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

Key Points

• The price target for Burke & Herbert Financial Services has been raised from $70.00 to $72.00 by Keefe, Bruyette & Woods, indicating a potential upside of 14.56% from the current price.
• The company reported $1.97 EPS for the last quarter, outperforming analyst expectations, and had revenue of $87.11 million against estimates of $86.06 million.
• Burke & Herbert Financial Services has authorized a stock buyback program worth $50 million, allowing them to repurchase up to 6.5% of its outstanding shares, indicating management believes the stock is undervalued.

Burke & Herbert Financial Services (NASDAQ:BHRB - Free Report) had its price target raised by Keefe, Bruyette & Woods from $70.00 to $72.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Burke & Herbert Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Janney Montgomery Scott started coverage on Burke & Herbert Financial Services in a research note on Thursday, July 10th. They set a "buy" rating and a $70.00 price objective for the company.

Burke & Herbert Financial Services Stock Down 1.5%

BHRB stock traded down $0.88 during midday trading on Monday, hitting $57.91. The stock had a trading volume of 35,459 shares, compared to its average volume of 54,658. Burke & Herbert Financial Services has a 52-week low of $47.57 and a 52-week high of $75.32. The firm has a market cap of $869.15 million, a price-to-earnings ratio of 8.42 and a beta of 1.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50-day moving average of $59.92 and a two-hundred day moving average of $58.82.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.85 by $0.12. The business had revenue of $87.11 million during the quarter, compared to analysts' expectations of $86.06 million. Burke & Herbert Financial Services had a return on equity of 15.59% and a net margin of 20.93%. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.8%. The ex-dividend date is Friday, August 15th. Burke & Herbert Financial Services's dividend payout ratio (DPR) is presently 31.93%.

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

Insider Buying and Selling

In other news, Director Samuel Laing Hinson III purchased 4,802 shares of the business's 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 completion of the acquisition, the director owned 33,602 shares of the company's stock, valued at $1,848,110. This trade represents a 16.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jose David Riojas purchased 500 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was bought at an average cost of $55.85 per share, with a total value of $27,925.00. Following the acquisition, the director owned 19,000 shares of the company's stock, valued at approximately $1,061,150. The trade was a 2.70% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 6,302 shares of company stock worth $348,535 in the last three months. 10.92% of the stock is owned by insiders.

Institutional Trading of Burke & Herbert Financial Services

Several institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC boosted its stake in 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 buying an additional 387 shares during the last quarter. CWM LLC increased its stake in Burke & Herbert Financial Services by 732.7% during the second quarter. CWM LLC now owns 841 shares of the company's stock worth $50,000 after acquiring an additional 740 shares during the last quarter. State of Wyoming acquired a new stake in Burke & Herbert Financial Services during the first quarter worth $49,000. Tower Research Capital LLC TRC increased its stake in 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 acquiring an additional 936 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in 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 acquiring an additional 920 shares during the last quarter.

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.