Burke & Herbert Financial Services (NASDAQ:BHRB) Now Covered by Analysts at Janney Montgomery Scott

Janney Montgomery Scott started coverage on shares of Burke & Herbert Financial Services (NASDAQ:BHRB) in a report issued on Thursday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $70.00 price target on the stock. Janney Montgomery Scott’s price objective indicates a potential upside of 8.59% from the stock’s previous close.

Several other brokerages also recently commented on BHRB. Wall Street Zen downgraded Burke & Herbert Financial Services from a “buy” rating to a “hold” rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods decreased their target price on Burke & Herbert Financial Services from $73.00 to $70.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th.

Burke & Herbert Financial Services Price Performance

Shares of Burke & Herbert Financial Services stock opened at $64.46 on Thursday. The stock’s 50-day simple moving average is $58.12 and its 200-day simple moving average is $58.59. Burke & Herbert Financial Services has a 52 week low of $47.57 and a 52 week high of $75.32. The company has a market capitalization of $967.22 million, a price-to-earnings ratio of 18.36 and a beta of 1.21. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15.

Burke & Herbert Financial Services (NASDAQ:BHRB) last announced its quarterly earnings data on Friday, April 25th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.78 by $0.02. Burke & Herbert Financial Services had a return on equity of 15.20% and a net margin of 12.02%. The business had revenue of $83.01 million for the quarter, compared to the consensus estimate of $85.50 million. As a group, analysts expect that Burke & Herbert Financial Services will post 8.05 earnings per share for the current fiscal year.

Burke & Herbert Financial Services announced that its Board of Directors has authorized a stock buyback program on Friday, April 25th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Shawn Patrick Mclaughlin acquired 1,000 shares of Burke & Herbert Financial Services stock in a transaction on Wednesday, May 7th. The shares were bought at an average cost of $56.50 per share, with a total value of $56,500.00. Following the completion of the purchase, the director directly owned 64,000 shares of the company’s stock, valued at $3,616,000. The trade was a 1.59% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Samuel Laing Hinson III acquired 4,802 shares of Burke & Herbert Financial Services stock in a transaction on Friday, May 23rd. The shares were bought at an average cost of $55.00 per share, for a total transaction of $264,110.00. Following the completion of the purchase, the director directly owned 33,602 shares of the company’s stock, valued at $1,848,110. The trade was a 16.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 10,302 shares of company stock valued at $560,535 over the last ninety days. 10.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Large investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its stake in shares of Burke & Herbert Financial Services by 841.3% during the fourth quarter. Sterling Capital Management LLC now owns 433 shares of the company’s stock valued at $27,000 after buying an additional 387 shares during the last quarter. State of Wyoming bought a new position in shares of Burke & Herbert Financial Services during the first quarter valued at approximately $49,000. Tower Research Capital LLC TRC grew its stake in shares of Burke & Herbert Financial Services by 227.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company’s stock valued at $84,000 after buying an additional 936 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Burke & Herbert Financial Services by 104.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,802 shares of the company’s stock valued at $101,000 after buying an additional 920 shares during the last quarter. Finally, Larson Financial Group LLC bought a new position in shares of Burke & Herbert Financial Services during the first quarter valued at approximately $141,000.

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.