Wealth Enhancement Advisory Services LLC Buys Shares of 6,107 Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)

Wealth Enhancement Advisory Services LLC bought a new stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,107 shares of the company's stock, valued at approximately $381,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BHRB. Rhumbline Advisers grew its position in Burke & Herbert Financial Services by 1.9% in the fourth quarter. Rhumbline Advisers now owns 18,548 shares of the company's stock valued at $1,157,000 after acquiring an additional 341 shares during the last quarter. Truist Financial Corp bought a new position in Burke & Herbert Financial Services in the fourth quarter valued at about $340,000. Charles Schwab Investment Management Inc. grew its position in Burke & Herbert Financial Services by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 110,559 shares of the company's stock valued at $6,894,000 after acquiring an additional 2,078 shares during the last quarter. Verdence Capital Advisors LLC grew its position in Burke & Herbert Financial Services by 32.8% in the fourth quarter. Verdence Capital Advisors LLC now owns 68,384 shares of the company's stock valued at $4,264,000 after acquiring an additional 16,884 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Burke & Herbert Financial Services in the fourth quarter valued at about $274,000.

Insider Buying and Selling

In other Burke & Herbert Financial Services news, Director Shawn Patrick Mclaughlin purchased 1,000 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were purchased 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 in the company, valued at $3,616,000. This represents a 1.59% 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 that occurred on Thursday, June 5th. The shares were bought at an average price of $55.85 per share, with a total value of $27,925.00. Following the acquisition, the director now directly owns 19,000 shares of the company's stock, valued at $1,061,150. This represents a 2.70% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,302 shares of company stock valued at $560,535 over the last ninety days. 10.92% of the stock is owned by company insiders.

Burke & Herbert Financial Services Stock Performance

Shares of BHRB stock opened at $56.92 on Friday. The business's 50-day moving average price is $54.95 and its 200-day moving average price is $59.72. Burke & Herbert Financial Services Corp. has a 12 month low of $46.35 and a 12 month high of $75.32. The firm has a market capitalization of $854.08 million and a price-to-earnings ratio of 23.72. 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 (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. Burke & Herbert Financial Services had a return on equity of 15.15% and a net margin of 8.88%. The firm had revenue of $83.01 million for the quarter, compared to analyst estimates of $85.50 million. Equities research analysts forecast that Burke & Herbert Financial Services Corp. will post 8.05 EPS for the current year.

Burke & Herbert Financial Services declared that its Board of Directors has approved a share repurchase plan 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 plans are often a sign that the company's board of directors believes its shares are undervalued.

Burke & Herbert Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors 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 3.87%. The ex-dividend date was Thursday, May 15th. Burke & Herbert Financial Services's dividend payout ratio is currently 62.68%.

Analysts Set New Price Targets

BHRB has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Burke & Herbert Financial Services from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Keefe, Bruyette & Woods cut 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.

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