Burke & Herbert Financial Services (NASDAQ:BHRB) Sees Large Volume Increase on Analyst Upgrade

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) shares saw unusually-high 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 changed hands during mid-day 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 began coverage on Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price objective on the stock.

Insider Activity

In other Burke & Herbert Financial Services news, Director Gary L. Hinkle purchased 3,652 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average cost of $68.56 per share, with a total value of $250,381.12. Following the completion of the purchase, the director now directly owns 236,807 shares in the company, valued at approximately $16,235,487.92. This represents a 1.57 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Hedge funds and other institutional investors have recently bought and sold shares of the business. HHM Wealth Advisors LLC acquired a new position in shares of Burke & Herbert Financial Services in the 2nd quarter valued at $29,000. Quantbot Technologies LP acquired a new position in Burke & Herbert Financial Services in the third quarter valued at about $118,000. LSV Asset Management acquired a new position in Burke & Herbert Financial Services in the second quarter valued at about $108,000. Truist Financial Corp bought a new position in Burke & Herbert Financial Services during the second quarter worth about $202,000. Finally, TIAA Trust National Association acquired a new position in shares of Burke & Herbert Financial Services during the 2nd quarter worth about $213,000.

Burke & Herbert Financial Services Trading Down 0.9 %

The company has a market capitalization of $1.05 billion and a P/E ratio of 9.12. The business has a 50 day moving average price of $64.91 and a 200 day moving average price of $59.93. 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 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.14%. The ex-dividend date was Friday, November 15th. This is an increase from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. Burke & Herbert Financial Services’s dividend payout ratio is presently 28.61%.

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.