred Stock, with each share priced at $2.50, amounting to a modest investment of $25. This derivative security is noted to be Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series B, which can be converted into common stock under certain conditions as specified in the company's Articles of Incorporation.
The preferred stock acquired by Janney is perpetual, meaning it has no expiration date, and becomes convertible into shares of common stock upon a Mandatory Conversion or Partial Conversion. Following the transaction, Janney's ownership in this class of securities is reported to be 10 shares.
Investors often monitor insider transactions like these for insights into management's perspective on the company's value and prospects. Janney's role as a director provides him with a unique understanding of Blue Ridge Bankshares, potentially making his investment decisions noteworthy to current and potential shareholders.
Blue Ridge Bankshares, Inc., headquartered in Richmond, Virginia, operates as a state commercial bank and is known for providing various banking and financial services. The transaction was signed off by Amanda G. Story, Attorney-in-Fact, on April 5, 2024.
InvestingPro Insights
As Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS) makes headlines with insider stock purchases, investors may seek deeper insights into the company's financial health and market position. According to recent data from InvestingPro, Blue Ridge Bankshares is trading at a low Price / Book multiple of 0.33, suggesting that the stock may be undervalued relative to the company's book value. This could be of particular interest to value investors looking for potential bargains in the market.
Despite recent challenges reflected in a negative P/E Ratio of -1.01 for the last twelve months as of Q4 2023, Blue Ridge Bankshares has demonstrated resilience in the form of significant returns over the short term. The company's stock has seen a 10.04% return over the last week and an even more impressive 19.84% return over the last month. While these short-term gains are promising, it's worth noting the company's one-year price total return stands at -70.15%, indicating a considerable decline over a longer period.
InvestingPro Tips highlight that Blue Ridge Bankshares pays a significant dividend to shareholders, with a notable dividend yield of 16.55%. This could be particularly appealing to income-focused investors. Additionally, the company has maintained dividend payments for 13 consecutive years, underscoring a commitment to returning value to shareholders even amidst fluctuating market conditions.
For those interested in a comprehensive analysis of Blue Ridge Bankshares, InvestingPro offers additional insights. There are more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/BRBS. To further enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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