Keefe, Bruyette & Woods Issues Pessimistic Forecast for Burke & Herbert Financial Services (NASDAQ:BHRB) Stock Price

Burke & Herbert Financial Services (NASDAQ:BHRB - Free Report) had its target price reduced by Keefe, Bruyette & Woods from $73.00 to $70.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Burke & Herbert Financial Services Price Performance

Shares of BHRB traded up $1.61 during mid-day trading on Tuesday, reaching $57.39. The company had a trading volume of 22,866 shares, compared to its average volume of 49,800. The company has a market capitalization of $859.87 million and a price-to-earnings ratio of 23.91. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83. The company's 50 day simple moving average is $55.31 and its 200 day simple moving average is $61.60. Burke & Herbert Financial Services has a 1-year low of $46.00 and a 1-year high of $75.32.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last posted its earnings results on Friday, April 25th. The company reported $1.80 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.02. The firm 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 8.88% and a return on equity of 15.15%. Analysts expect that Burke & Herbert Financial Services will post 8.05 EPS for the current year.

Burke & Herbert Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be given a dividend of $0.55 per share. The ex-dividend date is Thursday, May 15th. This represents a $2.20 annualized dividend and a yield of 3.83%. Burke & Herbert Financial Services's dividend payout ratio is presently 62.68%.

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

Insider Activity

In related news, Director Samuel Laing Hinson III bought 4,000 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were purchased at an average cost of $53.00 per share, with a total value of $212,000.00. Following the acquisition, the director now owns 28,800 shares of the company's stock, valued at $1,526,400. This represents a 16.13 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary L. Hinkle purchased 3,000 shares of Burke & Herbert Financial Services stock in a transaction on Monday, February 10th. The stock was bought at an average price of $64.97 per share, for a total transaction of $194,910.00. Following the transaction, the director now directly owns 248,459 shares in the company, valued at approximately $16,142,381.23. The trade was a 1.22 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 21,140 shares of company stock valued at $1,280,263. Insiders own 10.92% of the company's stock.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Burke & Herbert Financial Services by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 732,163 shares of the company's stock worth $45,658,000 after acquiring an additional 22,559 shares during the period. Fourthstone LLC grew its stake in Burke & Herbert Financial Services by 14.3% during the fourth quarter. Fourthstone LLC now owns 454,526 shares of the company's stock worth $28,344,000 after purchasing an additional 56,928 shares during the period. Northern Trust Corp increased its holdings in Burke & Herbert Financial Services by 5.1% in the fourth quarter. Northern Trust Corp now owns 130,117 shares of the company's stock worth $8,114,000 after purchasing an additional 6,313 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Burke & Herbert Financial Services by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 110,559 shares of the company's stock valued at $6,894,000 after buying an additional 2,078 shares during the period. Finally, Verdence Capital Advisors LLC boosted its holdings in shares of Burke & Herbert Financial Services by 4.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 71,707 shares of the company's stock worth $4,023,000 after buying an additional 3,323 shares in the last quarter.

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.