Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Director Buys $27,925.00 in Stock

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Director Jose David Riojas bought 500 shares of Burke & Herbert Financial Services stock in a transaction dated Thursday, June 5th. The shares were acquired at an average cost of $55.85 per share, for a total transaction of $27,925.00. Following the completion of the purchase, the director now directly owns 19,000 shares of the company’s stock, valued at approximately $1,061,150. This trade represents a 2.70% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Burke & Herbert Financial Services Stock Performance

Shares of BHRB stock opened at $57.38 on Friday. The company has a 50 day moving average price of $54.29 and a 200-day moving average price of $60.09. Burke & Herbert Financial Services Corp. has a 52 week low of $46.00 and a 52 week high of $75.32. The firm has a market capitalization of $860.99 million and a PE ratio of 23.91. 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 (NASDAQ:BHRB) last announced its earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.02. The company had revenue of $83.01 million during the quarter, compared to analyst estimates of $85.50 million. Burke & Herbert Financial Services had a net margin of 8.88% and a return on equity of 15.15%. As a group, equities research analysts expect that Burke & Herbert Financial Services Corp. will post 8.05 earnings per share for the current year.

Burke & Herbert Financial Services declared that its board has approved a stock repurchase program on Friday, April 25th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Burke & Herbert Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were given a $0.55 dividend. The ex-dividend date was Thursday, May 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.83%. Burke & Herbert Financial Services’s payout ratio is currently 62.68%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BHRB. Keefe, Bruyette & Woods lowered their price target on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. Wall Street Zen raised shares of Burke & Herbert Financial Services from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Several hedge funds have recently modified their holdings of BHRB. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Burke & Herbert Financial Services in the first quarter worth $5,762,000. Fourthstone LLC lifted its holdings in shares of Burke & Herbert Financial Services by 14.3% in the fourth quarter. Fourthstone LLC now owns 454,526 shares of the company’s stock worth $28,344,000 after buying an additional 56,928 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Burke & Herbert Financial Services by 94.4% in the fourth quarter. JPMorgan Chase & Co. now owns 64,526 shares of the company’s stock worth $4,024,000 after buying an additional 31,327 shares in the last quarter. AA Financial Advisors LLC purchased a new position in shares of Burke & Herbert Financial Services in the first quarter worth $1,749,000. Finally, Segall Bryant & Hamill LLC purchased a new stake in Burke & Herbert Financial Services during the first quarter valued at $1,723,000.

About Burke & Herbert Financial Services

Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates through the following loan portfolio segments: Commercial Real Estate, Owner-Occupied Commercial Real Estate, Acquisition, Construction, and Development, Commercial and Industrial, Single Family Residential (1-4 Units), and Consumer Non-Real Estate and Other.