DA Davidson Has Strong Forecast for BHRB FY2024 Earnings

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) – Analysts at DA Davidson increased their FY2024 earnings estimates for shares of Burke & Herbert Financial Services in a note issued to investors on Tuesday, October 29th. DA Davidson analyst M. Navas now forecasts that the company will post earnings of $6.90 per share for the year, up from their previous forecast of $6.45. DA Davidson has a “Buy” rating and a $76.00 price target on the stock. DA Davidson also issued estimates for Burke & Herbert Financial Services’ Q4 2024 earnings at $1.77 EPS.

Separately, Keefe, Bruyette & Woods dropped their price target on shares of Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating for the company in a research note on Tuesday.

Burke & Herbert Financial Services Price Performance

Burke & Herbert Financial Services stock opened at $64.04 on Wednesday. The stock has a market cap of $957.08 million and a price-to-earnings ratio of 7.61. Burke & Herbert Financial Services has a 12-month low of $43.80 and a 12-month high of $70.00. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16. The business’s 50-day simple moving average is $62.94 and its 200 day simple moving average is $56.95.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Several hedge funds have recently bought and sold shares of the company. HHM Wealth Advisors LLC bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter valued at $29,000. Fortitude Family Office LLC raised 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 purchasing an additional 883 shares during the period. LSV Asset Management acquired a new position in shares of Burke & Herbert Financial Services in the 2nd quarter valued at approximately $108,000. Truist Financial Corp bought a new stake in Burke & Herbert Financial Services during the 2nd quarter worth approximately $202,000. Finally, TIAA Trust National Association acquired a new stake in Burke & Herbert Financial Services during the 2nd quarter worth approximately $213,000.

Insiders Place Their Bets

In other news, Director Gary L. Hinkle purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average cost of $68.09 per share, for a total transaction of $340,450.00. Following the transaction, the director now directly owns 233,155 shares of the company’s stock, valued at approximately $15,875,523.95. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 9.65% of the company’s stock.

Burke & Herbert Financial Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a $0.55 dividend. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 15th. This represents a $2.20 annualized dividend and a yield of 3.44%. Burke & Herbert Financial Services’s dividend payout ratio is presently 26.16%.

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.