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

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) announced a quarterly dividend on Thursday, July 24th, RTT News reports. Stockholders of record on Friday, August 15th will be paid a dividend of 0.55 per share on Tuesday, September 2nd. This represents a $2.20 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Friday, August 15th.

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

Burke & Herbert Financial Services Trading Down 2.0%

Shares of NASDAQ BHRB traded down $1.27 during trading on Monday, hitting $61.58. 57,711 shares of the company traded hands, compared to its average volume of 75,606. Burke & Herbert Financial Services has a 1 year low of $47.57 and a 1 year high of $75.32. The company has a 50-day moving average price of $59.81 and a 200-day moving average price of $58.80. The firm has a market capitalization of $924.01 million, a P/E ratio of 8.94 and a beta of 1.21. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.12. The company had revenue of $87.11 million during the quarter, compared to analysts' expectations of $86.06 million. Burke & Herbert Financial Services had a net margin of 20.93% and a return on equity of 15.59%. On average, equities analysts predict that Burke & Herbert Financial Services will post 8.05 EPS for the current year.

Burke & Herbert Financial Services declared that its board has authorized a stock buyback plan on Friday, April 25th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Burke & Herbert Financial Services from $70.00 to $72.00 and gave the company an "outperform" rating in a report on Monday. Wall Street Zen lowered shares of Burke & Herbert Financial Services from a "buy" rating to a "hold" rating in a report on Saturday. DA Davidson boosted their price objective on shares of Burke & Herbert Financial Services from $69.00 to $73.00 and gave the stock a "buy" rating in a report on Monday. Finally, Janney Montgomery Scott initiated coverage on shares of Burke & Herbert Financial Services in a report on Thursday, July 10th. They issued a "buy" rating and a $70.00 price objective on the stock.

Insider Activity

In related news, Director Shawn Patrick Mclaughlin bought 1,000 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $56.50 per share, for a total transaction of $56,500.00. Following the purchase, the director owned 64,000 shares in the company, valued at $3,616,000. This trade represents a 1.59% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Samuel Laing Hinson III bought 4,802 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was bought at an average price of $55.00 per share, for a total transaction of $264,110.00. Following the purchase, the director owned 33,602 shares in the company, valued at approximately $1,848,110. This represents a 16.67% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 10,302 shares of company stock worth $560,535. 10.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its stake in Burke & Herbert Financial Services by 16.4% during the first quarter. Goldman Sachs Group Inc. now owns 71,849 shares of the company's stock worth $4,031,000 after acquiring an additional 10,117 shares during the period. Jane Street Group LLC acquired a new stake in Burke & Herbert Financial Services during the first quarter worth about $1,287,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Burke & Herbert Financial Services by 4.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,030 shares of the company's stock worth $451,000 after acquiring an additional 319 shares during the period.

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.