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

Keefe, Bruyette & Woods upgraded shares of Burke & Herbert Financial Services (NASDAQ:BHRB) from a market perform rating to an outperform rating in a research report released on Monday, MarketBeat Ratings 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 started coverage on Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They set a “buy” rating and a $76.00 price target for the company.

Burke & Herbert Financial Services Trading Up 2.0 %

NASDAQ:BHRB opened at $63.64 on Monday. Burke & Herbert Financial Services has a 52-week low of $46.00 and a 52-week high of $75.32. The stock has a fifty day moving average of $65.05 and a 200 day moving average of $63.77. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its quarterly earnings results on Friday, January 24th. The company reported $1.77 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.77. Burke & Herbert Financial Services had a return on equity of 12.83% and a net margin of 6.55%. On average, equities analysts forecast that Burke & Herbert Financial Services will post 6.9 EPS for the current fiscal year.

Burke & Herbert Financial Services Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.20 annualized dividend and a yield of 3.46%.

Insider Activity at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Julian Forrest Jr. Barnwell acquired 3,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were purchased at an average cost of $68.75 per share, for a total transaction of $206,250.00. Following the transaction, the director now owns 182,939 shares in the company, valued at $12,577,056.25. This represents a 1.67 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Shawn Patrick Mclaughlin acquired 555 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was acquired at an average price 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 approximately $4,230,350. The trade was a 0.92 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 8,950 shares of company stock worth $614,711 in the last three months. 9.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

A number of large investors have recently made changes to their positions in BHRB. Dimensional Fund Advisors LP bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $18,137,000. Renaissance Technologies LLC bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $2,827,000. Marshall Wace LLP bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $427,000. The Manufacturers Life Insurance Company bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $259,000. Finally, Truist Financial Corp bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $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.