Principal Financial Group Inc. Invests $1.04 Million in Burke & Herbert Financial Services Corp. $BHRB

Key Points

• Principal Financial Group initiated a $1.04 million position in Burke & Herbert Financial Services, while several other institutional investors also increased their holdings.
• BHRB shares opened at $73.25, near their 52-week high, after the company reported quarterly EPS of $2.03—beating estimates—but revenue of $106.9 million fell short of expectations.
• The company declared a quarterly dividend of $0.55 per share, equivalent to $2.20 annually and a 3.0% yield; analysts’ consensus view remains “Moderate Buy” with an average price target of $75.25.

Principal Financial Group Inc. acquired a new position in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 16,664 shares of the company's stock, valued at approximately $1,038,000. Principal Financial Group Inc. owned about 0.11% of Burke & Herbert Financial Services at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BHRB. 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 worth $48,589,000 after acquiring an additional 14,358 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Burke & Herbert Financial Services by 12.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 317,991 shares of the company's stock worth $19,814,000 after acquiring an additional 36,027 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Burke & Herbert Financial Services by 68.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 164,263 shares of the company's stock valued at $10,235,000 after acquiring an additional 66,778 shares during the period. Endeavour Capital Advisors Inc. grew its position in shares of Burke & Herbert Financial Services by 22.0% during the 4th quarter. Endeavour Capital Advisors Inc. now owns 125,323 shares of the company's stock valued at $7,809,000 after acquiring an additional 22,601 shares during the period. Finally, Marshall Wace LLP increased its stake in shares of Burke & Herbert Financial Services by 18.6% in the 2nd quarter. Marshall Wace LLP now owns 90,664 shares of the company's stock worth $5,415,000 after purchasing an additional 14,217 shares in the last quarter.

Burke & Herbert Financial Services Stock Up 0.3%

Shares of BHRB stock opened at $73.25 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.78 and a quick ratio of 0.78. Burke & Herbert Financial Services Corp. has a one year low of $56.11 and a one year high of $74.32. The company's fifty day moving average price is $68.32 and its 200-day moving average price is $65.81. The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of 11.74 and a beta of 0.58.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.05. Burke & Herbert Financial Services had a net margin of 18.86% and a return on equity of 15.11%. The company had revenue of $106.90 million during the quarter, compared to the consensus estimate of $112.86 million. Sell-side analysts expect that Burke & Herbert Financial Services Corp. will post 8.19 EPS for the current fiscal year.

Burke & Herbert Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.0%. Burke & Herbert Financial Services's dividend payout ratio is 35.26%.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Jose David Riojas bought 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average price of $62.00 per share, with a total value of $62,000.00. Following the purchase, the director owned 20,000 shares of the company's stock, valued at $1,240,000. This trade represents a 5.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jill S. Upson sold 1,112 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $63.30, for a total value of $70,389.60. Following the completion of the transaction, the director directly owned 2,000 shares in the company, valued at approximately $126,600. This represents a 35.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders acquired a total of 11,300 shares of company stock valued at $709,650 over the last 90 days. Company insiders own 11.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BHRB. Keefe, Bruyette & Woods raised their target price on Burke & Herbert Financial Services from $80.00 to $81.00 and gave the stock an "outperform" rating in a report on Friday. Freedom Capital raised Burke & Herbert Financial Services from a "hold" rating to a "strong-buy" rating in a report on Friday, May 15th. Wall Street Zen cut Burke & Herbert Financial Services from a "hold" rating to a "sell" rating in a research report on Saturday. Weiss Ratings raised Burke & Herbert Financial Services from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, June 29th. Finally, DA Davidson set a $75.00 price objective on Burke & Herbert Financial Services in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Burke & Herbert Financial Services has an average rating of "Moderate Buy" and an average target price of $75.25.

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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