BlackRock Inc. Makes New $87.56 Million Investment in Burke & Herbert Financial Services Corp. $BHRB

Key Points

• BlackRock acquired a new 6.05% stake in Burke & Herbert Financial Services during the second quarter, purchasing 1.22 million shares valued at approximately $87.6 million.
• Analyst sentiment is broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $75.25, compared with its reported price of $71.71.
• The company exceeded quarterly earnings expectations with EPS of $2.03 versus the $1.98 estimate and declared a quarterly dividend of $0.55, equivalent to a 3.1% annualized yield.

BlackRock Inc. acquired a new position 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 Securities and Exchange Commission (SEC). The institutional investor acquired 1,218,420 shares of the company's stock, valued at approximately $87,556,000. BlackRock Inc. owned approximately 6.05% of Burke & Herbert Financial Services as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Burke & Herbert Financial Services by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 779,800 shares of the company's stock valued at $48,589,000 after purchasing an additional 14,358 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Burke & Herbert Financial Services by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 367,948 shares of the company's stock worth $22,919,000 after purchasing an additional 49,957 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Burke & Herbert Financial Services by 68.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 164,263 shares of the company's stock worth $10,235,000 after buying an additional 66,778 shares during the period. Endeavour Capital Advisors Inc. boosted its position in shares of Burke & Herbert Financial Services by 22.0% in the fourth quarter. Endeavour Capital Advisors Inc. now owns 125,323 shares of the company's stock worth $7,809,000 after buying an additional 22,601 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Burke & Herbert Financial Services in the second quarter valued at about $7,555,000.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Burke & Herbert Financial Services news, Director James Mason Burke sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $73.03, for a total value of $109,545.00. Following the sale, the director owned 258,480 shares in the company, valued at approximately $18,876,794.40. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Georgette R. George sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $73.67, for a total value of $73,670.00. Following the completion of the sale, the director owned 38,321 shares in the company, valued at approximately $2,823,108.07. This represents a 2.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 6,369 shares of company stock worth $414,547 and have sold 5,650 shares worth $416,094. 11.99% of the stock is currently owned by insiders.

Burke & Herbert Financial Services Stock Up 0.1%

NASDAQ:BHRB opened at $71.71 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. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 11.49 and a beta of 0.57. Burke & Herbert Financial Services Corp. has a one year low of $57.42 and a one year high of $75.08. The stock has a 50-day simple moving average of $71.55 and a 200 day simple moving average of $66.82.

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

Burke & Herbert Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, August 14th. Burke & Herbert Financial Services's dividend payout ratio (DPR) is 35.26%.

Burke & Herbert Financial Services Company 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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