Millennium Management LLC Has $1.20 Million Position in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)

Millennium Management LLC lowered its stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) by 31.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,312 shares of the company's stock after selling 8,974 shares during the period. Millennium Management LLC owned 0.13% of Burke & Herbert Financial Services worth $1,204,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BHRB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Burke & Herbert Financial Services by 7.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,711 shares of the company's stock valued at $481,000 after acquiring an additional 535 shares during the last quarter. Deutsche Bank AG raised its position in Burke & Herbert Financial Services by 65.0% in the fourth quarter. Deutsche Bank AG now owns 10,660 shares of the company's stock valued at $665,000 after purchasing an additional 4,199 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its stake in shares of Burke & Herbert Financial Services by 112.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 12,026 shares of the company's stock valued at $750,000 after purchasing an additional 6,355 shares in the last quarter. Citadel Advisors LLC grew its holdings in shares of Burke & Herbert Financial Services by 132.4% during the fourth quarter. Citadel Advisors LLC now owns 20,333 shares of the company's stock worth $1,268,000 after purchasing an additional 11,583 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Burke & Herbert Financial Services by 51.2% during the fourth quarter. Bank of America Corp DE now owns 17,518 shares of the company's stock worth $1,092,000 after purchasing an additional 5,932 shares during the last quarter.

Wall Street Analyst Weigh In

BHRB has been the topic of several recent research reports. Keefe, Bruyette & Woods cut their target price on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Wall Street Zen raised shares of Burke & Herbert Financial Services from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd.

Burke & Herbert Financial Services Trading Up 2.2%

Shares of BHRB stock traded up $1.26 on Friday, hitting $57.38. The company had a trading volume of 24,748 shares, compared to its average volume of 48,754. Burke & Herbert Financial Services Corp. has a twelve month low of $46.00 and a twelve month high of $75.32. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $860.99 million and a P/E ratio of 23.91. The stock's 50-day moving average is $54.26 and its two-hundred day moving average is $60.16.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its earnings results on Friday, April 25th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.78 by $0.02. Burke & Herbert Financial Services had a return on equity of 15.15% and a net margin of 8.88%. The business had revenue of $83.01 million for the quarter, compared to analysts' expectations of $85.50 million. On average, equities research analysts anticipate that Burke & Herbert Financial Services Corp. will post 8.05 earnings per share for the current fiscal year.

Burke & Herbert Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend was Thursday, May 15th. Burke & Herbert Financial Services's dividend payout ratio is currently 62.68%.

Burke & Herbert Financial Services declared that its board has authorized a share repurchase program on Friday, April 25th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Samuel Laing Hinson III purchased 4,802 shares of the business's stock in a transaction on Friday, May 23rd. The shares were purchased at an average cost of $55.00 per share, for a total transaction of $264,110.00. Following the acquisition, the director now owns 33,602 shares of the company's stock, valued at approximately $1,848,110. This represents a 16.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jose David Riojas purchased 500 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was bought at an average cost of $55.85 per share, with a total value of $27,925.00. Following the completion of the purchase, the director now owns 19,000 shares of the company's stock, valued at approximately $1,061,150. This represents a 2.70% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 12,442 shares of company stock worth $685,888 over the last three months. 10.92% of the stock is owned by company insiders.

About Burke & Herbert Financial Services

Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates through the following loan portfolio segments: Commercial Real Estate, Owner-Occupied Commercial Real Estate, Acquisition, Construction, and Development, Commercial and Industrial, Single Family Residential (1-4 Units), and Consumer Non-Real Estate and Other.