Burke & Herbert Financial Services (NASDAQ:BHRB) Price Target Lowered to $70.00 at Keefe, Bruyette & Woods

Burke & Herbert Financial Services (NASDAQ:BHRB) had its target price trimmed by Keefe, Bruyette & Woods from $73.00 to $70.00 in a report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Burke & Herbert Financial Services Price Performance

Shares of BHRB opened at $55.57 on Tuesday. The business has a 50-day moving average of $55.67 and a 200-day moving average of $61.71. Burke & Herbert Financial Services has a 1 year low of $46.00 and a 1 year high of $75.32. The company has a market capitalization of $832.61 million and a price-to-earnings ratio of 23.15. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.02. Burke & Herbert Financial Services had a net margin of 8.88% and a return on equity of 15.15%. The firm had revenue of $83.01 million for the quarter, compared to the consensus estimate of $85.50 million. As a group, equities research analysts anticipate that Burke & Herbert Financial Services will post 8.05 earnings per share for the current year.

Burke & Herbert Financial Services announced that its Board of Directors has approved a stock repurchase plan on Friday, April 25th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Burke & Herbert Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, May 15th. Burke & Herbert Financial Services’s dividend payout ratio (DPR) is presently 62.68%.

Insider Buying and Selling

In other news, Director Gary L. Hinkle bought 1,000 shares of Burke & Herbert Financial Services stock in a transaction dated Friday, January 31st. The stock was bought at an average cost of $64.48 per share, for a total transaction of $64,480.00. Following the purchase, the director now directly owns 244,355 shares in the company, valued at approximately $15,756,010.40. This represents a 0.41 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julian Forrest Jr. Barnwell purchased 1,140 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $58.38 per share, for a total transaction of $66,553.20. Following the acquisition, the director now owns 91,361 shares of the company’s stock, valued at approximately $5,333,655.18. This represents a 1.26 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 18,140 shares of company stock valued at $1,132,743 over the last 90 days. Company insiders own 10.92% of the company’s stock.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Hedge funds and other institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC grew its position in Burke & Herbert Financial Services by 841.3% in the 4th quarter. Sterling Capital Management LLC now owns 433 shares of the company’s stock valued at $27,000 after purchasing an additional 387 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Burke & Herbert Financial Services by 227.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company’s stock valued at $84,000 after buying an additional 936 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Burke & Herbert Financial Services during the fourth quarter valued at about $156,000. Squarepoint Ops LLC bought a new stake in shares of Burke & Herbert Financial Services during the fourth quarter worth about $218,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Burke & Herbert Financial Services in the 4th quarter worth about $238,000.

Burke & Herbert Financial Services Company Profile

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.