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

Investment analysts at Janney Montgomery Scott initiated coverage on shares of Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) in a note issued to investors on Thursday, Marketbeat reports. The brokerage set a "buy" rating and a $70.00 price target on the stock. Janney Montgomery Scott's price target points to a potential upside of 9.65% from the stock's previous close.

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

Burke & Herbert Financial Services Stock Down 1.5%

BHRB stock traded down $0.99 during midday trading on Thursday, hitting $63.84. The stock had a trading volume of 27,077 shares, compared to its average volume of 53,555. The firm has a market cap of $958.24 million, a price-to-earnings ratio of 18.26 and a beta of 1.21. The business has a 50-day moving average of $58.30 and a two-hundred day moving average of $58.60. Burke & Herbert Financial Services has a 52-week low of $47.57 and a 52-week high of $75.32. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last released its earnings results on Friday, April 25th. The company reported $1.80 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $85.50 million. As a group, equities research 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 approved a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Transactions at Burke & Herbert Financial Services

In related news, Director Shawn Patrick Mclaughlin acquired 1,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were purchased at an average price of $56.50 per share, with a total value 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. This represents 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 accessible through this hyperlink. Also, Director Jose David Riojas acquired 500 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was bought at an average cost of $55.85 per share, for a total transaction of $27,925.00. Following the purchase, the director directly owned 19,000 shares of the company's stock, valued at approximately $1,061,150. This trade represents a 2.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 10,302 shares of company stock valued at $560,535 over the last quarter. 10.92% of the stock is currently owned by company insiders.

Institutional Trading of Burke & Herbert Financial Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC raised its stake in 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 purchasing an additional 387 shares during the period. State of Wyoming purchased a new position in Burke & Herbert Financial Services during the 1st quarter valued at approximately $49,000. Tower Research Capital LLC TRC grew its holdings in 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. grew its holdings in 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, KLP Kapitalforvaltning AS purchased a new position in Burke & Herbert Financial Services during the 4th quarter valued at approximately $156,000.

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.