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

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

Burke & Herbert Financial Services Trading Down 3.5 %

NASDAQ:BHRB opened at $62.16 on Friday. The firm has a 50 day moving average of $62.88 and a 200 day moving average of $56.74. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16. Burke & Herbert Financial Services has a 52 week low of $42.91 and a 52 week high of $70.00. The stock has a market capitalization of $922.95 million and a price-to-earnings ratio of 7.39.

Burke & Herbert Financial Services Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Burke & Herbert Financial Services from $66.00 to $73.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. DA Davidson initiated coverage on Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a “buy” rating and a $76.00 target price for the company.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Gary L. Hinkle acquired 5,000 shares of the stock in a transaction dated Friday, August 23rd. The stock was purchased at an average price of $68.09 per share, with a total value of $340,450.00. Following the transaction, the director now directly owns 233,155 shares of the company’s stock, valued at $15,875,523.95. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.65% of the company’s stock.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Several institutional investors have recently added to or reduced their stakes in BHRB. Dimensional Fund Advisors LP purchased a new position in shares of Burke & Herbert Financial Services in the 2nd quarter valued at approximately $18,137,000. Vanguard Group Inc. raised its holdings in shares of Burke & Herbert Financial Services by 1.4% in the first quarter. Vanguard Group Inc. now owns 341,705 shares of the company’s stock worth $19,146,000 after buying an additional 4,574 shares during the last quarter. Burke & Herbert Bank & Trust Co. lifted its stake in shares of Burke & Herbert Financial Services by 50.6% during the second quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock worth $15,715,000 after buying an additional 103,527 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Burke & Herbert Financial Services by 96.0% during the second quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock valued at $4,140,000 after buying an additional 39,769 shares during the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of Burke & Herbert Financial Services in the 2nd quarter valued at $3,091,000.

About Burke & Herbert Financial Services

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.