Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $75.25.

A number of equities research analysts have recently weighed in on the company. DA Davidson set a $75.00 price objective on shares of Burke & Herbert Financial Services in a report on Monday, July 27th. Wall Street Zen upgraded shares of Burke & Herbert Financial Services from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Keefe, Bruyette & Woods boosted their target price on shares of Burke & Herbert Financial Services from $80.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded shares of Burke & Herbert Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Georgette R. George sold 1,000 shares of Burke & Herbert Financial Services stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $73.67, for a total transaction of $73,670.00. Following the completion of the sale, the director owned 38,321 shares of the company’s stock, valued at approximately $2,823,108.07. The trade was a 2.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James Mason Burke sold 1,500 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $73.03, for a total value of $109,545.00. Following the sale, the director owned 258,480 shares in the company, valued at approximately $18,876,794.40. The trade was a 0.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders bought 1,369 shares of company stock valued at $100,747 and sold 5,650 shares valued at $416,094. Company insiders own 11.99% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Stonebridge Financial Group LLC acquired a new stake in shares of Burke & Herbert Financial Services during the second quarter worth about $203,000. The Manufacturers Life Insurance Company purchased a new position in Burke & Herbert Financial Services in the second quarter valued at $291,000. Corient Private Wealth LP purchased a new position in shares of Burke & Herbert Financial Services in the 2nd quarter valued at about $326,000. Arizona State Retirement System raised its stake in shares of Burke & Herbert Financial Services by 23.1% during the 2nd quarter. Arizona State Retirement System now owns 4,575 shares of the company’s stock worth $329,000 after buying an additional 859 shares during the period. Finally, Freestone Grove Partners LP acquired a new position in Burke & Herbert Financial Services during the second quarter worth $364,000.

Burke & Herbert Financial Services Stock Down 0.8%

Burke & Herbert Financial Services stock opened at $69.90 on Friday. Burke & Herbert Financial Services has a 1-year low of $57.42 and a 1-year high of $75.08. The business has a fifty day moving average price of $72.03 and a 200-day moving average price of $67.21. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 11.20 and a beta of 0.56.

Burke & Herbert Financial Services (NASDAQ:BHRB) last announced its earnings results on Thursday, July 23rd. The company reported $2.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.05. Burke & Herbert Financial Services had a return on equity of 13.66% and a net margin of 18.86%.The company had revenue of $106.89 million for the quarter, compared to analyst estimates of $112.86 million. Equities research analysts forecast that Burke & Herbert Financial Services will post 8.19 EPS for the current fiscal year.

Burke & Herbert Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.1%. Burke & Herbert Financial Services’s payout ratio is 35.26%.

About Burke & Herbert Financial Services

Burke & Herbert Financial Services Corp. is the bank holding company for Burke & Herbert Bank, a community-focused financial institution headquartered in Alexandria, Virginia. Founded in 1852, Burke & Herbert Bank is one of the oldest continuously operating banks in Virginia and has built its business around serving individuals, families, businesses and nonprofit organizations.

Through its banking subsidiary, the company offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and other treasury services, online and mobile banking, and investment and wealth-management solutions.