Burke & Herbert Financial Services (NASDAQ:BHRB) Sees Large Volume Increase Following Analyst Upgrade

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) shares saw strong trading volume on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $72.00 to $79.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. 27,397 shares traded hands during trading, a decline of 26% from the previous session’s volume of 37,086 shares.The stock last traded at $69.30 and had previously closed at $69.34.

Separately, DA Davidson started coverage on Burke & Herbert Financial Services in a report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 target price for the company.

Insider Activity

In related news, Director Gary L. Hinkle acquired 3,652 shares of the stock in a transaction dated Friday, November 15th. The stock was bought at an average price of $68.56 per share, for a total transaction of $250,381.12. Following the purchase, the director now directly owns 236,807 shares of the company’s stock, valued at $16,235,487.92. The trade was a 1.57 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.65% of the stock is currently owned by company insiders.

Institutional Trading of Burke & Herbert Financial Services

Several hedge funds have recently modified their holdings of the stock. Virtu Financial LLC bought a new stake in shares of Burke & Herbert Financial Services in the 3rd quarter valued at $526,000. Barclays PLC increased its stake in Burke & Herbert Financial Services by 204.0% during the 3rd quarter. Barclays PLC now owns 22,225 shares of the company’s stock valued at $1,357,000 after purchasing an additional 14,915 shares in the last quarter. Mittelman Wealth Management bought a new stake in Burke & Herbert Financial Services during the 3rd quarter valued at $659,000. Geode Capital Management LLC increased its stake in Burke & Herbert Financial Services by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 306,243 shares of the company’s stock valued at $18,681,000 after purchasing an additional 15,092 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in Burke & Herbert Financial Services by 6.9% during the 3rd quarter. Jane Street Group LLC now owns 18,772 shares of the company’s stock valued at $1,145,000 after purchasing an additional 1,218 shares in the last quarter.

Burke & Herbert Financial Services Price Performance

The stock’s 50 day simple moving average is $64.55 and its 200 day simple moving average is $59.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83.

Burke & Herbert Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date was Friday, November 15th. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53.

About Burke & Herbert Financial Services

Burke & Herbert Financial Services Corp. operates as the bank holding company for Burke & Herbert Bank & Trust Company that provides various community banking products and services in Virginia and Maryland. It offers consumer and commercial deposit products, such as digital banking, demand, negotiable order of withdrawal, money market, and savings accounts, as well as certificates of deposit.