Insider Buying: Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Director Purchases 3,652 Shares of Stock

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Director Gary L. Hinkle bought 3,652 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was acquired at an average price of $68.56 per share, for a total transaction 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. The trade was a 1.57 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Burke & Herbert Financial Services Stock Performance

Shares of BHRB traded up $0.21 during mid-day trading on Tuesday, reaching $67.82. The company’s stock had a trading volume of 33,355 shares, compared to its average volume of 36,769. The company’s fifty day moving average price is $63.59 and its two-hundred day moving average price is $58.35. Burke & Herbert Financial Services Corp. has a 52 week low of $45.69 and a 52 week 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 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 paid a $0.55 dividend. The ex-dividend date is Friday, November 15th. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. This represents a $2.20 annualized dividend and a dividend yield of 3.24%.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Institutional investors and hedge funds have recently modified their holdings of the stock. Burke & Herbert Bank & Trust Co. lifted its position in Burke & Herbert Financial Services by 50.6% during the second quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock valued at $15,715,000 after buying an additional 103,527 shares during the period. American Century Companies Inc. bought a new position in Burke & Herbert Financial Services in the second quarter valued at about $3,091,000. Rhumbline Advisers increased 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 purchasing an additional 10,613 shares in the last quarter. Fifth Third Bancorp bought a new stake in Burke & Herbert Financial Services during the 2nd quarter worth approximately $1,167,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Burke & Herbert Financial Services by 96.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock valued at $4,140,000 after buying an additional 39,769 shares in the last quarter.

Wall Street Analysts Forecast Growth

BHRB has been the subject of a number of research reports. Keefe, Bruyette & Woods cut their price target on shares of 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, October 29th. DA Davidson started coverage on Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They set a “buy” rating and a $76.00 price target on the stock.

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.