Burke & Herbert Financial Services (NASDAQ:BHRB) Downgraded by Freedom Capital to Hold

Burke & Herbert Financial Services (NASDAQ:BHRB) was downgraded by research analysts at Freedom Capital from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

BHRB has been the topic of several other reports. Weiss Ratings restated a “hold (c+)” rating on shares of Burke & Herbert Financial Services in a research note on Monday, December 29th. Citigroup lowered shares of Burke & Herbert Financial Services to a “hold” rating in a research report on Wednesday. DA Davidson began coverage on shares of Burke & Herbert Financial Services in a report on Wednesday. They set a “neutral” rating and a $75.00 price target on the stock. Zacks Research upgraded shares of Burke & Herbert Financial Services from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 30th. Finally, Loop Capital set a $74.00 target price on Burke & Herbert Financial Services in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Burke & Herbert Financial Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.40.

Burke & Herbert Financial Services Stock Performance

Shares of BHRB opened at $66.37 on Wednesday. The firm has a market capitalization of $997.54 million, a P/E ratio of 8.60 and a beta of 1.02. Burke & Herbert Financial Services has a 52 week low of $47.57 and a 52 week high of $70.90. The stock has a 50 day moving average price of $65.46 and a two-hundred day moving average price of $63.42. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.81 and a current ratio of 0.81.

Burke & Herbert Financial Services (NASDAQ:BHRB) last posted its earnings results on Thursday, January 22nd. The company reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.07. Burke & Herbert Financial Services had a return on equity of 15.11% and a net margin of 23.89%.The company had revenue of $86.56 million for the quarter, compared to analyst estimates of $80.72 million. Equities analysts forecast that Burke & Herbert Financial Services will post 8.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Burke & Herbert Financial Services

A number of hedge funds have recently modified their holdings of BHRB. Kestra Advisory Services LLC purchased a new stake in Burke & Herbert Financial Services during the 4th quarter worth about $30,000. State of Alaska Department of Revenue bought a new stake in shares of Burke & Herbert Financial Services during the third quarter valued at about $37,000. CWM LLC increased its position in shares of Burke & Herbert Financial Services by 732.7% during the second quarter. CWM LLC now owns 841 shares of the company’s stock valued at $50,000 after buying an additional 740 shares during the period. Aquatic Capital Management LLC purchased a new stake in shares of Burke & Herbert Financial Services in the third quarter worth about $117,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Burke & Herbert Financial Services by 22.2% in the second quarter. PNC Financial Services Group Inc. now owns 2,202 shares of the company’s stock valued at $132,000 after acquiring an additional 400 shares during the period.

About Burke & Herbert Financial Services

Burke & Herbert Financial Services, Inc is a bank holding company headquartered in Alexandria, Virginia, and the parent company of Burke & Herbert Bank. The company operates as a community‐focused financial institution, offering a full suite of commercial and consumer banking products to individuals, small businesses, and nonprofit organizations in the Washington, DC metropolitan area.

The company’s core banking services include traditional deposit accounts such as checking, savings, money market and certificates of deposit, alongside digital banking platforms for online and mobile account access.