Burke & Herbert Financial Services (NASDAQ:BHRB) Stock Rating Lowered by Wall Street Zen

Key Points

• Burke & Herbert Financial Services has been downgraded by Wall Street Zen from a "buy" rating to a "hold" rating, affecting investor sentiment.
• The company's quarterly earnings exceeded expectations, reporting $1.97 EPS and $87.11 million in revenue, indicating strong financial performance.
• Burke & Herbert Financial has authorized a share buyback plan allowing it to repurchase up to $50 million in shares, reflecting management's confidence in its stock valuation.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Several other research firms have also commented on BHRB. Keefe, Bruyette & Woods lowered their price target on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Janney Montgomery Scott initiated coverage on shares of Burke & Herbert Financial Services in a report on Thursday, July 10th. They issued a "buy" rating and a $70.00 price objective for the company.

Burke & Herbert Financial Services Stock Down 0.9%

Burke & Herbert Financial Services stock opened at $62.85 on Friday. The company has a 50-day simple moving average of $59.73 and a 200-day simple moving average of $58.75. 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 quick ratio of 0.83 and a current ratio of 0.83. Burke & Herbert Financial Services has a one year low of $47.57 and a one 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, topping the consensus estimate of $1.85 by $0.12. The business had revenue of $87.11 million during 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 analysts expect 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 authorized a share buyback plan on Friday, April 25th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Jose David Riojas purchased 500 shares of the business'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 $1,061,150. The trade was a 2.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Samuel Laing Hinson III purchased 4,802 shares of the business's stock in a transaction on Friday, May 23rd. The stock was 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 directly owned 33,602 shares in the company, valued at $1,848,110. The trade was a 16.67% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 10,302 shares of company stock valued at $560,535. 10.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

A number of institutional investors and hedge funds have recently bought and sold shares of BHRB. Sterling Capital Management LLC lifted its holdings in Burke & Herbert Financial Services by 841.3% in the 4th quarter. Sterling Capital Management LLC now owns 433 shares of the company's stock valued at $27,000 after acquiring an additional 387 shares during the last quarter. State of Wyoming purchased a new stake in Burke & Herbert Financial Services during the first quarter valued at about $49,000. CWM LLC lifted 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 valued at $50,000 after buying an additional 740 shares in the last quarter. Tower Research Capital LLC TRC lifted 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 valued at $84,000 after buying an additional 936 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted 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 valued at $101,000 after buying an additional 920 shares in the last quarter.

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.

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