Burke & Herbert Financial Services (NASDAQ:BHRB) Price Target Raised to $72.00

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 - Get Free Report) had its price target hoisted by equities researchers at Keefe, Bruyette & Woods from $70.00 to $72.00 in a report released on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 14.56% from the company's current price.

Several other brokerages have also issued reports on BHRB. Janney Montgomery Scott assumed coverage on shares of Burke & Herbert Financial Services in a research report on Thursday, July 10th. They issued a "buy" rating and a $70.00 target price on the stock. Wall Street Zen lowered shares of Burke & Herbert Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday.

Burke & Herbert Financial Services Stock Down 0.9%

NASDAQ:BHRB opened at $62.85 on Monday. The firm has a market capitalization of $943.38 million, a P/E ratio of 9.12 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 company's fifty day moving average price is $59.73 and its 200-day moving average price is $58.77. 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 released its quarterly earnings results on Thursday, July 24th. The company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.85 by $0.12. The company had revenue of $87.11 million for the quarter, compared to analyst estimates of $86.06 million. Burke & Herbert Financial Services had a net margin of 20.93% and a return on equity of 15.59%. As a group, equities research analysts anticipate that Burke & Herbert Financial Services will post 8.05 EPS for the current year.

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

Insiders Place Their Bets

In other news, Director Shawn Patrick Mclaughlin bought 1,000 shares of Burke & Herbert Financial Services stock in a transaction on Wednesday, May 7th. The shares were bought at an average cost 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 approximately $3,616,000. This trade 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 available at this link. Also, Director Jose David Riojas purchased 500 shares of Burke & Herbert Financial Services 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 completion of the purchase, the director directly owned 19,000 shares in the company, valued at approximately $1,061,150. This trade represents a 2.70% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 10,302 shares of company stock valued at $560,535 over the last ninety days. Company insiders own 10.92% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in shares of Burke & Herbert Financial Services by 732.7% in the 2nd quarter. CWM LLC now owns 841 shares of the company's stock valued at $50,000 after buying an additional 740 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Burke & Herbert Financial Services by 7.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,600 shares of the company's stock valued at $422,000 after purchasing an additional 470 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Burke & Herbert Financial Services by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 71,849 shares of the company's stock worth $4,031,000 after buying an additional 10,117 shares during the last quarter. Jane Street Group LLC purchased a new position in Burke & Herbert Financial Services during the 1st quarter worth $1,287,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Burke & Herbert Financial Services by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,030 shares of the company's stock worth $451,000 after buying an additional 319 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.

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