Burke & Herbert Financial Services (NASDAQ:BHRB) Announces Earnings Results

Burke & Herbert Financial Services (NASDAQ:BHRB) posted its earnings results on Thursday. The company reported $2.03 EPS for the quarter, beating the consensus estimate of $1.98 by $0.05, FiscalAI reports. Burke & Herbert Financial Services had a return on equity of 14.46% and a net margin of 24.04%.

Burke & Herbert Financial Services Price Performance

Shares of NASDAQ BHRB traded down $0.24 during trading on Thursday, hitting $70.77. The company had a trading volume of 103,893 shares, compared to its average volume of 133,101. Burke & Herbert Financial Services has a 52 week low of $56.11 and a 52 week high of $73.69. The business’s 50-day moving average is $66.91 and its 200 day moving average is $65.35. The company has a market cap of $1.43 billion, a P/E ratio of 9.18 and a beta of 0.58. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.78 and a current ratio of 0.78.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. DA Davidson restated a “neutral” rating and issued a $70.00 target price on shares of Burke & Herbert Financial Services in a research report on Monday, April 27th. Weiss Ratings raised Burke & Herbert Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 29th. Finally, Freedom Capital raised Burke & Herbert Financial Services from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $71.75.

Insider Buying and Selling

In related news, Director Jose David Riojas bought 1,000 shares of Burke & Herbert Financial Services stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average cost of $62.00 per share, with a total value of $62,000.00. Following the completion of the acquisition, the director directly owned 20,000 shares in the company, valued at approximately $1,240,000. This trade represents a 5.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jill S. Upson sold 1,112 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $63.30, for a total value of $70,389.60. Following the completion of the transaction, the director owned 2,000 shares of the company’s stock, valued at $126,600. This trade represents a 35.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders acquired 12,300 shares of company stock valued at $774,450. 11.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BHRB. Avenir Corp acquired a new stake in Burke & Herbert Financial Services during the 4th quarter valued at $310,000. Brooklyn Investment Group purchased a new position in shares of Burke & Herbert Financial Services during the fourth quarter valued at $364,000. Verition Fund Management LLC grew its holdings in shares of Burke & Herbert Financial Services by 36.9% during the third quarter. Verition Fund Management LLC now owns 5,423 shares of the company’s stock valued at $335,000 after buying an additional 1,463 shares in the last quarter. Focus Partners Wealth raised its position in Burke & Herbert Financial Services by 22.3% during the third quarter. Focus Partners Wealth now owns 6,379 shares of the company’s stock valued at $385,000 after buying an additional 1,162 shares during the period. Finally, Voleon Capital Management LP raised its position in Burke & Herbert Financial Services by 56.5% during the second quarter. Voleon Capital Management LP now owns 6,954 shares of the company’s stock valued at $415,000 after buying an additional 2,510 shares during the period.

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.