Burke & Herbert Financial Services (NASDAQ:BHRB) Downgraded by Wall Street Zen to "Hold"

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) was downgraded by 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 dropped their price objective 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 Stock Performance

NASDAQ:BHRB opened at $63.78 on Friday. Burke & Herbert Financial Services has a 12-month low of $47.28 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 firm has a 50-day moving average price of $57.61 and a 200 day moving average price of $58.61. The firm has a market capitalization of $957.34 million, a PE ratio of 18.17 and a beta of 1.21.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last released its quarterly earnings data 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 return on equity of 15.20% and a net margin of 12.02%. The firm had revenue of $83.01 million during the quarter, compared to analyst estimates of $85.50 million. Research analysts anticipate that Burke & Herbert Financial Services will post 8.05 earnings per share for the current fiscal year.

Burke & Herbert Financial Services announced that its Board of Directors has authorized a share repurchase plan on Friday, April 25th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Shawn Patrick Mclaughlin bought 1,000 shares of the stock in a transaction on Wednesday, May 7th. The stock was purchased at an average price of $56.50 per share, with a total value of $56,500.00. Following the acquisition, the director owned 64,000 shares of the company's stock, valued at approximately $3,616,000. The trade was a 1.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Samuel Laing Hinson III acquired 4,802 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were bought at an average cost of $55.00 per share, with a total value of $264,110.00. Following the completion of the purchase, the director owned 33,602 shares of the company's stock, valued at $1,848,110. This trade represents a 16.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 10,302 shares of company stock valued at $560,535 over the last quarter. Corporate insiders own 10.92% of the company's stock.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Institutional investors have recently modified their holdings of the stock. Citadel Advisors LLC grew its position in shares of Burke & Herbert Financial Services by 132.4% during the 4th quarter. Citadel Advisors LLC now owns 20,333 shares of the company's stock worth $1,268,000 after buying an additional 11,583 shares during the period. Northern Trust Corp grew its holdings in shares of Burke & Herbert Financial Services by 5.1% in the 4th quarter. Northern Trust Corp now owns 130,117 shares of the company's stock valued at $8,114,000 after buying an additional 6,313 shares during the period. Trexquant Investment LP acquired a new position in shares of Burke & Herbert Financial Services in the 4th quarter valued at $367,000. AA Financial Advisors LLC acquired a new position in shares of Burke & Herbert Financial Services in the 1st quarter valued at $1,749,000. Finally, American Century Companies Inc. grew its stake in Burke & Herbert Financial Services by 30.1% in the fourth quarter. American Century Companies Inc. now owns 25,558 shares of the company's stock valued at $1,594,000 after acquiring an additional 5,917 shares during the period.

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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