Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Short Interest Update

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 139,900 shares, a growth of 32.5% from the April 30th total of 105,600 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average trading volume of 55,600 shares, the short-interest ratio is currently 2.5 days.

Insider Transactions at Burke & Herbert Financial Services

In related news, Director Jose David Riojas purchased 500 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was acquired at an average price of $55.85 per share, for a total transaction of $27,925.00. Following the acquisition, the director now directly owns 19,000 shares of the company's stock, valued at $1,061,150. This trade represents a 2.70% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Julian Forrest Jr. Barnwell purchased 1,000 shares of the business's stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $59.75 per share, with a total value of $59,750.00. Following the acquisition, the director now directly owns 83,083 shares in the company, valued at approximately $4,964,209.25. This represents a 1.22% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 13,442 shares of company stock worth $745,638. Company insiders own 10.92% of the company's stock.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in Burke & Herbert Financial Services by 841.3% during the fourth quarter. Sterling Capital Management LLC now owns 433 shares of the company's stock valued at $27,000 after buying an additional 387 shares in the last quarter. State of Wyoming acquired a new position in Burke & Herbert Financial Services during the first quarter valued at approximately $49,000. Tower Research Capital LLC TRC lifted its position in Burke & Herbert Financial Services by 227.7% during 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. PNC Financial Services Group Inc. raised its stake in shares of Burke & Herbert Financial Services by 104.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,802 shares of the company's stock valued at $101,000 after purchasing an additional 920 shares during the period. Finally, Larson Financial Group LLC acquired a new position in Burke & Herbert Financial Services in the 1st quarter worth $141,000.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on BHRB shares. Wall Street Zen upgraded shares of Burke & Herbert Financial Services from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Keefe, Bruyette & Woods dropped their target price on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th.

Burke & Herbert Financial Services Price Performance

NASDAQ:BHRB traded down $0.03 during mid-day trading on Thursday, hitting $56.12. 28,644 shares of the company's stock traded hands, compared to its average volume of 48,850. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83. The firm's 50 day simple moving average is $54.26 and its 200 day simple moving average is $60.24. 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 cap of $842.08 million and a PE ratio of 23.38.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $83.01 million for the quarter, compared to analysts' expectations of $85.50 million. Sell-side analysts expect that Burke & Herbert Financial Services will post 8.05 EPS for the current year.

Burke & Herbert Financial Services announced that its board has initiated a stock buyback program on Friday, April 25th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Burke & Herbert Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Thursday, May 15th were given a $0.55 dividend. The ex-dividend date was Thursday, May 15th. This represents a $2.20 annualized dividend and a dividend yield of 3.92%. Burke & Herbert Financial Services's dividend payout ratio is presently 62.68%.

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.