Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Director Jose David Riojas Buys 500 Shares

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) Director Jose David Riojas purchased 500 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were acquired at an average cost of $55.85 per share, with a total value of $27,925.00. Following the completion of the purchase, the director now directly owns 19,000 shares in the company, valued at approximately $1,061,150. This represents a 2.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Burke & Herbert Financial Services Stock Up 2.2%

NASDAQ BHRB traded up $1.26 during trading hours on Friday, hitting $57.38. 24,748 shares of the company traded hands, compared to its average volume of 48,892. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83. The business's 50-day moving average is $54.26 and its 200-day moving average is $60.16. The stock has a market capitalization of $860.99 million and a price-to-earnings ratio of 23.91. Burke & Herbert Financial Services Corp. has a twelve month low of $46.00 and a twelve month high of $75.32.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, topping 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 return on equity of 15.15% and a net margin of 8.88%. Sell-side analysts anticipate 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 plan on Friday, April 25th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Burke & Herbert Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Thursday, May 15th. Burke & Herbert Financial Services's dividend payout ratio (DPR) is currently 62.68%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Burke & Herbert Financial Services by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 740,512 shares of the company's stock valued at $41,550,000 after purchasing an additional 8,349 shares during the period. Fourthstone LLC increased its position in Burke & Herbert Financial Services by 14.3% during the fourth quarter. Fourthstone LLC now owns 454,526 shares of the company's stock worth $28,344,000 after buying an additional 56,928 shares during the last quarter. Northern Trust Corp raised its stake 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 during the period. Charles Schwab Investment Management Inc. raised its stake 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 buying an additional 2,078 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Burke & Herbert Financial Services in the first quarter valued at approximately $5,762,000.

Analyst Upgrades and Downgrades

BHRB has been the subject of several recent research reports. Wall Street Zen upgraded shares of Burke & Herbert Financial Services from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Keefe, Bruyette & Woods cut their price target on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th.

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.