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

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the target of a large decline in short interest in September. As of September 30th, there was short interest totalling 124,300 shares, a decline of 7.1% from the September 15th total of 133,800 shares. Based on an average daily trading volume, of 59,300 shares, the short-interest ratio is presently 2.1 days. Currently, 0.9% of the shares of the company are sold short.

Insider Activity at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle purchased 5,000 shares of Burke & Herbert Financial Services stock in a transaction dated Friday, August 23rd. The stock was purchased at an average cost of $68.09 per share, for a total transaction of $340,450.00. Following the transaction, the director now directly owns 233,155 shares of the company’s stock, valued at approximately $15,875,523.95. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Burke & Herbert Financial Services by 1.4% in the first quarter. Vanguard Group Inc. now owns 341,705 shares of the company’s stock worth $19,146,000 after purchasing an additional 4,574 shares in the last quarter. Quadrature Capital Ltd purchased a new position in Burke & Herbert Financial Services during the first quarter valued at $392,000. Folger Nolan Fleming Douglas Capital Management Inc. purchased a new position in Burke & Herbert Financial Services during the second quarter valued at $280,000. Fortitude Family Office LLC grew its stake in Burke & Herbert Financial Services by 1,666.0% during the second quarter. Fortitude Family Office LLC now owns 936 shares of the company’s stock valued at $48,000 after acquiring an additional 883 shares in the last quarter. Finally, Burke & Herbert Bank & Trust Co. grew its stake in Burke & Herbert Financial Services by 50.6% during the second quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock valued at $15,715,000 after acquiring an additional 103,527 shares in the last quarter.

Analysts Set New Price Targets

Several research firms have weighed in on BHRB. Keefe, Bruyette & Woods boosted their price target on shares of Burke & Herbert Financial Services from $66.00 to $73.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. DA Davidson began coverage on shares of Burke & Herbert Financial Services in a research report on Wednesday. They set a “buy” rating and a $76.00 price target on the stock.

Burke & Herbert Financial Services Stock Down 0.3 %

BHRB traded down $0.21 during midday trading on Thursday, reaching $63.86. The company’s stock had a trading volume of 5,397 shares, compared to its average volume of 34,653. The stock’s 50-day moving average is $62.63 and its 200-day moving average is $56.32. The firm has a market capitalization of $948.19 million and a price-to-earnings ratio of 7.62. Burke & Herbert Financial Services has a 1 year low of $42.91 and a 1 year high of $70.00. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its earnings results on Friday, July 26th. The company reported $2.04 earnings per share (EPS) for the quarter. The firm had revenue of $69.27 million for the quarter. Burke & Herbert Financial Services had a negative net margin of 1.10% and a positive return on equity of 9.96%.

Burke & Herbert Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a $0.53 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.12 annualized dividend and a yield of 3.32%. Burke & Herbert Financial Services’s payout ratio is presently 25.21%.

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.