Wall Street Zen Downgrades Burke & Herbert Financial Services (NASDAQ:BHRB) to Hold

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Separately, Keefe, Bruyette & Woods reduced their price target 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, April 29th.

Burke & Herbert Financial Services Stock Up 1.5%

Shares of NASDAQ BHRB traded up $0.96 during trading on Friday, reaching $63.52. The company had a trading volume of 82,995 shares, compared to its average volume of 52,989. Burke & Herbert Financial Services has a 12-month low of $47.48 and a 12-month 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 business's 50-day moving average is $57.79 and its 200 day moving average is $58.52. The stock has a market cap of $953.44 million, a PE ratio of 18.10 and a beta of 1.21.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.02. The company had revenue of $83.01 million for the quarter, compared to analysts' expectations of $85.50 million. Burke & Herbert Financial Services had a net margin of 12.02% and a return on equity of 15.20%. As a group, equities analysts forecast that Burke & Herbert Financial Services will post 8.05 earnings per share for the current fiscal year.

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

Insider Activity

In related news, Director Shawn Patrick Mclaughlin purchased 1,000 shares of Burke & Herbert Financial Services stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average cost of $56.50 per share, for a total transaction of $56,500.00. Following the completion of the purchase, the director directly owned 64,000 shares of the company's stock, valued at $3,616,000. The trade was a 1.59% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Samuel Laing Hinson III bought 4,802 shares of the company's stock in a transaction that occurred on 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 acquisition, the director directly owned 33,602 shares of the company's stock, valued at $1,848,110. The trade was a 16.67% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,302 shares of company stock valued at $560,535 in the last 90 days. 10.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

A number of institutional investors and hedge funds have recently modified their holdings of BHRB. Goldman Sachs Group Inc. increased its position 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 valued at $4,031,000 after acquiring an additional 10,117 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Burke & Herbert Financial Services during the 1st quarter valued at about $1,287,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 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 valued at $451,000 after purchasing an additional 319 shares during the last quarter. EJF Capital LLC lifted its stake in shares of Burke & Herbert Financial Services by 7.0% in the 1st quarter. EJF Capital LLC now owns 64,368 shares of the company's stock worth $3,612,000 after purchasing an additional 4,210 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Burke & Herbert Financial Services in the 1st quarter worth approximately $979,000.

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.