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 large drop in short interest in the month of October. As of October 31st, there was short interest totalling 124,700 shares, a drop of 8.8% from the October 15th total of 136,800 shares. Based on an average trading volume of 57,700 shares, the short-interest ratio is presently 2.2 days. Approximately 0.9% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of brokerages have recently commented on BHRB. 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 research report on Tuesday, October 29th. DA Davidson assumed coverage on Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a “buy” rating and a $76.00 price objective on the stock.

Insider Buying and Selling

In related news, Director Gary L. Hinkle acquired 5,000 shares of Burke & Herbert Financial Services stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $68.09 per share, with a total value of $340,450.00. Following the completion of the acquisition, the director now directly owns 233,155 shares of the company’s stock, valued at $15,875,523.95. This trade represents a 2.19 % 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.

Institutional Trading of Burke & Herbert Financial Services

A number of institutional investors and hedge funds have recently modified their holdings of the company. Fourthstone LLC lifted its position in Burke & Herbert Financial Services by 29.3% during the 3rd quarter. Fourthstone LLC now owns 397,598 shares of the company’s stock worth $24,250,000 after acquiring an additional 90,151 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Burke & Herbert Financial Services during the 2nd quarter worth about $18,137,000. Vanguard Group Inc. boosted its stake in Burke & Herbert Financial Services by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 341,705 shares of the company’s stock valued at $19,146,000 after purchasing an additional 4,574 shares during the period. Burke & Herbert Bank & Trust Co. grew its holdings in 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 buying an additional 103,527 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Burke & Herbert Financial Services by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 306,243 shares of the company’s stock worth $18,681,000 after buying an additional 15,092 shares during the period.

Burke & Herbert Financial Services Trading Down 0.7 %

BHRB traded down $0.45 during midday trading on Monday, hitting $68.35. 42,403 shares of the company’s stock traded hands, compared to its average volume of 36,634. Burke & Herbert Financial Services has a one year low of $45.69 and a one year high of $75.32. The stock’s fifty day simple moving average is $63.52 and its 200-day simple moving average is $58.23. 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 Increases Dividend

The business also recently disclosed 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. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.22%. This is an increase from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Friday, November 15th.

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.