Empowered Funds LLC Buys New Stake in Burke & Herbert Financial Services Corp. $BHRB

Key Points

• Empowered Funds LLC acquired 71,532 shares of Burke & Herbert Financial Services in the second quarter, worth approximately $5.14 million and representing about 0.35% of the company.
• Analyst sentiment is moderately bullish, with an average rating of “Moderate Buy” and an average price target of $75.25. Recent insider activity was mixed, with insiders purchasing 6,369 shares and selling 5,650 shares over the past 90 days.
• The company reported quarterly EPS of $2.03, exceeding the $1.98 consensus estimate, and declared a quarterly dividend of $0.55, equating to an annualized yield of approximately 3.1%.

Empowered Funds LLC acquired a new stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 71,532 shares of the company's stock, valued at approximately $5,140,000. Empowered Funds LLC owned about 0.35% of Burke & Herbert Financial Services as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Burke & Herbert Financial Services by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,030 shares of the company's stock worth $451,000 after acquiring an additional 319 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Burke & Herbert Financial Services by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 71,849 shares of the company's stock valued at $4,031,000 after acquiring an additional 10,117 shares during the last quarter. Jane Street Group LLC acquired a new position in Burke & Herbert Financial Services in the first quarter valued at approximately $1,287,000. JPMorgan Chase & Co. lifted its position in Burke & Herbert Financial Services by 32.2% in the second quarter. JPMorgan Chase & Co. now owns 49,511 shares of the company's stock valued at $2,957,000 after buying an additional 12,057 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Burke & Herbert Financial Services by 4.2% during the 2nd quarter. Legal & General Group Plc now owns 13,389 shares of the company's stock worth $798,000 after purchasing an additional 538 shares during the period.

Insider Buying and Selling

In other Burke & Herbert Financial Services news, Director James P. Geary II sold 3,150 shares of the firm's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $73.93, for a total transaction of $232,879.50. Following the sale, the director directly owned 9,457 shares of the company's stock, valued at $699,156.01. This trade represents a 24.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diane Poillon purchased 1,200 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were purchased at an average cost of $73.67 per share, for a total transaction of $88,404.00. Following the completion of the purchase, the director directly owned 4,128 shares in the company, valued at $304,109.76. The trade was a 40.98% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 6,369 shares of company stock worth $414,547 and sold 5,650 shares worth $416,094. Company insiders own 11.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. 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. DA Davidson set a $75.00 price target on Burke & Herbert Financial Services in a report on Monday, July 27th. Wall Street Zen raised Burke & Herbert Financial Services from a "sell" rating to a "hold" rating in a report on Sunday, August 9th. Freedom Capital upgraded shares of Burke & Herbert Financial Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. Finally, Keefe, Bruyette & Woods increased their target price on shares of 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 issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Burke & Herbert Financial Services presently has an average rating of "Moderate Buy" and an average target price of $75.25.

Burke & Herbert Financial Services Stock Performance

NASDAQ BHRB opened at $71.31 on Tuesday. Burke & Herbert Financial Services Corp. has a fifty-two week low of $57.42 and a fifty-two week high of $75.08. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 11.43 and a beta of 0.57. The business has a fifty day moving average of $71.66 and a 200-day moving average of $66.81. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $2.03 EPS for the quarter, beating analysts' consensus estimates of $1.98 by $0.05. The business had revenue of $106.89 million for the quarter, compared to analyst estimates of $112.86 million. Burke & Herbert Financial Services had a return on equity of 13.66% and a net margin of 18.86%. As a group, analysts predict 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 yield of 3.1%. The ex-dividend date is Friday, August 14th. Burke & Herbert Financial Services's dividend payout ratio is 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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