Burke & Herbert Financial Services (NASDAQ:BHRB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Burke & Herbert Financial Services (NASDAQ:BHRB) from a sell rating to a hold rating in a report issued on Sunday morning.

A number of other brokerages also recently issued reports on BHRB. DA Davidson set a $75.00 price target on shares of Burke & Herbert Financial Services in a report on Monday, July 27th. Keefe, Bruyette & Woods lifted their target price on Burke & Herbert Financial Services from $80.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Weiss Ratings upgraded Burke & Herbert Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 29th. Finally, Freedom Capital raised shares of Burke & Herbert Financial Services from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Burke & Herbert Financial Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.25.

Burke & Herbert Financial Services Stock Performance

NASDAQ BHRB opened at $73.42 on Friday. 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 stock’s fifty day moving average is $69.38 and its two-hundred day moving average is $66.16. The firm has a market capitalization of $1.48 billion, a P/E ratio of 11.77 and a beta of 0.57. Burke & Herbert Financial Services has a fifty-two week low of $56.50 and a fifty-two week high of $75.08.

Burke & Herbert Financial Services (NASDAQ:BHRB) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.03 EPS for the quarter, topping the consensus estimate of $1.98 by $0.05. Burke & Herbert Financial Services had a return on equity of 15.11% and a net margin of 18.86%.The business had revenue of $106.90 million for the quarter, compared to analyst estimates of $112.86 million. On average, research analysts anticipate that Burke & Herbert Financial Services will post 8.19 earnings per share for the current year.

Burke & Herbert Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.55 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.20 dividend on an annualized basis and a yield of 3.0%. Burke & Herbert Financial Services’s dividend payout ratio (DPR) is currently 35.26%.

Insider Activity

In related news, Director Jill S. Upson sold 1,112 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 2,000 shares of the company’s stock, valued at $126,600. This trade represents a 35.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Julian Forrest Jr. Barnwell acquired 5,000 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was purchased at an average cost of $62.76 per share, for a total transaction of $313,800.00. Following the completion of the transaction, the director owned 26,580 shares in the company, valued at approximately $1,668,160.80. The trade was a 23.17% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 6,434 shares of company stock valued at $404,273 and sold 5,262 shares valued at $376,939. 11.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Burke & Herbert Financial Services

A number of institutional investors have recently bought and sold shares of BHRB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Burke & Herbert Financial Services by 4.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,030 shares of the company’s stock valued at $451,000 after acquiring an additional 319 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Burke & Herbert Financial Services by 16.4% in the first quarter. Goldman Sachs Group Inc. now owns 71,849 shares of the company’s stock valued at $4,031,000 after purchasing an additional 10,117 shares during the last quarter. Jane Street Group LLC acquired a new stake in Burke & Herbert Financial Services during the first quarter worth approximately $1,287,000. JPMorgan Chase & Co. lifted its position in shares of Burke & Herbert Financial Services by 32.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 49,511 shares of the company’s stock worth $2,957,000 after buying an additional 12,057 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Burke & Herbert Financial Services by 4.2% during the 2nd quarter. Legal & General Group Plc now owns 13,389 shares of the company’s stock worth $798,000 after buying an additional 538 shares during the last quarter.

Burke & Herbert Financial Services Company Profile

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.