Burke & Herbert Financial Services (NASDAQ:BHRB) Reaches New 52-Week High – What’s Next?

Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) hit a new 52-week high on Tuesday . The stock traded as high as $74.14 and last traded at $73.8850, with a volume of 33080 shares trading hands. The stock had previously closed at $72.50.

Wall Street Analyst Weigh In

BHRB has been the topic of several recent analyst reports. DA Davidson set a $75.00 target price on shares of Burke & Herbert Financial Services in a report on Monday. Freedom Capital upgraded shares of Burke & Herbert Financial Services from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Finally, Weiss Ratings raised shares of Burke & Herbert Financial Services from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.33.

Burke & Herbert Financial Services Price 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 business has a 50-day simple moving average of $67.91 and a 200 day simple moving average of $65.69. The firm has a market cap of $1.49 billion, a P/E ratio of 11.88 and a beta of 0.58.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.05. The firm had revenue of $106.90 million for the quarter, compared to analyst estimates of $112.86 million. Burke & Herbert Financial Services had a return on equity of 15.11% and a net margin of 18.86%. On average, analysts anticipate that Burke & Herbert Financial Services Corp. will post 8.4 earnings per share for the current fiscal year.

Burke & Herbert Financial Services Announces Dividend

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

Insider Buying and Selling at Burke & Herbert Financial Services

In related news, Director Jose David Riojas bought 1,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average price of $62.00 per share, with a total value of $62,000.00. Following the purchase, the director owned 20,000 shares of the company’s stock, valued at approximately $1,240,000. This trade represents a 5.26% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jill S. Upson sold 1,112 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $63.30, for a total transaction of $70,389.60. Following the completion of the transaction, the director directly owned 2,000 shares of the company’s stock, valued at approximately $126,600. The trade was a 35.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have purchased 11,300 shares of company stock valued at $709,650. 11.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 worth $451,000 after acquiring an additional 319 shares in the last quarter. Goldman Sachs Group Inc. grew 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 worth $4,031,000 after purchasing an additional 10,117 shares during the period. Jane Street Group LLC purchased a new stake in Burke & Herbert Financial Services in the first quarter worth $1,287,000. JPMorgan Chase & Co. grew its stake in Burke & Herbert Financial Services by 32.2% in the second quarter. JPMorgan Chase & Co. now owns 49,511 shares of the company’s stock worth $2,957,000 after purchasing an additional 12,057 shares during the period. Finally, Legal & General Group Plc raised its holdings in Burke & Herbert Financial Services by 4.2% in the second quarter. Legal & General Group Plc now owns 13,389 shares of the company’s stock worth $798,000 after purchasing an additional 538 shares in 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.