Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts have a “Moderate Buy” consensus on Burke & Herbert Financial Services, with two buy ratings, one strong-buy rating and three holds. The average 12-month price target is $75.25, above the recent share price of $72.43.
• The company exceeded quarterly EPS expectations, reporting $2.03 per share versus the $1.98 consensus, although revenue of $106.9 million came in below the expected $112.86 million.
• Burke & Herbert declared a quarterly dividend of $0.55 per share, equivalent to $2.20 annually and a 3.0% yield. Insiders have also been net buyers over the past 90 days, purchasing 11,300 shares.

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) has earned an average recommendation of "Moderate Buy" from the six ratings firms that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $75.25.

A number of brokerages recently weighed in on BHRB. Weiss Ratings upgraded shares of Burke & Herbert Financial Services from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, June 29th. Keefe, Bruyette & Woods increased their price objective on Burke & Herbert Financial Services from $80.00 to $81.00 and gave the company an "outperform" rating in a research report on Friday. Freedom Capital raised Burke & Herbert Financial Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. Finally, DA Davidson set a $75.00 price target on shares of Burke & Herbert Financial Services in a report on Monday.

Burke & Herbert Financial Services Stock Down 0.8%

Shares of BHRB traded down $0.59 during mid-day trading on Friday, reaching $72.43. The company had a trading volume of 11,274 shares, compared to its average volume of 132,489. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 11.65 and a beta of 0.58. The firm has a 50-day moving average price of $68.11 and a 200 day moving average price of $65.76. Burke & Herbert Financial Services has a 52 week low of $56.11 and a 52 week high of $74.32.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.98 by $0.05. Burke & Herbert Financial Services had a return on equity of 15.11% and a net margin of 18.86%.The business had revenue of $106.90 million during the quarter, compared to analysts' expectations of $112.86 million. On average, sell-side analysts forecast that Burke & Herbert Financial Services will post 8.19 EPS for the current year.

Burke & Herbert Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.55 per share. The ex-dividend date is Friday, August 14th. This represents a $2.20 dividend on an annualized basis and a yield of 3.0%. Burke & Herbert Financial Services's payout ratio is currently 35.26%.

Insider Buying and Selling

In related news, Director Jill S. Upson sold 1,112 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $63.30, for a total transaction of $70,389.60. Following the completion of the sale, the director owned 2,000 shares in the company, valued at approximately $126,600. This represents a 35.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julian Forrest Jr. Barnwell bought 5,000 shares of the company's stock in a transaction on Wednesday, June 3rd. The stock was purchased at an average cost of $62.76 per share, for a total transaction of $313,800.00. Following the completion of the transaction, the director directly owned 26,580 shares of the company's stock, valued at approximately $1,668,160.80. The trade was a 23.17% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 11,300 shares of company stock valued at $709,650 over the last 90 days. Company insiders own 11.99% of the company's stock.

Hedge Funds Weigh In On Burke & Herbert Financial Services

A number of hedge funds have recently made changes to their positions in BHRB. Stonebridge Financial Group LLC purchased a new stake in shares of Burke & Herbert Financial Services in the second quarter valued at $203,000. Bank of America Corp DE boosted its stake in shares of Burke & Herbert Financial Services by 68.3% during the 1st quarter. Bank of America Corp DE now owns 32,188 shares of the company's stock worth $2,005,000 after purchasing an additional 13,063 shares during the period. Empowered Funds LLC grew its holdings in Burke & Herbert Financial Services by 46.1% during 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 during the last quarter. Quantinno Capital Management LP raised its position in Burke & Herbert Financial Services by 13.9% in the 1st quarter. Quantinno Capital Management LP now owns 9,439 shares of the company's stock worth $588,000 after purchasing an additional 1,150 shares during the period. Finally, Sei Investments Co. raised its position in Burke & Herbert Financial Services by 144.5% in the 1st quarter. Sei Investments Co. now owns 8,366 shares of the company's stock worth $521,000 after purchasing an additional 4,944 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.

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