Bank of New York Mellon Corp Takes Position in Burke & Herbert Financial Services Corp. $BHRB

Key Points

• Bank of New York Mellon acquired 105,134 shares of Burke & Herbert Financial Services in the second quarter, worth approximately $7.6 million and representing a 0.52% stake.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $75.25. The stock recently traded at $72.48, near its 52-week high.
• Burke & Herbert reported quarterly earnings of $2.03 per share, exceeding estimates, and pays a quarterly dividend of $0.55 per share—an annualized yield of about 3.0%.

Bank of New York Mellon Corp purchased a new stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 105,134 shares of the company's stock, valued at approximately $7,555,000. Bank of New York Mellon Corp owned 0.52% of Burke & Herbert Financial Services as of its most recent SEC filing.

A number of other large investors have also modified their holdings of BHRB. Stonebridge Financial Group LLC acquired a new stake in Burke & Herbert Financial Services in the second quarter valued at approximately $203,000. Bank of America Corp DE grew its stake in shares of Burke & Herbert Financial Services by 68.3% during the first quarter. Bank of America Corp DE now owns 32,188 shares of the company's stock worth $2,005,000 after purchasing an additional 13,063 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Burke & Herbert Financial Services by 46.1% during the first quarter. Empowered Funds LLC now owns 67,280 shares of the company's stock worth $4,191,000 after purchasing an additional 21,227 shares in the last quarter. Quantinno Capital Management LP increased its holdings in Burke & Herbert Financial Services by 13.9% in the first quarter. Quantinno Capital Management LP now owns 9,439 shares of the company's stock valued at $588,000 after buying an additional 1,150 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in Burke & Herbert Financial Services by 144.5% in the first quarter. Sei Investments Co. now owns 8,366 shares of the company's stock valued at $521,000 after buying an additional 4,944 shares during the last quarter.

Insiders Place Their Bets

In related news, Director Diane Poillon bought 1,200 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were bought at an average cost of $73.67 per share, for a total transaction of $88,404.00. Following the transaction, the director 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Georgette R. George sold 1,000 shares of Burke & Herbert Financial Services stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $73.67, for a total transaction of $73,670.00. Following the sale, the director owned 38,321 shares of the company's stock, valued at approximately $2,823,108.07. The trade was a 2.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have bought 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 corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on BHRB. DA Davidson set a $75.00 price target on shares of Burke & Herbert Financial Services in a research note on Monday, July 27th. Freedom Capital raised Burke & Herbert Financial Services from a "hold" rating to a "strong-buy" rating in a report on Friday, May 15th. Wall Street Zen upgraded Burke & Herbert Financial Services from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Keefe, Bruyette & Woods boosted their target price on Burke & Herbert Financial Services from $80.00 to $81.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Weiss Ratings raised Burke & Herbert Financial Services from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $75.25.

Burke & Herbert Financial Services Stock Up 0.3%

Shares of Burke & Herbert Financial Services stock opened at $72.48 on Friday. Burke & Herbert Financial Services Corp. has a one year low of $57.42 and a one year high of $75.08. The company has a market cap of $1.46 billion, a P/E ratio of 11.62 and a beta of 0.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a fifty day moving average of $71.88 and a two-hundred day moving average of $66.88.

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

Burke & Herbert Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Friday, August 14th. Burke & Herbert Financial Services's dividend payout ratio is currently 35.26%.

Burke & Herbert Financial Services Profile

Burke & Herbert Financial Services, Inc is a bank holding company headquartered in Alexandria, Virginia, and the parent company of Burke & Herbert Bank. The company operates as a community‐focused financial institution, offering a full suite of commercial and consumer banking products to individuals, small businesses, and nonprofit organizations in the Washington, DC metropolitan area.

The company’s core banking services include traditional deposit accounts such as checking, savings, money market and certificates of deposit, alongside digital banking platforms for online and mobile account access.

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