Northern Trust Corp Grows Stock Position in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)

Northern Trust Corp increased its position in shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,117 shares of the company's stock after purchasing an additional 6,313 shares during the quarter. Northern Trust Corp owned approximately 0.87% of Burke & Herbert Financial Services worth $8,114,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BHRB. Trexquant Investment LP acquired a new stake in Burke & Herbert Financial Services in the fourth quarter worth about $367,000. JPMorgan Chase & Co. grew its stake in Burke & Herbert Financial Services by 481.5% in the third quarter. JPMorgan Chase & Co. now owns 33,199 shares of the company's stock valued at $2,025,000 after acquiring an additional 27,490 shares during the period. American Century Companies Inc. grew its stake in Burke & Herbert Financial Services by 30.1% in the fourth quarter. American Century Companies Inc. now owns 25,558 shares of the company's stock valued at $1,594,000 after acquiring an additional 5,917 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Burke & Herbert Financial Services by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 110,559 shares of the company's stock valued at $6,894,000 after purchasing an additional 2,078 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Burke & Herbert Financial Services by 117.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,829 shares of the company's stock valued at $613,000 after purchasing an additional 5,319 shares during the period.

Burke & Herbert Financial Services Stock Performance

Shares of BHRB traded down $0.21 during mid-day trading on Friday, reaching $55.38. The company's stock had a trading volume of 32,468 shares, compared to its average volume of 49,250. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.15. Burke & Herbert Financial Services Corp. has a 1-year low of $46.00 and a 1-year high of $75.32. The stock has a market cap of $830.98 million and a P/E ratio of 23.08. The business has a 50-day simple moving average of $54.43 and a two-hundred day simple moving average of $60.96.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last released 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 net margin of 8.88% and a return on equity of 15.15%. The firm had revenue of $83.01 million for the quarter, compared to analyst estimates of $85.50 million. As a group, 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 announced that its Board of Directors has approved a share buyback program on Friday, April 25th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Burke & Herbert Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.97%. Burke & Herbert Financial Services's dividend payout ratio (DPR) is presently 62.68%.

Insider Activity

In other news, Director Julian Forrest Jr. Barnwell bought 2,000 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $60.50 per share, for a total transaction of $121,000.00. Following the acquisition, the director now directly owns 203,939 shares in the company, valued at approximately $12,338,309.50. This trade represents a 0.99% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shawn Patrick Mclaughlin acquired 1,000 shares of the stock in a transaction dated Wednesday, May 7th. The stock was bought at an average cost of $56.50 per share, with a total value of $56,500.00. Following the completion of the purchase, the director now owns 64,000 shares of the company's stock, valued at approximately $3,616,000. The trade was a 1.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 12,140 shares of company stock valued at $698,103. Company insiders own 10.92% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BHRB shares. Wall Street Zen raised Burke & Herbert Financial Services from a "hold" rating to a "buy" rating in a research note on Thursday. Keefe, Bruyette & Woods dropped their price target on Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th.

Burke & Herbert Financial Services Profile

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.