Burke & Herbert Financial Services (NASDAQ:BHRB) Hits New 1-Year High – Should You Buy?

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $71.38 and last traded at $71.1050, with a volume of 569646 shares trading hands. The stock had previously closed at $69.68.

Analyst Ratings Changes

Several research firms have issued reports on BHRB. Zacks Research cut shares of Burke & Herbert Financial Services from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Freedom Capital upgraded shares of Burke & Herbert Financial Services from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Burke & Herbert Financial Services in a research note on Friday, May 8th. Finally, DA Davidson restated a “neutral” rating and issued a $70.00 price objective on shares of Burke & Herbert Financial Services in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.40.

Burke & Herbert Financial Services Stock Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $1.43 billion, a PE ratio of 9.22 and a beta of 0.69. The business’s 50-day moving average is $64.36 and its 200 day moving average is $64.70.

Burke & Herbert Financial Services (NASDAQ:BHRB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $1.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.87. Burke & Herbert Financial Services had a net margin of 24.04% and a return on equity of 14.46%. The business had revenue of $84.70 million during the quarter, compared to analyst estimates of $86.50 million. On average, equities research analysts predict that Burke & Herbert Financial Services Corp. will post 8.33 EPS for the current fiscal year.

Burke & Herbert Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, May 15th. Burke & Herbert Financial Services’s payout ratio is presently 28.53%.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Jose David Riojas bought 1,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $62.00 per share, for a total transaction of $62,000.00. Following the acquisition, the director owned 20,000 shares in the company, valued at approximately $1,240,000. This represents a 5.26% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Julian Forrest Jr. Barnwell acquired 5,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was acquired at an average price of $62.76 per share, for a total transaction of $313,800.00. Following the acquisition, the director owned 26,580 shares of the company’s stock, valued at approximately $1,668,160.80. This trade represents a 23.17% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 12,300 shares of company stock valued at $774,450 in the last three months. Company insiders own 11.99% of the company’s stock.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its holdings in Burke & Herbert Financial Services by 68.3% in the 1st quarter. Bank of America Corp DE now owns 32,188 shares of the company’s stock worth $2,005,000 after buying an additional 13,063 shares in the last quarter. Empowered Funds LLC lifted its stake in Burke & Herbert Financial Services by 46.1% during the 1st quarter. Empowered Funds LLC now owns 67,280 shares of the company’s stock valued at $4,191,000 after acquiring an additional 21,227 shares during the period. Quantinno Capital Management LP lifted its stake in Burke & Herbert Financial Services by 13.9% during the 1st quarter. Quantinno Capital Management LP now owns 9,439 shares of the company’s stock valued at $588,000 after acquiring an additional 1,150 shares during the period. Sei Investments Co. boosted its holdings in shares of Burke & Herbert Financial Services by 144.5% during the 1st quarter. Sei Investments Co. now owns 8,366 shares of the company’s stock valued at $521,000 after acquiring an additional 4,944 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Burke & Herbert Financial Services by 66.9% during the 1st quarter. First Trust Advisors LP now owns 9,897 shares of the company’s stock valued at $616,000 after acquiring an additional 3,966 shares during the last quarter.

About Burke & Herbert Financial Services

Burke & Herbert Financial Services, Inc is a bank holding company headquartered in Alexandria, Virginia, and the parent company of Burke & Herbert Bank. The company operates as a community?focused financial institution, offering a full suite of commercial and consumer banking products to individuals, small businesses, and nonprofit organizations in the Washington, DC metropolitan area.

The company’s core banking services include traditional deposit accounts such as checking, savings, money market and certificates of deposit, alongside digital banking platforms for online and mobile account access.