Janney Montgomery Scott Initiates Coverage on Burke & Herbert Financial Services (NASDAQ:BHRB)

Equities research analysts at Janney Montgomery Scott assumed coverage on shares of Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm 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 10.36% from the company's current price.

Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lowered 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 report on Tuesday, April 29th. Wall Street Zen lowered 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 Price Performance

Shares of Burke & Herbert Financial Services stock traded down $1.40 during midday trading on Thursday, reaching $63.43. The company had a trading volume of 44,511 shares, compared to its average volume of 53,668. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $952.08 million, a price-to-earnings ratio of 18.07 and a beta of 1.21. The stock has a fifty day simple moving average of $58.42 and a 200 day simple moving average of $58.52. Burke & Herbert Financial Services has a 1-year low of $47.57 and a 1-year high of $75.32.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.02. The business had revenue of $83.01 million during the quarter, compared to analyst estimates 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 research analysts forecast that Burke & Herbert Financial Services will post 8.05 earnings per share for the current year.

Burke & Herbert Financial Services announced that its board has approved a share repurchase program on Friday, April 25th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

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 bought 4,802 shares of the stock in a transaction on Friday, May 23rd. The shares were acquired at an average cost of $55.00 per share, with a total value of $264,110.00. Following the acquisition, the director directly owned 33,602 shares in the company, valued at approximately $1,848,110. This trade represents a 16.67% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 10,302 shares of company stock valued at $560,535. Company insiders own 10.92% of the company's stock.

Hedge Funds Weigh In On Burke & Herbert Financial Services

A number of hedge funds and other institutional investors have recently made changes to their positions in BHRB. Sterling Capital Management LLC boosted its position in shares of Burke & Herbert Financial Services by 841.3% during the fourth quarter. Sterling Capital Management LLC now owns 433 shares of the company's stock worth $27,000 after purchasing an additional 387 shares in the last quarter. State of Wyoming bought a new position in shares of Burke & Herbert Financial Services during the first quarter worth $49,000. Tower Research Capital LLC TRC boosted its position in shares of Burke & Herbert Financial Services by 227.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company's stock worth $84,000 after purchasing an additional 936 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Burke & Herbert Financial Services by 104.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,802 shares of the company's stock worth $101,000 after purchasing an additional 920 shares in the last quarter. Finally, Larson Financial Group LLC bought a new position in shares of Burke & Herbert Financial Services during the first quarter worth $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.