Burke & Herbert Financial Services (NASDAQ:BHRB) Announces Quarterly Earnings Results, Beats Expectations By $0.27 EPS

Burke & Herbert Financial Services (NASDAQ:BHRB) issued its quarterly earnings data on Friday. The company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.27, reports. The firm had revenue of $83.80 million for the quarter. Burke & Herbert Financial Services had a negative net margin of 1.10% and a positive return on equity of 9.96%.

Burke & Herbert Financial Services Stock Performance

NASDAQ BHRB opened at $62.16 on Monday. The company has a market cap of $922.95 million and a P/E ratio of 7.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a 50-day moving average of $62.88 and a two-hundred day moving average of $56.74. Burke & Herbert Financial Services has a 1-year low of $42.91 and a 1-year high of $70.00.

Burke & Herbert Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a $0.55 dividend. This is an increase from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. This represents a $2.20 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Friday, November 15th. Burke & Herbert Financial Services’s payout ratio is currently 25.21%.

Analyst Ratings Changes

BHRB has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of Burke & Herbert Financial Services from $66.00 to $73.00 and gave the company a “market perform” rating in a report on Monday, July 29th. DA Davidson began coverage on shares of Burke & Herbert Financial Services in a report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price objective on the stock.

Insider Buying and Selling at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle bought 5,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was bought at an average cost of $68.09 per share, with a total value of $340,450.00. Following the transaction, the director now directly owns 233,155 shares in the company, valued at $15,875,523.95. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Institutional investors and hedge funds have recently made changes to their positions in the stock. HHM Wealth Advisors LLC acquired a new position in shares of Burke & Herbert Financial Services during the second quarter worth about $29,000. Fortitude Family Office LLC grew its position in shares of Burke & Herbert Financial Services by 1,666.0% during the second quarter. Fortitude Family Office LLC now owns 936 shares of the company’s stock worth $48,000 after buying an additional 883 shares in the last quarter. LSV Asset Management acquired a new position in shares of Burke & Herbert Financial Services during the second quarter worth about $108,000. Truist Financial Corp acquired a new position in shares of Burke & Herbert Financial Services during the second quarter worth about $202,000. Finally, TIAA Trust National Association acquired a new position in shares of Burke & Herbert Financial Services during the second quarter worth about $213,000.

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.