Burke & Herbert Financial Services (NASDAQ:BHRB) Reaches New 12-Month High Following Analyst Upgrade

Key Points

• Burke & Herbert Financial Services reached a new 52-week high after Keefe, Bruyette & Woods raised its price target to $81 from $80 and maintained an outperform rating. The stock rose 1.1% to about $74.52, while analysts’ consensus rating is “Moderate Buy” with a $75.25 target.
• The company reported quarterly earnings of $2.03 per share, exceeding the $1.98 consensus estimate, though revenue of $106.9 million fell short of expectations. Analysts project full-year earnings of $8.19 per share.
• Burke & Herbert declared a quarterly dividend of $0.55 per share, equivalent to $2.20 annually and a 3.0% yield. Insider activity was broadly positive, with insiders purchasing 11,300 shares worth $709,650 over the past three months.

Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) hit a new 52-week high on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $80.00 to $81.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Burke & Herbert Financial Services traded as high as $74.78 and last traded at $74.5190, with a volume of 34703 shares trading hands. The stock had previously closed at $73.25.

A number of other equities research analysts have also commented on the company. Freedom Capital upgraded Burke & Herbert Financial Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. Weiss Ratings raised Burke & Herbert Financial Services from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, June 29th. Finally, DA Davidson set a $75.00 price objective on Burke & Herbert Financial Services in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Burke & Herbert Financial Services has an average rating of "Moderate Buy" and a consensus target price of $75.25.

Insider Activity

In other news, Director Jose David Riojas acquired 1,000 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was bought at an average price of $62.00 per share, with a total value of $62,000.00. Following the completion of the acquisition, the director owned 20,000 shares of the company's stock, valued at approximately $1,240,000. This represents a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jill S. Upson sold 1,112 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $63.30, for a total value of $70,389.60. Following the transaction, the director owned 2,000 shares in the company, valued at $126,600. This trade represents a 35.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders bought a total of 11,300 shares of company stock valued at $709,650 in the last three months. 11.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Burke & Herbert Financial Services

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC purchased a new position in shares of Burke & Herbert Financial Services in the 4th quarter valued at about $30,000. Aquatic Capital Management LLC purchased a new stake in shares of Burke & Herbert Financial Services in the third quarter valued at approximately $117,000. Stonebridge Financial Group LLC acquired a new position in Burke & Herbert Financial Services during the second quarter worth about $203,000. Tower Research Capital LLC TRC raised its stake in shares of Burke & Herbert Financial Services by 585.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,393 shares of the company's stock worth $203,000 after buying an additional 2,898 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in Burke & Herbert Financial Services in the 2nd quarter valued at approximately $204,000.

Burke & Herbert Financial Services Stock Up 1.1%

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.10. The firm has a market cap of $1.49 billion, a PE ratio of 11.87 and a beta of 0.58. The firm's 50 day moving average is $68.32 and its 200-day moving average is $65.83.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.05. Burke & Herbert Financial Services had a return on equity of 15.11% and a net margin of 18.86%.The business had revenue of $106.90 million for the quarter, compared to analyst estimates of $112.86 million. As a group, equities research analysts expect that Burke & Herbert Financial Services Corp. will post 8.19 earnings per share for the current fiscal year.

Burke & Herbert Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.55 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.20 dividend on an annualized basis and a yield of 3.0%. Burke & Herbert Financial Services's dividend payout ratio is currently 35.26%.

Burke & Herbert Financial Services Company Profile

Burke & Herbert Financial Services, Inc is a bank holding company headquartered in Alexandria, Virginia, and the parent company of Burke & Herbert Bank. The company operates as a community‐focused financial institution, offering a full suite of commercial and consumer banking products to individuals, small businesses, and nonprofit organizations in the Washington, DC metropolitan area.

The company’s core banking services include traditional deposit accounts such as checking, savings, money market and certificates of deposit, alongside digital banking platforms for online and mobile account access.

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