Burke & Herbert Financial Services (NASDAQ:BHRB) Sets New 1-Year High – Here’s Why

Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) reached a new 52-week high on Wednesday . The stock traded as high as $71.02 and last traded at $71.02, with a volume of 682 shares. The stock had previously closed at $65.10.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. DA Davidson assumed coverage on Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price target for the company. Keefe, Bruyette & Woods cut their price objective on Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th.

Burke & Herbert Financial Services Price Performance

The company has a fifty day simple moving average of $62.80 and a 200-day simple moving average of $57.35. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16.

Burke & Herbert Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Gary L. Hinkle acquired 5,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was purchased at an average price of $68.09 per share, with a total value of $340,450.00. Following the completion of the purchase, the director now directly owns 233,155 shares in the company, valued at approximately $15,875,523.95. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 9.65% of the company’s stock.

Hedge Funds Weigh In On Burke & Herbert Financial Services

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP bought a new position in shares of Burke & Herbert Financial Services in the second quarter worth about $18,137,000. Vanguard Group Inc. lifted its position in shares of Burke & Herbert Financial Services by 1.4% in the first quarter. Vanguard Group Inc. now owns 341,705 shares of the company’s stock worth $19,146,000 after buying an additional 4,574 shares in the last quarter. Burke & Herbert Bank & Trust Co. lifted its position in shares of Burke & Herbert Financial Services by 50.6% in the second quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock worth $15,715,000 after buying an additional 103,527 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Burke & Herbert Financial Services by 96.0% in the second quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock worth $4,140,000 after buying an additional 39,769 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of Burke & Herbert Financial Services in the second quarter worth about $3,091,000.

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.