Burke & Herbert Financial Services (NASDAQ:BHRB) Upgraded by Wall Street Zen to "Buy" Rating

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Sunday.

Several other brokerages also recently issued reports on BHRB. Keefe, Bruyette & Woods cut their target price on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Janney Montgomery Scott started coverage on shares of Burke & Herbert Financial Services in a research note on Thursday. They set a "buy" rating and a $70.00 target price on the stock.

Burke & Herbert Financial Services Price Performance

BHRB stock traded down $1.40 on Friday, hitting $63.43. 44,511 shares of the company's stock traded hands, compared to its average volume of 53,668. The stock has a market cap of $951.77 million, a price-to-earnings ratio of 18.07 and a beta of 1.21. Burke & Herbert Financial Services has a 1-year low of $47.57 and a 1-year high of $75.32. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.15. The stock has a fifty day moving average of $58.42 and a 200-day moving average of $58.56.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.02. The firm had revenue of $83.01 million for the quarter, compared to analyst estimates of $85.50 million. Burke & Herbert Financial Services had a net margin of 12.02% and a return on equity of 15.20%. On average, analysts forecast that Burke & Herbert Financial Services will post 8.05 EPS for the current fiscal year.

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

Insider Transactions at Burke & Herbert Financial Services

In related news, Director Shawn Patrick Mclaughlin purchased 1,000 shares of the company's stock in a transaction dated Wednesday, May 7th. The shares were acquired 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 owned 64,000 shares of the company's stock, valued at $3,616,000. The trade was a 1.59% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Samuel Laing Hinson III purchased 4,802 shares of the company's stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $55.00 per share, for a total transaction of $264,110.00. Following the completion of the purchase, the director directly owned 33,602 shares of the company's stock, valued at $1,848,110. The trade was a 16.67% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 10,302 shares of company stock valued at $560,535. 10.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Several institutional investors have recently bought and sold shares of BHRB. Hotchkis & Wiley Capital Management LLC bought a new position in Burke & Herbert Financial Services during the first quarter valued at about $5,762,000. Fourthstone LLC grew its position in shares of Burke & Herbert Financial Services by 14.3% in the fourth quarter. Fourthstone LLC now owns 454,526 shares of the company's stock valued at $28,344,000 after purchasing an additional 56,928 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Burke & Herbert Financial Services by 94.4% in the fourth quarter. JPMorgan Chase & Co. now owns 64,526 shares of the company's stock valued at $4,024,000 after purchasing an additional 31,327 shares during the last quarter. AA Financial Advisors LLC acquired a new stake in shares of Burke & Herbert Financial Services in the first quarter valued at about $1,749,000. Finally, Segall Bryant & Hamill LLC acquired a new stake in shares of Burke & Herbert Financial Services in the first quarter valued at about $1,723,000.

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.