Northern Trust Corp Buys 6,313 Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in Burke & Herbert Financial Services by 117.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,829 shares of the company's stock valued at $613,000 after acquiring an additional 5,319 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Burke & Herbert Financial Services by 227.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company's stock valued at $84,000 after acquiring an additional 936 shares during the last quarter. MetLife Investment Management LLC boosted its stake in Burke & Herbert Financial Services by 7.6% in the fourth quarter. MetLife Investment Management LLC now owns 8,214 shares of the company's stock valued at $512,000 after acquiring an additional 577 shares during the last quarter. Avenir Corp purchased a new position in Burke & Herbert Financial Services in the fourth quarter valued at about $243,000. Finally, Fourthstone LLC boosted its stake in Burke & Herbert Financial Services by 14.3% in the fourth quarter. Fourthstone LLC now owns 454,526 shares of the company's stock valued at $28,344,000 after acquiring an additional 56,928 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BHRB. Keefe, Bruyette & Woods dropped 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 note on Tuesday, April 29th. Wall Street Zen upgraded shares of Burke & Herbert Financial Services from a "hold" rating to a "buy" rating in a research note on Thursday.

Insider Buying and Selling

In other news, Director Julian Forrest Jr. Barnwell bought 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $60.50 per share, with a total value of $121,000.00. Following the acquisition, the director now owns 203,939 shares of the company's stock, valued at approximately $12,338,309.50. The trade was a 0.99% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Shawn Patrick Mclaughlin bought 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average cost of $56.50 per share, for a total transaction of $56,500.00. Following the acquisition, the director now directly owns 64,000 shares in the company, valued at $3,616,000. This trade represents a 1.59% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 12,140 shares of company stock valued at $698,103. Company insiders own 10.92% of the company's stock.

Burke & Herbert Financial Services Stock Performance

Shares of BHRB stock traded down $0.21 during trading on Friday, reaching $55.38. 32,468 shares of the company's stock traded hands, compared to its average volume of 49,352. The company has a market capitalization of $830.98 million and a P/E ratio of 23.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.15. The firm's 50-day moving average is $54.43 and its 200 day moving average is $60.89. Burke & Herbert Financial Services Corp. has a 1 year low of $46.00 and a 1 year high of $75.32.

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

Burke & Herbert Financial Services Announces Dividend

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

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

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.