Burke & Herbert Financial Services (NASDAQ:BHRB) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) saw unusually-strong trading volume on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $72.00 to $79.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Approximately 27,397 shares traded hands during trading, a decline of 26% from the previous session’s volume of 37,086 shares.The stock last traded at $69.30 and had previously closed at $69.34.

Separately, DA Davidson started coverage on shares of Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They issued a “buy” rating and a $76.00 target price for the company.

Insider Activity at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Gary L. Hinkle purchased 1,548 shares of the business’s stock in a transaction on Monday, November 18th. The stock was purchased at an average price of $68.50 per share, for a total transaction of $106,038.00. Following the completion of the purchase, the director now directly owns 238,355 shares in the company, valued at approximately $16,327,317.50. This trade represents a 0.65 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.65% of the stock is owned by corporate insiders.

Institutional Trading of Burke & Herbert Financial Services

Several hedge funds have recently modified their holdings of the company. HHM Wealth Advisors LLC acquired a new stake in shares of Burke & Herbert Financial Services during the second quarter worth approximately $29,000. Quadrature Capital Ltd increased its holdings in shares of Burke & Herbert Financial Services by 4.8% during the third quarter. Quadrature Capital Ltd now owns 12,309 shares of the company’s stock worth $750,000 after buying an additional 566 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Burke & Herbert Financial Services by 6.9% during the third quarter. Jane Street Group LLC now owns 18,772 shares of the company’s stock worth $1,145,000 after buying an additional 1,218 shares in the last quarter. Moors & Cabot Inc. increased its holdings in shares of Burke & Herbert Financial Services by 6.9% during the second quarter. Moors & Cabot Inc. now owns 28,872 shares of the company’s stock worth $1,472,000 after buying an additional 1,851 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Burke & Herbert Financial Services during the third quarter worth approximately $118,000.

Burke & Herbert Financial Services Price Performance

The company’s fifty day moving average price is $64.74 and its two-hundred day moving average price is $59.86. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83.

Burke & Herbert Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were issued a $0.55 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.11%. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53.

Burke & Herbert Financial Services Company Profile

Burke & Herbert Financial Services Corp. operates as the bank holding company for Burke & Herbert Bank & Trust Company that provides various community banking products and services in Virginia and Maryland. It offers consumer and commercial deposit products, such as digital banking, demand, negotiable order of withdrawal, money market, and savings accounts, as well as certificates of deposit.