4,751 Shares in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Acquired by Y Intercept Hong Kong Ltd

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 bought a new position in shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,751 shares of the company's stock, valued at approximately $267,000.

Other institutional investors have also recently made changes to their positions in the company. Citadel Advisors LLC increased its holdings in Burke & Herbert Financial Services by 132.4% in the fourth quarter. Citadel Advisors LLC now owns 20,333 shares of the company's stock valued at $1,268,000 after buying an additional 11,583 shares in the last quarter. Northern Trust Corp increased its holdings in Burke & Herbert Financial Services by 5.1% in the fourth quarter. Northern Trust Corp now owns 130,117 shares of the company's stock valued at $8,114,000 after buying an additional 6,313 shares in the last quarter. Trexquant Investment LP purchased a new position in Burke & Herbert Financial Services in the fourth quarter valued at $367,000. AA Financial Advisors LLC purchased a new position in Burke & Herbert Financial Services in the first quarter valued at $1,749,000. Finally, American Century Companies Inc. increased its holdings 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 buying an additional 5,917 shares in the last quarter.

Burke & Herbert Financial Services Price Performance

Shares of NASDAQ BHRB traded down $1.18 during trading on Friday, hitting $56.81. The company had a trading volume of 60,999 shares, compared to its average volume of 64,645. The stock has a fifty day simple moving average of $59.99 and a two-hundred day simple moving average of $58.79. Burke & Herbert Financial Services Corp. has a fifty-two week low of $47.57 and a fifty-two week high of $75.32. The firm has a market capitalization of $852.72 million, a price-to-earnings ratio of 7.55 and a beta of 1.19. The company has a quick ratio of 0.83, a current 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, beating the consensus estimate of $1.85 by $0.12. The business had revenue of $87.11 million for the quarter, compared to analyst estimates of $86.06 million. Burke & Herbert Financial Services had a net margin of 20.93% and a return on equity of 15.59%. On average, 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 repurchase program on Friday, April 25th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Burke & Herbert Financial Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a dividend of $0.55 per share. The ex-dividend date is Friday, August 15th. This represents a $2.20 dividend on an annualized basis and a yield of 3.9%. Burke & Herbert Financial Services's payout ratio is presently 31.93%.

Insider Buying and Selling

In other Burke & Herbert Financial Services news, Director Samuel Laing Hinson III purchased 4,802 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average cost of $55.00 per share, for a total transaction of $264,110.00. Following the completion of the transaction, the director owned 33,602 shares of the company's stock, valued at $1,848,110. The trade was a 16.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jose David Riojas purchased 500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were acquired at an average price of $55.85 per share, for a total transaction of $27,925.00. Following the completion of the transaction, the director directly owned 19,000 shares of the company's stock, valued at $1,061,150. The trade was a 2.70% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 6,302 shares of company stock worth $348,535. 10.92% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

About Burke & Herbert Financial Services

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.