Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Shares Sold by Royce & Associates LP

Royce & Associates LP reduced its stake in shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) by 3.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 95,779 shares of the company’s stock after selling 3,842 shares during the quarter. Royce & Associates LP’s holdings in Burke & Herbert Financial Services were worth $5,842,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP acquired a new position in Burke & Herbert Financial Services during the second quarter worth $18,137,000. Vanguard Group Inc. increased its position 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 valued at $19,146,000 after buying an additional 4,574 shares in the last quarter. Burke & Herbert Bank & Trust Co. raised its stake in shares of Burke & Herbert Financial Services by 50.6% during the 2nd quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock worth $15,715,000 after buying an additional 103,527 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Burke & Herbert Financial Services by 96.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock worth $4,140,000 after buying an additional 39,769 shares in the last quarter. Finally, American Century Companies Inc. purchased a new position in Burke & Herbert Financial Services during the 2nd quarter valued at about $3,091,000.

Insider Activity

In related news, Director Gary L. Hinkle bought 5,000 shares of the stock in a transaction that occurred on 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 completion of the acquisition, the director now owns 233,155 shares in the company, valued at $15,875,523.95. This trade represents a 2.19 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.65% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on BHRB shares. DA Davidson initiated coverage on shares of Burke & Herbert Financial Services in a report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price target on the stock. Keefe, Bruyette & Woods dropped their price target on Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating for the company in a research report on Tuesday, October 29th.

Burke & Herbert Financial Services Stock Performance

Shares of NASDAQ BHRB opened at $68.80 on Monday. 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 Corp. has a 1 year low of $44.80 and a 1 year high of $75.32. The firm’s 50 day moving average price is $63.52 and its 200 day moving average price is $58.19.

Burke & Herbert Financial Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a dividend of $0.55 per share. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 15th. This represents a $2.20 annualized dividend and a dividend yield of 3.20%.

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.