Burke & Herbert Financial Services (NASDAQ:BHRB) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of Burke & Herbert Financial Services (NASDAQ:BHRB) from a buy rating to a hold rating in a research note published on Saturday morning.

BHRB has been the subject of a number of other reports. Keefe, Bruyette & Woods dropped their price objective on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Janney Montgomery Scott initiated coverage on shares of Burke & Herbert Financial Services in a research note on Thursday, July 10th. They issued a “buy” rating and a $70.00 target price for the company.

Burke & Herbert Financial Services Trading Down 2.0%

Shares of BHRB opened at $61.58 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a 50 day simple moving average of $59.81 and a 200-day simple moving average of $58.80. Burke & Herbert Financial Services has a 1-year low of $47.57 and a 1-year high of $75.32. The stock has a market cap of $924.01 million, a price-to-earnings ratio of 8.94 and a beta of 1.21.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its quarterly earnings data on Thursday, July 24th. The company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.12. Burke & Herbert Financial Services had a net margin of 20.93% and a return on equity of 15.59%. The business had revenue of $87.11 million during the quarter, compared to analysts’ expectations of $86.06 million. Equities analysts forecast that Burke & Herbert Financial Services will post 8.05 EPS for the current fiscal year.

Burke & Herbert Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a $0.55 dividend. The ex-dividend date is Friday, August 15th. This represents a $2.20 annualized dividend and a yield of 3.57%. Burke & Herbert Financial Services’s payout ratio is currently 31.93%.

Burke & Herbert Financial Services announced that its board has approved a stock buyback program on Friday, April 25th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Jose David Riojas acquired 500 shares of the stock in a transaction dated Thursday, June 5th. The stock was bought at an average cost of $55.85 per share, with a total value of $27,925.00. Following the purchase, the director directly owned 19,000 shares of the company’s stock, valued at approximately $1,061,150. This represents a 2.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Samuel Laing Hinson III acquired 4,802 shares of the stock in a transaction dated Friday, May 23rd. The shares were bought at an average cost of $55.00 per share, with a total value of $264,110.00. Following the completion of the purchase, the director directly owned 33,602 shares in the company, valued at approximately $1,848,110. This trade represents a 16.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 6,302 shares of company stock valued at $348,535. Company insiders own 10.92% of the company’s stock.

Institutional Trading of Burke & Herbert Financial Services

Several institutional investors have recently made changes to their positions in the stock. CWM LLC grew its stake in shares of Burke & Herbert Financial Services by 732.7% during the 2nd quarter. CWM LLC now owns 841 shares of the company’s stock valued at $50,000 after buying an additional 740 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of Burke & Herbert Financial Services by 7.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,600 shares of the company’s stock valued at $422,000 after buying an additional 470 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Burke & Herbert Financial Services by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 71,849 shares of the company’s stock valued at $4,031,000 after buying an additional 10,117 shares during the period. Jane Street Group LLC purchased a new stake in shares of Burke & Herbert Financial Services during the 1st quarter valued at $1,287,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Burke & Herbert Financial Services by 4.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,030 shares of the company’s stock valued at $451,000 after buying an additional 319 shares during the period.

Burke & Herbert Financial Services Company Profile

Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates through the following loan portfolio segments: Commercial Real Estate, Owner-Occupied Commercial Real Estate, Acquisition, Construction, and Development, Commercial and Industrial, Single Family Residential (1-4 Units), and Consumer Non-Real Estate and Other.