Burke & Herbert Financial Services (NASDAQ:BHRB) Price Target Cut to $70.00 by Analysts at Keefe, Bruyette & Woods

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) had its price objective decreased by Keefe, Bruyette & Woods from $73.00 to $70.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 29.65% from the company's current price.

Burke & Herbert Financial Services Trading Up 1.1 %

Burke & Herbert Financial Services stock traded up $0.59 during mid-day trading on Tuesday, hitting $53.99. 15,374 shares of the company's stock were exchanged, compared to its average volume of 49,686. The company's 50 day simple moving average is $55.83 and its 200-day simple moving average is $61.75. 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 market capitalization of $808.93 million and a P/E ratio of 22.50. Burke & Herbert Financial Services has a fifty-two week low of $46.00 and a fifty-two week high of $75.32.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.78 by $0.02. The business 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%. On average, equities analysts anticipate that Burke & Herbert Financial Services will post 8.05 earnings per share for the current year.

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

Insider Buying and Selling at Burke & Herbert Financial Services

In other news, Director Julian Forrest Jr. Barnwell bought 1,140 shares of the firm's stock in a transaction on Thursday, March 13th. The shares were purchased at an average cost of $58.38 per share, with a total value of $66,553.20. Following the acquisition, the director now directly owns 91,361 shares in the company, valued at $5,333,655.18. This represents a 1.26 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary L. Hinkle acquired 1,000 shares of the stock in a transaction on Friday, January 31st. The shares were purchased at an average price of $64.48 per share, with a total value of $64,480.00. Following the completion of the transaction, the director now owns 244,355 shares of the company's stock, valued at approximately $15,756,010.40. This represents a 0.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 19,140 shares of company stock valued at $1,195,743 in the last three months. 10.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Several hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC lifted its stake in shares of Burke & Herbert Financial Services by 841.3% in the fourth quarter. Sterling Capital Management LLC now owns 433 shares of the company's stock worth $27,000 after acquiring an additional 387 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Burke & Herbert Financial Services by 227.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company's stock valued at $84,000 after purchasing an additional 936 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Burke & Herbert Financial Services during the fourth quarter worth $156,000. Squarepoint Ops LLC bought a new position in Burke & Herbert Financial Services during the fourth quarter worth $218,000. Finally, ProShare Advisors LLC acquired a new position in Burke & Herbert Financial Services in the fourth quarter valued at $238,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.