Burke & Herbert Financial Services (NASDAQ:BHRB) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Burke & Herbert Financial Services (NASDAQ:BHRB) from a hold rating to a buy rating in a research note released on Thursday.

Separately, Keefe, Bruyette & Woods decreased their target price on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th.

Burke & Herbert Financial Services Trading Down 1.1%

Shares of NASDAQ BHRB opened at $55.59 on Thursday. Burke & Herbert Financial Services has a 1 year low of $46.00 and a 1 year high of $75.32. The stock has a market cap of $834.13 million and a P/E ratio of 23.16. The firm has a 50-day moving average of $54.49 and a 200 day moving average of $61.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.02. The company had revenue of $83.01 million during the quarter, compared to analysts’ expectations of $85.50 million. Burke & Herbert Financial Services had a net margin of 8.88% and a return on equity of 15.15%. As a group, sell-side analysts expect that Burke & Herbert Financial Services will post 8.05 EPS for the current fiscal year.

Burke & Herbert Financial Services announced that its Board of Directors has approved a share repurchase program on Friday, April 25th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Burke & Herbert Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.96%. Burke & Herbert Financial Services’s dividend payout ratio is presently 62.68%.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Julian Forrest Jr. Barnwell bought 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average cost of $60.50 per share, for a total transaction of $121,000.00. Following the completion of the transaction, the director now owns 203,939 shares of the company’s stock, valued at $12,338,309.50. This represents a 0.99% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Shawn Patrick Mclaughlin purchased 1,000 shares of the company’s stock in a transaction on Wednesday, May 7th. The stock was purchased at an average price of $56.50 per share, with a total value of $56,500.00. Following the completion of the transaction, the director now owns 64,000 shares of the company’s stock, valued at approximately $3,616,000. This trade represents a 1.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 12,140 shares of company stock worth $698,103 over the last three months. 10.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC boosted its position in shares of Burke & Herbert Financial Services by 841.3% during the fourth quarter. Sterling Capital Management LLC now owns 433 shares of the company’s stock worth $27,000 after acquiring an additional 387 shares during the last quarter. State of Wyoming purchased a new stake in Burke & Herbert Financial Services during the first quarter valued at $49,000. Tower Research Capital LLC TRC raised its stake in Burke & Herbert Financial Services by 227.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company’s stock valued at $84,000 after purchasing an additional 936 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Burke & Herbert Financial Services by 104.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,802 shares of the company’s stock valued at $101,000 after purchasing an additional 920 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new stake in shares of Burke & Herbert Financial Services in the first quarter valued at $141,000.

Burke & Herbert Financial Services Company Profile

Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates through the following loan portfolio segments: Commercial Real Estate, Owner-Occupied Commercial Real Estate, Acquisition, Construction, and Development, Commercial and Industrial, Single Family Residential (1-4 Units), and Consumer Non-Real Estate and Other.