Y Intercept Hong Kong Ltd Makes New $267,000 Investment in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)

Key Points

• Y Intercept Hong Kong Ltd has acquired 4,751 shares of Burke & Herbert Financial Services Corp., valued at approximately $267,000, as reported in a Form 13F filing.
• Analysts are optimistic about Burke & Herbert Financial Services, with Keefe, Bruyette & Woods increasing their price target from $70 to $72 and maintaining an "outperform" rating.
• The company announced a quarterly dividend of $0.55 per share, with a yield of 3.74%, and a stock repurchase program worth $50 million to buy back up to 6.5% of its shares.

Y Intercept Hong Kong Ltd acquired a new stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,751 shares of the company's stock, valued at approximately $267,000.

A number of other hedge funds have also made changes to their positions in the business. Sterling Capital Management LLC boosted its position in shares of Burke & Herbert Financial Services by 841.3% in the 4th quarter. Sterling Capital Management LLC now owns 433 shares of the company's stock valued at $27,000 after purchasing an additional 387 shares during the period. Tower Research Capital LLC TRC lifted its position in Burke & Herbert Financial Services by 227.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company's stock worth $84,000 after acquiring an additional 936 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Burke & Herbert Financial Services during the 4th quarter worth approximately $156,000. Larson Financial Group LLC acquired a new stake in Burke & Herbert Financial Services during the 1st quarter worth approximately $141,000. Finally, Squarepoint Ops LLC acquired a new stake in Burke & Herbert Financial Services during the 4th quarter worth approximately $218,000.

Burke & Herbert Financial Services Stock Up 0.2%

Shares of BHRB traded up $0.14 during midday trading on Monday, reaching $56.95. 17,821 shares of the company were exchanged, compared to its average volume of 54,643. The stock has a 50-day moving average price of $59.99 and a 200-day moving average price of $58.75. The company has a market cap of $854.46 million, a price-to-earnings ratio of 8.25 and a beta of 1.19. Burke & Herbert Financial Services Corp. has a 1-year low of $47.57 and a 1-year high of $75.32. 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 earnings results on Thursday, July 24th. The company reported $1.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.85 by $0.12. Burke & Herbert Financial Services had a return on equity of 15.59% and a net margin of 20.93%. The business had revenue of $87.11 million for the quarter, compared to analyst estimates of $86.06 million. Research analysts expect that Burke & Herbert Financial Services Corp. will post 8.05 earnings per share for the current year.

Burke & Herbert Financial Services declared that its Board of Directors has approved a share buyback plan on Friday, April 25th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Burke & Herbert Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 15th. Burke & Herbert Financial Services's payout ratio is currently 31.93%.

Insider Activity at Burke & Herbert Financial Services

In related news, Director Samuel Laing Hinson III bought 4,802 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $55.00 per share, for a total transaction of $264,110.00. Following the completion of the purchase, the director directly owned 33,602 shares in the company, valued at approximately $1,848,110. The trade was a 16.67% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jose David Riojas bought 500 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was bought at an average price of $55.85 per share, with a total value of $27,925.00. Following the completion of the purchase, the director owned 19,000 shares of the company's stock, valued at $1,061,150. This trade represents a 2.70% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 6,302 shares of company stock valued at $348,535 over the last three months. 10.92% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BHRB. Keefe, Bruyette & Woods increased their price objective on Burke & Herbert Financial Services from $70.00 to $72.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Janney Montgomery Scott started coverage on Burke & Herbert Financial Services in a report on Thursday, July 10th. They issued a "buy" rating and a $70.00 price target for the company. Wall Street Zen downgraded Burke & Herbert Financial Services from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, DA Davidson raised their price target on Burke & Herbert Financial Services from $69.00 to $73.00 and gave the stock a "buy" rating in a research report on Monday, July 28th.

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.