Burke & Herbert Financial Services (NASDAQ:BHRB) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• Burke & Herbert Financial Services beat earnings expectations: Quarterly EPS was $2.14 versus the $2.05 consensus, while revenue of $119.74 million came in below the $121.32 million estimate.
• Shares rose 3.3% to $71.73 following the results. The stock has a $1.45 billion market capitalization and trades at a price-to-earnings ratio of 11.50.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a consensus price target of $76.67; meanwhile, insiders sold 5,650 shares during the quarter and own nearly 12% of the company.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $2.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.09, FiscalAI reports. The firm had revenue of $119.74 million for the quarter, compared to the consensus estimate of $121.32 million. Burke & Herbert Financial Services had a return on equity of 13.66% and a net margin of 18.86%.

Burke & Herbert Financial Services Stock Up 3.3%

Shares of BHRB stock traded up $2.26 during trading hours on Thursday, hitting $71.73. 196,413 shares of the company were exchanged, compared to its average volume of 132,140. Burke & Herbert Financial Services has a 52 week low of $58.01 and a 52 week high of $75.08. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $70.55 and a two-hundred day moving average of $68.34. The company has a market capitalization of $1.45 billion, a PE ratio of 11.50 and a beta of 0.58.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BHRB shares. Weiss Ratings raised Burke & Herbert Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded Burke & Herbert Financial Services from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. DA Davidson set a $75.00 price objective on Burke & Herbert Financial Services in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Burke & Herbert Financial Services from $80.00 to $81.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Burke & Herbert Financial Services presently has an average rating of "Moderate Buy" and a consensus price target of $76.67.

Insider Activity at Burke & Herbert Financial Services

In related news, Director James P. Geary II sold 3,150 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $73.93, for a total transaction of $232,879.50. Following the completion of the transaction, the director directly owned 9,457 shares in the company, valued at approximately $699,156.01. This trade represents a 24.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Mason Burke sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $73.03, for a total value of $109,545.00. Following the transaction, the director directly owned 258,480 shares of the company's stock, valued at approximately $18,876,794.40. This trade represents a 0.58% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders bought 1,369 shares of company stock valued at $100,747 and sold 5,650 shares valued at $416,094. Company insiders own 11.99% of the company's stock.

About Burke & Herbert Financial Services

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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