Burke & Herbert Financial Services (NASDAQ:BHRB) Now Covered by Janney Montgomery Scott

Stock analysts at Janney Montgomery Scott assumed coverage on shares of Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $70.00 price target on the stock. Janney Montgomery Scott's price target suggests a potential upside of 7.97% from the company's previous close.

Several other research analysts also recently commented on BHRB. Keefe, Bruyette & Woods decreased their target price on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Wall Street Zen cut shares of Burke & Herbert Financial Services from a "buy" rating to a "hold" rating in a report on Saturday, July 5th.

Burke & Herbert Financial Services Trading Up 0.6%

Shares of NASDAQ BHRB traded up $0.37 during mid-day trading on Thursday, hitting $64.83. The stock had a trading volume of 111,166 shares, compared to its average volume of 53,649. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83. Burke & Herbert Financial Services has a 1 year low of $47.57 and a 1 year high of $75.32. The business has a 50 day moving average price of $58.12 and a two-hundred day moving average price of $58.59. The firm has a market cap of $973.10 million, a P/E ratio of 8.49 and a beta of 1.21.

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

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

Insider Activity at Burke & Herbert Financial Services

In related news, Director Shawn Patrick Mclaughlin purchased 1,000 shares of the business's stock in a transaction that occurred on 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 completion of the acquisition, the director directly owned 64,000 shares in the company, valued at approximately $3,616,000. The trade was a 1.59% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jose David Riojas bought 500 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were acquired at an average price of $55.85 per share, for a total transaction of $27,925.00. Following the acquisition, the director owned 19,000 shares in the company, valued at approximately $1,061,150. This represents a 2.70% 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 worth $560,535 over the last quarter. Corporate insiders own 10.92% of the company's stock.

Institutional Trading of Burke & Herbert Financial Services

A number of hedge funds have recently modified their holdings of BHRB. Sterling Capital Management LLC boosted its holdings in shares of Burke & Herbert Financial Services by 841.3% during the 4th quarter. Sterling Capital Management LLC now owns 433 shares of the company's stock valued at $27,000 after buying an additional 387 shares in the last quarter. State of Wyoming bought a new stake in shares of Burke & Herbert Financial Services during the 1st quarter valued at $49,000. Tower Research Capital LLC TRC boosted its holdings in shares of Burke & Herbert Financial Services by 227.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company's stock valued at $84,000 after buying an additional 936 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Burke & Herbert Financial Services by 104.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,802 shares of the company's stock valued at $101,000 after buying an additional 920 shares in the last quarter. Finally, Larson Financial Group LLC bought a new stake in shares of Burke & Herbert Financial Services during the 1st quarter valued at $141,000.

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.