In a recent transaction filed with the Securities and Exchange Commission, Judy Carol Gavant, Executive Vice President and Chief Financial Officer of Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS), acquired derivative securities in the form of Series B Preferred Stock valued at a total of $62.
The transaction, which took place on April 3, 2024, involved the purchase of 25 shares of the company's Series B Preferred Stock at a conversion or exercise price of $2.50 per share. Following the acquisition, Gavant now directly owns 25 shares of the Series B Preferred Stock.
The Series B Preferred Stock is described as Mandatorily Convertible Cumulative Perpetual Preferred Stock. According to the footnotes of the filing, these shares become convertible into common stock upon certain conditions being met as defined in the company's Articles of Amendment. It is noteworthy that this type of preferred stock is perpetual and does not have an expiration date.
This financial move by a key executive at Blue Ridge Bankshares provides investors with insight into the actions of the company's insiders. The details of the transaction are publicly available due to the transparency requirements for executives and directors of publicly traded companies.
Investors often monitor such insider transactions as they can provide valuable signals regarding the financial health of a company and the confidence that executives have in the company's future prospects. However, it is important to consider that insider transactions are just one of many factors that can inform investment decisions.
The signature on the filing was provided by Amanda G. Story, Attorney-in-Fact, on April 5, 2024.
InvestingPro Insights
As Blue Ridge Bankshares, Inc. (NYSEAMERICAN: BRBS) continues to make headlines with insider transactions, a deeper look into the company's financial health through InvestingPro data and tips offers a broader context for investors. Judy Carol Gavant's recent acquisition of Series B Preferred Stock aligns with a notable trend in the company's performance and investor rewards.
According to InvestingPro data, Blue Ridge Bankshares is currently 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 metric often attracts investors who are looking for potentially undervalued stocks.
Investors may also be interested in the company's significant dividend yield, which stands at an impressive 16.55%. This is particularly noteworthy given that Blue Ridge Bankshares has maintained dividend payments for 13 consecutive years, indicating a strong commitment to returning value to shareholders despite recent profitability challenges.
While the company's revenue has seen a decline of 21.83% in the last twelve months as of Q1 2023, InvestingPro Tips highlight a significant return over the last week, with a 10.04% price total return, and a strong return over the last month, with a 19.84% price total return. This could signal a turning point for the stock or reflect short-term market movements.
For investors seeking more comprehensive analysis and additional insights, InvestingPro offers a range of tips, including further details on Blue Ridge Bankshares' financial performance. With the use of coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a total of 9 InvestingPro Tips for BRBS, which can be found at: https://www.investing.com/pro/BRBS.
Understanding the full picture of a company's financial health is crucial, and these insights can help investors make more informed decisions amidst the ongoing developments at Blue Ridge Bankshares.
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