Burke & Herbert Financial Services (NASDAQ:BHRB) Hits New 1-Year High – Should You Buy?

Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $71.02 and last traded at $71.02, with a volume of 682 shares. The stock had previously closed at $65.10.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods cut their target price on Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. DA Davidson started coverage on Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 target price on the stock.

Burke & Herbert Financial Services Stock Performance

The firm has a 50-day simple moving average of $62.94 and a two-hundred day simple moving average of $57.52. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.83 and a current ratio of 0.83.

Burke & Herbert Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.22%.

Insider Activity

In other Burke & Herbert Financial Services news, Director Gary L. Hinkle bought 5,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were purchased 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 9.65% of the company’s stock.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Institutional investors have recently bought and sold shares of the company. HHM Wealth Advisors LLC acquired a new stake in Burke & Herbert Financial Services in the 2nd quarter worth about $29,000. Fortitude Family Office LLC boosted its holdings in Burke & Herbert Financial Services by 1,666.0% in the 2nd quarter. Fortitude Family Office LLC now owns 936 shares of the company’s stock worth $48,000 after buying an additional 883 shares during the last quarter. LSV Asset Management purchased a new position in Burke & Herbert Financial Services in the 2nd quarter worth approximately $108,000. Truist Financial Corp purchased a new position in Burke & Herbert Financial Services in the 2nd quarter worth approximately $202,000. Finally, TIAA Trust National Association purchased a new position in Burke & Herbert Financial Services in the 2nd quarter worth approximately $213,000.

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.