Pinnacle Holdings LLC Acquires Shares of 43,156 Burke & Herbert Financial Services Corp. $BHRB

Pinnacle Holdings LLC bought a new stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) during the second quarter, HoldingsChannel.com reports. The firm bought 43,156 shares of the company’s stock, valued at approximately $3,101,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BHRB. Endeavour Capital Advisors Inc. grew its position in Burke & Herbert Financial Services by 22.0% in the fourth quarter. Endeavour Capital Advisors Inc. now owns 125,323 shares of the company’s stock valued at $7,809,000 after acquiring an additional 22,601 shares during the last quarter. Principal Financial Group Inc. bought a new position in shares of Burke & Herbert Financial Services in the first quarter worth about $1,038,000. Dimensional Fund Advisors LP lifted its holdings in shares of Burke & Herbert Financial Services by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 367,948 shares of the company’s stock worth $22,919,000 after acquiring an additional 49,957 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Burke & Herbert Financial Services by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 779,800 shares of the company’s stock valued at $48,589,000 after purchasing an additional 14,358 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in shares of Burke & Herbert Financial Services by 46.1% in the 1st quarter. Empowered Funds LLC now owns 67,280 shares of the company’s stock valued at $4,191,000 after purchasing an additional 21,227 shares in the last quarter.

Insider Buying and Selling

In other news, Director Georgette R. George sold 1,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $73.67, for a total value 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. This represents a 2.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Julian Forrest Jr. Barnwell acquired 5,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were bought at an average price of $62.76 per share, with a total value of $313,800.00. Following the completion of the transaction, the director directly owned 26,580 shares of the company’s stock, valued at $1,668,160.80. The trade was a 23.17% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 6,369 shares of company stock valued at $414,547 and have sold 5,650 shares valued at $416,094. Corporate insiders own 11.99% of the company’s stock.

Burke & Herbert Financial Services Price Performance

Shares of NASDAQ:BHRB opened at $71.55 on Monday. The firm has a market cap of $1.44 billion, a PE ratio of 11.47 and a beta of 0.57. The firm’s fifty day moving average is $70.93 and its 200-day moving average is $66.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. Burke & Herbert Financial Services Corp. has a 52 week low of $57.42 and a 52 week high of $75.08.

Burke & Herbert Financial Services (NASDAQ:BHRB) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.05. The business had revenue of $106.89 million during the quarter, compared to the consensus estimate of $112.86 million. Burke & Herbert Financial Services had a return on equity of 13.66% and a net margin of 18.86%. Sell-side analysts predict that Burke & Herbert Financial Services Corp. will post 8.19 earnings per share for the current year.

Burke & Herbert Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, August 14th. Burke & Herbert Financial Services’s payout ratio is 35.26%.

Analysts Set New Price Targets

Several equities analysts recently commented on BHRB shares. DA Davidson set a $75.00 price objective on shares of Burke & Herbert Financial Services in a research note on Monday, July 27th. Wall Street Zen upgraded shares of Burke & Herbert Financial Services from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Weiss Ratings upgraded Burke & Herbert Financial Services from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods raised their price objective on Burke & Herbert Financial Services from $80.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, Freedom Capital upgraded Burke & Herbert Financial Services from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.25.

Burke & Herbert Financial Services Profile

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.