Burke & Herbert Financial Services (NASDAQ:BHRB) Posts Earnings Results, Beats Expectations By $0.07 EPS

Burke & Herbert Financial Services (NASDAQ:BHRB) released its quarterly earnings data on Thursday. The company reported $1.98 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.07, FiscalAI reports. Burke & Herbert Financial Services had a net margin of 21.68% and a return on equity of 14.95%. The firm had revenue of $86.56 million during the quarter, compared to analysts’ expectations of $80.72 million.

Burke & Herbert Financial Services Stock Performance

Burke & Herbert Financial Services stock traded up $1.05 during trading on Thursday, reaching $67.06. The company had a trading volume of 61,418 shares, compared to its average volume of 81,314. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 9.53 and a beta of 1.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.11. The firm’s 50-day simple moving average is $64.55 and its 200 day simple moving average is $62.46. Burke & Herbert Financial Services has a 52 week low of $47.57 and a 52 week high of $70.51.

Insider Buying and Selling

In related news, Director Shawn Patrick Mclaughlin purchased 1,000 shares of Burke & Herbert Financial Services stock in a transaction on Tuesday, October 28th. The stock was acquired at an average price of $61.00 per share, for a total transaction of $61,000.00. Following the completion of the transaction, the director directly owned 67,000 shares in the company, valued at $4,087,000. This represents a 1.52% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.92% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bridgeway Capital Management LLC purchased a new stake in Burke & Herbert Financial Services in the 3rd quarter worth approximately $1,502,000. Jane Street Group LLC bought a new position in shares of Burke & Herbert Financial Services in the first quarter worth approximately $1,287,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Burke & Herbert Financial Services in the third quarter worth $1,356,000. Alliancebernstein L.P. raised its position in shares of Burke & Herbert Financial Services by 136.3% during the 3rd quarter. Alliancebernstein L.P. now owns 37,616 shares of the company’s stock valued at $2,321,000 after purchasing an additional 21,700 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Burke & Herbert Financial Services by 18.6% during the 2nd quarter. Marshall Wace LLP now owns 90,664 shares of the company’s stock valued at $5,415,000 after purchasing an additional 14,217 shares during the period.

Analyst Ratings Changes

A number of equities research analysts have commented on BHRB shares. Summit Redstone set a $71.00 target price on shares of Burke & Herbert Financial Services in a research report on Thursday, October 9th. Zacks Research raised Burke & Herbert Financial Services from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Burke & Herbert Financial Services in a research report on Monday, December 29th. Finally, DA Davidson cut Burke & Herbert Financial Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Burke & Herbert Financial Services has an average rating of “Hold” and an average price target of $71.50.

About Burke & Herbert Financial Services

Burke & Herbert Financial Services, Inc is a bank holding company headquartered in Alexandria, Virginia, and the parent company of Burke & Herbert Bank. The company operates as a community?focused financial institution, offering a full suite of commercial and consumer banking products to individuals, small businesses, and nonprofit organizations in the Washington, DC metropolitan area.

The company’s core banking services include traditional deposit accounts such as checking, savings, money market and certificates of deposit, alongside digital banking platforms for online and mobile account access.