Bank of America Corp DE Acquires New Shares in Burke & Herbert Financial Services Corp. $BHRB

Key Points

• Bank of America acquired 37,570 shares of Burke & Herbert Financial Services in the second quarter, worth approximately $2.7 million and representing a 0.19% stake.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $75.25; Keefe, Bruyette & Woods raised its target to $81.
• BHRB reported quarterly earnings of $2.03 per share, exceeding estimates, and maintains a quarterly dividend of $0.55, equivalent to an annualized yield of about 3.2%.

Bank of America Corp DE acquired a new stake in shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 37,570 shares of the company's stock, valued at approximately $2,700,000. Bank of America Corp DE owned 0.19% of Burke & Herbert Financial Services as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BHRB. Stonebridge Financial Group LLC purchased a new position in shares of Burke & Herbert Financial Services in the 2nd quarter worth $203,000. The Manufacturers Life Insurance Company bought a new position in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $291,000. Freestone Grove Partners LP purchased a new position in shares of Burke & Herbert Financial Services in the second quarter worth approximately $364,000. Y Intercept Hong Kong Ltd boosted its holdings in shares of Burke & Herbert Financial Services by 58.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 6,013 shares of the company's stock worth $375,000 after buying an additional 2,230 shares during the last quarter. Finally, Jupiter Topco LLC bought a new stake in Burke & Herbert Financial Services during the second quarter valued at approximately $446,000.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BHRB. Wall Street Zen raised shares of Burke & Herbert Financial Services from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. DA Davidson set a $75.00 price target on shares of Burke & Herbert Financial Services in a research note on Monday, July 27th. Weiss Ratings raised shares of Burke & Herbert Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods upped their price objective on Burke & Herbert Financial Services from $80.00 to $81.00 and gave the stock an "outperform" rating in a research note 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.com, Burke & Herbert Financial Services has a consensus rating of "Moderate Buy" and a consensus price target of $75.25.

Insiders Place Their Bets

In other Burke & Herbert Financial Services news, Director Diane Poillon purchased 1,200 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was acquired at an average cost of $73.67 per share, for a total transaction of $88,404.00. Following the purchase, the director directly owned 4,128 shares of the company's stock, valued at $304,109.76. This trade represents a 40.98% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the director owned 258,480 shares of the company's stock, valued at $18,876,794.40. The trade was a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders purchased 1,369 shares of company stock valued at $100,747 and sold 5,650 shares valued at $416,094. Corporate insiders own 11.99% of the company's stock.

Burke & Herbert Financial Services Stock Performance

Shares of NASDAQ BHRB opened at $68.60 on Thursday. The stock has a market cap of $1.39 billion, a PE ratio of 10.99 and a beta of 0.56. Burke & Herbert Financial Services Corp. has a 1 year low of $57.42 and a 1 year high of $75.08. The firm has a fifty day moving average price of $71.71 and a 200-day moving average price of $67.54. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $2.03 earnings per share for the quarter, beating analysts' consensus estimates of $1.98 by $0.05. The company had revenue of $106.89 million for the quarter, compared to analysts' expectations of $112.86 million. Burke & Herbert Financial Services had a net margin of 18.86% and a return on equity of 13.66%. Equities analysts anticipate that Burke & Herbert Financial Services Corp. will post 8.19 earnings per share for the current fiscal year.

Burke & Herbert Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a $0.55 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.20 dividend on an annualized basis and a yield of 3.2%. Burke & Herbert Financial Services's payout ratio is currently 35.26%.

Burke & Herbert Financial Services Company Profile

Burke & Herbert Financial Services Corp. is the bank holding company for Burke & Herbert Bank, a community-focused financial institution headquartered in Alexandria, Virginia. Founded in 1852, Burke & Herbert Bank is one of the oldest continuously operating banks in Virginia and has built its business around serving individuals, families, businesses and nonprofit organizations.

Through its banking subsidiary, the company offers deposit accounts, consumer and commercial lending, residential mortgage services, cash-management and other treasury services, online and mobile banking, and investment and wealth-management solutions.

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