Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Sees Large Drop in Short Interest

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) saw a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 93,900 shares, a decline of 17.8% from the November 15th total of 114,300 shares. Based on an average daily volume of 53,800 shares, the short-interest ratio is currently 1.7 days. Currently, 0.7% of the shares of the stock are short sold.

Insider Buying and Selling

In related news, Director Julian Forrest Jr. Barnwell bought 3,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was purchased at an average price of $68.75 per share, for a total transaction of $206,250.00. Following the acquisition, the director now owns 182,939 shares in the company, valued at $12,577,056.25. This trade represents a 1.67 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gary L. Hinkle purchased 1,548 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $68.50 per share, for a total transaction of $106,038.00. Following the acquisition, the director now directly owns 238,355 shares in the company, valued at $16,327,317.50. This trade represents a 0.65 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 8,950 shares of company stock worth $614,711. Insiders own 9.65% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BHRB. American Century Companies Inc. bought a new stake in Burke & Herbert Financial Services during the 2nd quarter valued at about $3,091,000. Rhumbline Advisers raised its stake in shares of Burke & Herbert Financial Services by 126.9% during the second quarter. Rhumbline Advisers now owns 18,973 shares of the company’s stock valued at $967,000 after acquiring an additional 10,613 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of Burke & Herbert Financial Services in the second quarter valued at approximately $1,167,000. Bank of New York Mellon Corp grew its stake in Burke & Herbert Financial Services by 96.0% in the second quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock worth $4,140,000 after purchasing an additional 39,769 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new position in Burke & Herbert Financial Services during the 2nd quarter worth $18,137,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Burke & Herbert Financial Services from $72.00 to $79.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. DA Davidson started coverage on shares of Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a “buy” rating and a $76.00 price target on the stock.

Burke & Herbert Financial Services Trading Down 0.5 %

BHRB traded down $0.37 during trading hours on Friday, reaching $69.16. 38,162 shares of the company’s stock traded hands, compared to its average volume of 37,160. The firm has a 50-day moving average price of $66.19 and a 200 day moving average price of $60.85. The firm has a market capitalization of $1.04 billion and a PE ratio of 8.99. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15. Burke & Herbert Financial Services has a 52-week low of $46.00 and a 52-week high of $75.32.

Burke & Herbert Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.18%. This is an increase from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, November 15th. Burke & Herbert Financial Services’s dividend payout ratio (DPR) is 28.61%.

Burke & Herbert Financial Services Company Profile

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.