Burke & Herbert Financial Services (NASDAQ:BHRB) Upgraded at Wall Street Zen

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

Several other research firms have also recently commented on BHRB. Janney Montgomery Scott initiated 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 for the company. Keefe, Bruyette & Woods dropped their target price 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.

Burke & Herbert Financial Services Trading Up 0.9%

Shares of Burke & Herbert Financial Services stock traded up $0.54 during trading on Friday, reaching $63.69. The company's stock had a trading volume of 72,993 shares, compared to its average volume of 54,148. Burke & Herbert Financial Services has a 52-week low of $47.57 and a 52-week high of $75.32. The company has a market cap of $955.67 million, a price-to-earnings ratio of 18.15 and a beta of 1.21. The firm's 50-day moving average is $58.72 and its two-hundred day moving average is $58.57. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.02. The business had revenue of $83.01 million during the quarter, compared to analysts' expectations 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, sell-side analysts anticipate that Burke & Herbert Financial Services will post 8.05 earnings per share for the current year.

Burke & Herbert Financial Services declared that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Burke & Herbert Financial Services news, Director Jose David Riojas purchased 500 shares of the firm's stock in a transaction that occurred on 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 purchase, the director directly owned 19,000 shares in the company, valued at $1,061,150. The trade was a 2.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shawn Patrick Mclaughlin purchased 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average price 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 in the company, valued at $3,616,000. This represents a 1.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 10,302 shares of company stock worth $560,535 in the last three months. 10.92% of the stock is owned by corporate insiders.

Institutional Trading of Burke & Herbert Financial Services

A number of institutional investors and hedge funds have recently bought and sold shares of BHRB. Sterling Capital Management LLC increased its stake in Burke & Herbert Financial Services by 841.3% during the 4th quarter. Sterling Capital Management LLC now owns 433 shares of the company's stock valued at $27,000 after purchasing an additional 387 shares in the last quarter. State of Wyoming bought a new stake in Burke & Herbert Financial Services during the 1st quarter valued at about $49,000. Tower Research Capital LLC TRC increased its stake in Burke & Herbert Financial Services by 227.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company's stock valued at $84,000 after purchasing an additional 936 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Burke & Herbert Financial Services by 104.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,802 shares of the company's stock valued at $101,000 after purchasing an additional 920 shares in the last quarter. Finally, Larson Financial Group LLC bought a new stake in shares of Burke & Herbert Financial Services in the first quarter worth approximately $141,000.

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.