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

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) declared a quarterly dividend on Thursday, July 24th, RTT News reports. Stockholders of record on Friday, August 15th will be given a dividend of 0.55 per share on Tuesday, September 2nd. This represents a $2.20 annualized dividend and a dividend yield of 3.47%.

Burke & Herbert Financial Services has a dividend payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings.

Burke & Herbert Financial Services Trading Down 2.3%

Shares of NASDAQ BHRB traded down $1.52 during midday trading on Thursday, hitting $63.42. The stock had a trading volume of 54,656 shares, compared to its average volume of 54,839. The company has a market capitalization of $951.93 million, a price-to-earnings ratio of 18.07 and a beta of 1.21. Burke & Herbert Financial Services has a 1-year low of $47.57 and a 1-year high of $75.32. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average price of $59.53 and a 200 day moving average price of $58.70.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.83 by $0.14. Burke & Herbert Financial Services had a return on equity of 15.20% and a net margin of 12.02%. On average, analysts predict that Burke & Herbert Financial Services will post 8.05 earnings per share for the current year.

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

Insider Activity

In other news, Director Samuel Laing Hinson III purchased 4,802 shares of the stock in a transaction dated Friday, May 23rd. The stock was acquired at an average cost of $55.00 per share, for a total transaction of $264,110.00. Following the acquisition, the director owned 33,602 shares of the company's stock, valued at $1,848,110. The trade was a 16.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jose David Riojas purchased 500 shares of the stock in a transaction dated Thursday, June 5th. The stock was purchased at an average price of $55.85 per share, with a total value of $27,925.00. Following the completion of the acquisition, the director directly owned 19,000 shares in the company, valued at approximately $1,061,150. The trade was a 2.70% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 10,302 shares of company stock worth $560,535. 10.92% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

A number of institutional investors have recently made changes to their positions in BHRB. Jane Street Group LLC bought a new position in Burke & Herbert Financial Services during the 1st quarter worth $1,287,000. Goldman Sachs Group Inc. grew its stake in Burke & Herbert Financial Services by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 71,849 shares of the company's stock worth $4,031,000 after buying an additional 10,117 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Burke & Herbert Financial Services by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,030 shares of the company's stock worth $451,000 after buying an additional 319 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen raised Burke & Herbert Financial Services from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Janney Montgomery Scott assumed coverage on Burke & Herbert Financial Services in a research report on Thursday, July 10th. They issued a "buy" rating and a $70.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut their target price on Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th.

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.

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