Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Sees Significant Drop in Short Interest

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the target of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 80,900 shares, a drop of 13.8% from the November 30th total of 93,900 shares. Based on an average trading volume of 46,400 shares, the short-interest ratio is presently 1.7 days. Approximately 0.6% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BHRB. DA Davidson initiated coverage on shares of Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They set a “buy” rating and a $76.00 price target on the stock. Keefe, Bruyette & Woods increased their target price on shares of Burke & Herbert Financial Services from $72.00 to $79.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Insider Transactions at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle acquired 1,548 shares of the company’s stock in a transaction on Monday, November 18th. The shares were bought at an average cost of $68.50 per share, with a total value of $106,038.00. Following the purchase, the director now owns 238,355 shares of the company’s stock, valued at $16,327,317.50. This represents a 0.65 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shawn Patrick Mclaughlin bought 555 shares of Burke & Herbert Financial Services stock in a transaction dated Monday, December 9th. The stock was purchased at an average price of $69.35 per share, with a total value of $38,489.25. Following the purchase, the director now directly owns 61,000 shares in the company, valued at approximately $4,230,350. This trade represents a 0.92 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 8,950 shares of company stock worth $614,711. Insiders own 9.65% of the company’s stock.

Institutional Trading of Burke & Herbert Financial Services

Institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. purchased a new stake in Burke & Herbert Financial Services in the 2nd quarter valued at approximately $3,091,000. Rhumbline Advisers raised its holdings in shares of Burke & Herbert Financial Services by 126.9% in the second quarter. Rhumbline Advisers now owns 18,973 shares of the company’s stock worth $967,000 after acquiring an additional 10,613 shares during 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 valued at $4,140,000 after acquiring an additional 39,769 shares in the last quarter. Barclays PLC increased its position in Burke & Herbert Financial Services by 204.0% during the 3rd quarter. Barclays PLC now owns 22,225 shares of the company’s stock worth $1,357,000 after purchasing an additional 14,915 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Burke & Herbert Financial Services during the 2nd quarter worth about $18,137,000.

Burke & Herbert Financial Services Price Performance

Shares of BHRB stock traded down $0.31 during mid-day trading on Tuesday, reaching $62.36. The stock had a trading volume of 16,062 shares, compared to its average volume of 36,931. The company has a market cap of $933.40 million and a P/E ratio of 8.11. 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 has a 12-month low of $46.00 and a 12-month high of $75.32. The business has a 50-day simple moving average of $67.16 and a 200 day simple moving average of $62.20.

Burke & Herbert Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were given a dividend of $0.55 per share. The ex-dividend date was Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a yield of 3.53%. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. Burke & Herbert Financial Services’s 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.