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

Key Points

• Burke & Herbert Financial Services declared a quarterly dividend of $0.55 per share, payable on September 1 to shareholders of record on August 14. The dividend implies an annualized yield of about 3.1%.
• The bank’s dividend appears well covered, with a 28.0% payout ratio; analysts also expect earnings to support future payments with an estimated 25.1% payout ratio next year.
• In its latest earnings report, the company posted $2.03 EPS, beating estimates, while analysts currently rate the stock Moderate Buy with an average price target of $71.75.

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) announced a quarterly dividend on Thursday, July 23rd. Shareholders of record on Friday, August 14th will be paid a dividend of 0.55 per share on Tuesday, September 1st. This represents a c) annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, August 14th.

Burke & Herbert Financial Services has a dividend payout ratio of 28.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Burke & Herbert Financial Services to earn $8.75 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 25.1%.

Burke & Herbert Financial Services Price Performance

BHRB opened at $70.77 on Friday. The stock has a market cap of $1.43 billion, a P/E ratio of 9.18 and a beta of 0.58. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $67.08 and a 200 day simple moving average of $65.41. Burke & Herbert Financial Services has a 12 month low of $56.11 and a 12 month high of $73.69.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $2.03 EPS for the quarter, topping the consensus estimate of $1.98 by $0.05. The firm had revenue of $106.90 million for the quarter, compared to the consensus estimate of $112.86 million. Burke & Herbert Financial Services had a net margin of 24.04% and a return on equity of 14.46%. On average, research analysts expect that Burke & Herbert Financial Services will post 8.33 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Weiss Ratings raised shares of Burke & Herbert Financial Services from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, June 29th. Freedom Capital upgraded Burke & Herbert Financial Services from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 15th. Finally, DA Davidson reiterated a "neutral" rating and issued a $70.00 price target on shares of Burke & Herbert Financial Services in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $71.75.

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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