Voleon Capital Management LP Buys New Stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)

Voleon Capital Management LP acquired a new position in shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 4,925 shares of the company's stock, valued at approximately $307,000.

A number of other institutional investors and hedge funds have also bought and sold shares of BHRB. Vanguard Group Inc. raised its holdings in shares of Burke & Herbert Financial Services by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 732,163 shares of the company's stock valued at $45,658,000 after acquiring an additional 22,559 shares in the last quarter. Fourthstone LLC boosted its stake in shares of Burke & Herbert Financial Services by 14.3% during the fourth quarter. Fourthstone LLC now owns 454,526 shares of the company's stock valued at $28,344,000 after purchasing an additional 56,928 shares in the last quarter. Northern Trust Corp raised its stake in Burke & Herbert Financial Services by 5.1% in the fourth quarter. Northern Trust Corp now owns 130,117 shares of the company's stock worth $8,114,000 after buying an additional 6,313 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Burke & Herbert Financial Services by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 110,559 shares of the company's stock worth $6,894,000 after buying an additional 2,078 shares during the period. Finally, Verdence Capital Advisors LLC boosted its position in Burke & Herbert Financial Services by 32.8% during the 4th quarter. Verdence Capital Advisors LLC now owns 68,384 shares of the company's stock valued at $4,264,000 after acquiring an additional 16,884 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reduced their price target on 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.

Burke & Herbert Financial Services Stock Up 0.8 %

NASDAQ BHRB traded up $0.46 on Wednesday, hitting $56.71. The stock had a trading volume of 3,428 shares, compared to its average volume of 50,935. The business's fifty day moving average price is $55.10 and its 200 day moving average price is $61.49. The stock has a market cap of $849.67 million and a price-to-earnings ratio of 23.62. 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 Corp. has a 52-week low of $46.00 and a 52-week high of $75.32.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) 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. Burke & Herbert Financial Services had a return on equity of 15.15% and a net margin of 8.88%. The company had revenue of $83.01 million for the quarter, compared to analyst estimates of $85.50 million. Equities research analysts anticipate that Burke & Herbert Financial Services Corp. will post 8.05 earnings per share for the current year.

Burke & Herbert Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.88%. The ex-dividend date is Thursday, May 15th. Burke & Herbert Financial Services's dividend payout ratio is presently 62.68%.

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 shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle bought 3,000 shares of the business's stock in a transaction that occurred on Monday, February 10th. The shares were purchased at an average cost of $64.97 per share, with a total value of $194,910.00. Following the transaction, the director now directly owns 248,459 shares in the company, valued at approximately $16,142,381.23. The trade was a 1.22 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Samuel Laing Hinson III purchased 4,000 shares of the stock in a transaction on Tuesday, April 29th. The shares were purchased at an average cost of $53.00 per share, with a total value of $212,000.00. Following the transaction, the director now owns 28,800 shares in the company, valued at $1,526,400. This trade represents a 16.13 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 21,140 shares of company stock worth $1,280,263. 10.92% of the stock is owned by corporate insiders.

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.