Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS) director Dean Mensel D recently acquired Series B Preferred Stock in the company. The transaction, dated April 3, 2024, involved a purchase of 25 shares of preferred stock at a conversion or exercise price of $2.50 per share, totaling an investment of $62.50.
This move by Mensel D, who serves as a director of the Virginia-based state commercial bank, is noteworthy as it reflects a direct investment in the company's preferred stock. The shares purchased are part of the Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series B, which, according to the company's Articles of Amendment, can be converted into common stock under certain conditions.
The preferred stock is perpetual, having no expiration date, which indicates a long-term commitment by the director to the bank. The shares were acquired by the Mensel D. Dean, Jr. Revocable Trust, indicating an indirect ownership structure.
This transaction was signed off by Amanda G. Story, Attorney-in-Fact, on April 5, 2024. Investors often keep a close eye on insider transactions as they can provide insights into the confidence that the company's executives and directors have in the business's future performance.
InvestingPro Insights
As investors consider the implications of insider transactions at Blue Ridge Bankshares, Inc. (NYSEAMERICAN:BRBS), it's worth noting the company's current financial landscape. Blue Ridge Bankshares has been trading at a low Price / Book multiple of 0.33, according to recent data from InvestingPro. This could suggest that the company's stock is undervalued relative to its book value, potentially offering an attractive entry point for value-oriented investors.
In terms of performance, the bank has experienced a significant return over the last week, with a 1 Week Price Total Return of 10.04%. Over the past month, the return has been even stronger, at 19.84%, indicating a recent uptrend in the stock's performance. Despite these short-term gains, the bank has seen a substantial price decline over the past year, with a 1 Year Price Total Return of -70.15%, reflecting the challenges it has faced.
For income-focused investors, Blue Ridge Bankshares has a notable Dividend Yield of 16.55%, and it has maintained dividend payments for 13 consecutive years. This could be appealing for those seeking steady income streams, especially in a low-interest-rate environment.
Investors looking for additional insights can find more InvestingPro Tips, including details on the company's gross profit margins and profitability over the last twelve months, at InvestingPro. There are 9 additional InvestingPro Tips available for BRBS, offering a deeper analysis of the company's financial health and stock performance.
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