Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Stock to Pay Quarterly Dividend of $0.55

Key Points

• Burke & Herbert Financial Services declared a quarterly dividend of $0.55 per share, payable December 1 to shareholders of record November 13. The dividend implies an annualized payout of $2.20 and a 3.1% yield, with a 28% payout ratio.
• The company reported quarterly earnings of $2.14 per share, beating analysts’ $2.05 estimate, although revenue of $119.74 million fell short of the $121.32 million consensus forecast. Analysts expect full-year earnings of $8.09 per share.
• Institutional interest increased, highlighted by BlackRock’s new $87.6 million stake, while recent insider activity was mixed: directors bought 1,369 shares and sold 5,650 shares over the past 90 days.

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) announced a quarterly dividend on Thursday, October 22nd. Investors of record on Friday, November 13th will be given a dividend of $0.55 per share on Tuesday, December 1st. This represents a $2.20 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, November 13th.

Burke & Herbert Financial Services has a payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Burke & Herbert Financial Services to earn $8.78 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 25.1%.

Burke & Herbert Financial Services Stock Up 3.3%

Shares of NASDAQ BHRB opened at $71.73 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. Burke & Herbert Financial Services has a 1 year low of $58.01 and a 1 year high of $75.08. The stock's 50-day simple moving average is $70.52 and its 200-day simple moving average is $68.40. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 8.85 and a beta of 0.58.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The company reported $2.14 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.09. Burke & Herbert Financial Services had a net margin of 18.86% and a return on equity of 13.66%. The company had revenue of $119.74 million during the quarter, compared to analyst estimates of $121.32 million. As a group, equities analysts anticipate that Burke & Herbert Financial Services will post 8.09 earnings per share for the current fiscal year.

Insider Activity

In other Burke & Herbert Financial Services news, Director James P. Geary II sold 3,150 shares of Burke & Herbert Financial Services stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $73.93, for a total transaction of $232,879.50. Following the sale, the director owned 9,457 shares of the company's stock, valued at $699,156.01. The trade was a 24.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane Poillon acquired 1,200 shares of Burke & Herbert Financial Services stock in a transaction that occurred on Wednesday, August 12th. The stock was bought at an average cost of $73.67 per share, with a total value of $88,404.00. Following the acquisition, the director directly owned 4,128 shares of the company's stock, valued at approximately $304,109.76. This trade represents a 40.98% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 1,369 shares of company stock worth $100,747 and have sold 5,650 shares worth $416,094. 11.99% of the stock is owned by company insiders.

Institutional Trading of Burke & Herbert Financial Services

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Burke & Herbert Financial Services in the second quarter worth $87,556,000. Dimensional Fund Advisors LP lifted its stake in Burke & Herbert Financial Services by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 367,948 shares of the company's stock worth $22,919,000 after acquiring an additional 49,957 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Burke & Herbert Financial Services in the 2nd quarter worth about $7,555,000. Empowered Funds LLC acquired a new stake in Burke & Herbert Financial Services during the 2nd quarter worth about $5,140,000. Finally, Pinnacle Holdings LLC purchased a new position in Burke & Herbert Financial Services during the 2nd quarter valued at about $3,101,000.

Burke & Herbert Financial Services Company Profile

Burke & Herbert Financial Services Corp. is the bank holding company for Burke & Herbert Bank & Trust Company, a community bank headquartered in Alexandria, Virginia. The bank traces its history to 1852 and serves consumers, businesses, nonprofit organizations and government-related entities in the Washington, DC, metropolitan region.

Burke & Herbert Bank provides traditional banking services, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, commercial real estate financing and business loans.

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