Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Announces Quarterly Dividend of $0.55

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) announced a quarterly dividend on Thursday, April 24th, RTT News reports. Stockholders of record on Thursday, May 15th will be given a dividend of 0.55 per share on Monday, June 2nd. This represents a $2.20 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Thursday, May 15th.

Burke & Herbert Financial Services has raised its dividend by an average of 2.3% per year over the last three years. Burke & Herbert Financial Services has a payout ratio of 28.0% meaning its dividend is sufficiently covered by earnings.

Burke & Herbert Financial Services Price Performance

NASDAQ:BHRB traded up $0.66 during trading hours on Wednesday, hitting $56.23. The company's stock had a trading volume of 18,786 shares, compared to its average volume of 49,902. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83. Burke & Herbert Financial Services has a 52-week low of $46.00 and a 52-week high of $75.32. The business's 50-day moving average is $55.67 and its two-hundred day moving average is $61.71. The company has a market capitalization of $842.49 million and a PE ratio of 23.43.

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

Insider Buying and Selling

In related news, Director Julian Forrest Jr. Barnwell purchased 2,000 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was purchased at an average price of $62.50 per share, with a total value of $125,000.00. Following the completion of the transaction, the director now owns 189,939 shares of the company's stock, valued at approximately $11,871,187.50. This trade represents a 1.06 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary L. Hinkle purchased 3,000 shares of the firm's stock in a transaction on Monday, February 10th. The stock was bought at an average price of $64.97 per share, for a total transaction of $194,910.00. Following the acquisition, the director now owns 248,459 shares in the company, valued at $16,142,381.23. The trade was a 1.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 22,140 shares of company stock worth $1,344,743. 10.92% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods cut their price objective 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.

Burke & Herbert Financial Services declared that its Board of Directors has authorized a stock repurchase plan on Friday, April 25th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

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.