Burke & Herbert Financial Services (NASDAQ:BHRB) Upgraded to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Burke & Herbert Financial Services (NASDAQ:BHRB) from a market perform rating to an outperform rating in a research note issued to investors on Monday morning, MarketBeat.com reports. Keefe, Bruyette & Woods currently has $76.00 price target on the stock, down from their previous price target of $79.00.

Separately, DA Davidson initiated coverage on Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a “buy” rating and a $76.00 price target on the stock.

Burke & Herbert Financial Services Price Performance

Shares of Burke & Herbert Financial Services stock opened at $63.64 on Monday. The business’s fifty day simple moving average is $65.05 and its 200 day simple moving average is $63.77. Burke & Herbert Financial Services has a 12 month low of $46.00 and a 12 month 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) last issued its quarterly earnings results on Friday, January 24th. The company reported $1.77 EPS for the quarter, hitting analysts’ consensus estimates of $1.77. Burke & Herbert Financial Services had a return on equity of 12.83% and a net margin of 6.55%. Research analysts expect that Burke & Herbert Financial Services will post 6.9 earnings per share for the current fiscal year.

Burke & Herbert Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Friday, February 14th.

Insiders Place Their Bets

In related news, Director Shawn Patrick Mclaughlin purchased 555 shares of Burke & Herbert Financial Services stock in a transaction dated Monday, December 9th. The stock was bought at an average cost of $69.35 per share, for a total transaction of $38,489.25. Following the completion of the transaction, the director now owns 61,000 shares in the company, valued at $4,230,350. This trade represents a 0.92 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Julian Forrest Jr. Barnwell purchased 3,000 shares of Burke & Herbert Financial Services stock in a transaction dated Friday, December 13th. The stock was bought at an average price of $68.75 per share, with a total value of $206,250.00. Following the completion of the transaction, the director now owns 182,939 shares of the company’s stock, valued at $12,577,056.25. This represents a 1.67 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 8,950 shares of company stock valued at $614,711 over the last ninety days. 9.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Several hedge funds have recently made changes to their positions in BHRB. Dimensional Fund Advisors LP purchased a new position in shares of Burke & Herbert Financial Services in the second quarter valued at $18,137,000. Renaissance Technologies LLC purchased a new position in shares of Burke & Herbert Financial Services in the second quarter valued at $2,827,000. Marshall Wace LLP purchased a new position in shares of Burke & Herbert Financial Services in the second quarter valued at $427,000. The Manufacturers Life Insurance Company purchased a new position in shares of Burke & Herbert Financial Services in the second quarter valued at $259,000. Finally, Truist Financial Corp bought a new stake in Burke & Herbert Financial Services during the second quarter valued at $202,000.

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.