Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Short Interest Update

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 136,800 shares, a growth of 10.1% from the September 30th total of 124,300 shares. Based on an average trading volume of 57,400 shares, the short-interest ratio is presently 2.4 days. Approximately 1.0% of the shares of the stock are sold short.

Burke & Herbert Financial Services Stock Performance

NASDAQ:BHRB traded down $0.85 during trading hours on Tuesday, reaching $64.22. The stock had a trading volume of 5,892 shares, compared to its average volume of 34,991. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50 day simple moving average of $62.91 and a 200 day simple moving average of $56.86. Burke & Herbert Financial Services has a 12-month low of $43.80 and a 12-month high of $70.00. The stock has a market cap of $959.77 million and a P/E ratio of 7.70.

Burke & Herbert Financial Services (NASDAQ:BHRB) last posted its earnings results on Friday, July 26th. The company reported $2.04 EPS for the quarter. Burke & Herbert Financial Services had a positive return on equity of 9.96% and a negative net margin of 1.10%. The business had revenue of $69.27 million during the quarter.

Burke & Herbert Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 3.43%. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 15th. Burke & Herbert Financial Services’s payout ratio is presently 26.16%.

Insider Buying and Selling

In related news, Director Gary L. Hinkle purchased 5,000 shares of Burke & Herbert Financial Services stock in a transaction on Friday, August 23rd. The shares were purchased at an average price of $68.09 per share, for a total transaction of $340,450.00. Following the transaction, the director now owns 233,155 shares of the company’s stock, valued at approximately $15,875,523.95. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Several hedge funds have recently added to or reduced their stakes in BHRB. Burke & Herbert Bank & Trust Co. lifted its stake in shares of Burke & Herbert Financial Services by 50.6% in the 2nd quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock valued at $15,715,000 after acquiring an additional 103,527 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of Burke & Herbert Financial Services during the 2nd quarter worth approximately $3,091,000. Rhumbline Advisers grew its stake in shares of Burke & Herbert Financial Services by 126.9% in the 2nd quarter. Rhumbline Advisers now owns 18,973 shares of the company’s stock worth $967,000 after buying an additional 10,613 shares during the last quarter. Fifth Third Bancorp purchased a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $1,167,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Burke & Herbert Financial Services by 96.0% in the 2nd 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 during the last quarter.

Analyst Ratings Changes

BHRB has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced 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 research note on Tuesday. DA Davidson started coverage on Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 target price for the company.

About Burke & Herbert Financial Services

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.