Royce & Associates LP Lowers Holdings in Burke & Herbert Financial Services Corp. $BHRB

Royce & Associates LP lessened its stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) by 20.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,995 shares of the company’s stock after selling 15,645 shares during the quarter. Royce & Associates LP owned 0.40% of Burke & Herbert Financial Services worth $3,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Endeavour Capital Advisors Inc. raised its position in shares of Burke & Herbert Financial Services by 22.0% in the 4th quarter. Endeavour Capital Advisors Inc. now owns 125,323 shares of the company’s stock worth $7,809,000 after purchasing an additional 22,601 shares during the last quarter. LSV Asset Management raised its position in shares of Burke & Herbert Financial Services by 10.5% in the 4th quarter. LSV Asset Management now owns 45,200 shares of the company’s stock worth $2,816,000 after purchasing an additional 4,300 shares during the last quarter. Alliance Wealth Strategies LLC d b a Brown Edwards Wealth Strategies purchased a new position in shares of Burke & Herbert Financial Services in the 4th quarter worth about $563,000. Vanguard Group Inc. raised its position in shares of Burke & Herbert Financial Services by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 779,800 shares of the company’s stock worth $48,589,000 after purchasing an additional 14,358 shares during the last quarter. Finally, CWM LLC raised its position in shares of Burke & Herbert Financial Services by 17.3% in the 4th quarter. CWM LLC now owns 5,128 shares of the company’s stock worth $320,000 after purchasing an additional 758 shares during the last quarter.

Wall Street Analysts Forecast Growth

BHRB has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Burke & Herbert Financial Services in a research report on Friday, May 8th. DA Davidson reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Burke & Herbert Financial Services in a research report on Monday, April 27th. Freedom Capital raised Burke & Herbert Financial Services from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Zacks Research lowered Burke & Herbert Financial Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 2nd. Finally, Citigroup lowered Burke & Herbert Financial Services to a “hold” rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.40.

Insider Transactions at Burke & Herbert Financial Services

In other news, Director Jose David Riojas purchased 1,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $62.00 per share, for a total transaction of $62,000.00. Following the purchase, the director directly owned 20,000 shares in the company, valued at $1,240,000. This trade represents a 5.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shawn Patrick Mclaughlin purchased 1,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were purchased at an average price of $64.80 per share, with a total value of $64,800.00. Following the completion of the purchase, the director owned 69,000 shares in the company, valued at approximately $4,471,200. This trade represents a 1.47% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 7,300 shares of company stock worth $460,650 in the last three months. 10.92% of the stock is owned by insiders.

Burke & Herbert Financial Services Price Performance

BHRB opened at $63.60 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $1.28 billion, a P/E ratio of 8.25 and a beta of 0.74. The company’s 50-day simple moving average is $63.31 and its two-hundred day simple moving average is $64.40. Burke & Herbert Financial Services Corp. has a 52-week low of $55.40 and a 52-week high of $70.90.

Burke & Herbert Financial Services (NASDAQ:BHRB) last posted its earnings results on Thursday, April 23rd. The company reported $1.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.87. The business had revenue of $84.70 million for the quarter, compared to analysts’ expectations of $86.50 million. Burke & Herbert Financial Services had a net margin of 24.04% and a return on equity of 14.46%. As a group, analysts predict that Burke & Herbert Financial Services Corp. will post 8.33 EPS for the current year.

Burke & Herbert Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, May 15th. Burke & Herbert Financial Services’s dividend payout ratio is 28.53%.

Burke & Herbert Financial Services Profile

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.