Burke & Herbert Financial Services (NASDAQ:BHRB) Sees Large Volume Increase - Here's Why

Key Points

• Burke & Herbert Financial Services experienced a 2% increase in trading volume with 45,073 shares traded, reflecting investor interest as the stock rose to $62.80 from a previous close of $62.53.
• Analysts have mixed perspectives on the stock, with target price adjustments ranging from $70 to $73, while Wall Street Zen downgraded its rating from "buy" to "hold".
• The company reported positive quarterly earnings, with earnings per share of $1.97 exceeding estimates, and announced a dividend of $0.55 per share, representing an annual yield of 3.5%.

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) saw an uptick in trading volume on Wednesday . 45,073 shares traded hands during mid-day trading, an increase of 2% from the previous session's volume of 44,111 shares.The stock last traded at $62.80 and had previously closed at $62.53.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BHRB. DA Davidson lifted their target price on shares of Burke & Herbert Financial Services from $69.00 to $73.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Janney Montgomery Scott began 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. Keefe, Bruyette & Woods lifted their target price on shares of Burke & Herbert Financial Services from $70.00 to $72.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Finally, Wall Street Zen downgraded shares of Burke & Herbert Financial Services from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Burke & Herbert Financial Services presently has an average rating of "Buy" and a consensus price target of $71.67.

Burke & Herbert Financial Services Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $935.30 million, a price-to-earnings ratio of 9.12 and a beta of 1.21. The stock's 50 day simple moving average is $61.56 and its 200-day simple moving average is $58.34.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $1.97 earnings per share for the quarter, topping 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 net margin of 20.93% and a return on equity of 15.39%. On average, analysts expect that Burke & Herbert Financial Services Corp. will post 8.05 EPS for the current fiscal year.

Burke & Herbert Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, August 15th. Burke & Herbert Financial Services's dividend payout ratio is currently 31.93%.

Institutional Trading of Burke & Herbert Financial Services

Several large investors have recently modified their holdings of the company. Quantbot Technologies LP boosted its holdings in shares of Burke & Herbert Financial Services by 8.1% during the 2nd quarter. Quantbot Technologies LP now owns 3,897 shares of the company's stock worth $233,000 after buying an additional 292 shares during the period. Rhumbline Advisers boosted its holdings in shares of Burke & Herbert Financial Services by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 17,961 shares of the company's stock worth $1,073,000 after buying an additional 298 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 period. PNC Financial Services Group Inc. boosted its holdings in shares of Burke & Herbert Financial Services by 22.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,202 shares of the company's stock worth $132,000 after buying an additional 400 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Burke & Herbert Financial Services by 7.7% during 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.

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.

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.