Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Short Interest Update

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 124,700 shares, a decline of 8.8% from the October 15th total of 136,800 shares. Approximately 0.9% of the shares of the company are sold short. Based on an average daily volume of 57,700 shares, the days-to-cover ratio is presently 2.2 days.

Insiders Place Their Bets

In other news, Director Gary L. Hinkle acquired 5,000 shares of Burke & Herbert Financial Services stock in a transaction dated Friday, August 23rd. The stock was bought at an average price of $68.09 per share, for a total transaction of $340,450.00. Following the completion of the acquisition, the director now directly owns 233,155 shares in the company, valued at approximately $15,875,523.95. The trade was a 2.19 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 9.65% of the company’s stock.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Several hedge funds and other institutional investors have recently made changes to their positions in BHRB. HHM Wealth Advisors LLC acquired a new position in Burke & Herbert Financial Services during the second quarter valued at approximately $29,000. Fortitude Family Office LLC raised its stake in 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 acquiring an additional 883 shares in the last quarter. LSV Asset Management bought a new position in shares of Burke & Herbert Financial Services in the second quarter worth about $108,000. Quantbot Technologies LP acquired a new stake in shares of Burke & Herbert Financial Services in the 3rd quarter valued at approximately $118,000. Finally, Truist Financial Corp bought a new stake in shares of Burke & Herbert Financial Services during the 2nd quarter valued at approximately $202,000.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BHRB. Keefe, Bruyette & Woods reduced their price target on 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, October 29th. DA Davidson assumed coverage on shares of Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 target price for the company.

Burke & Herbert Financial Services Trading Down 0.1 %

NASDAQ BHRB traded down $0.06 during midday trading on Friday, hitting $68.80. The company had a trading volume of 39,491 shares, compared to its average volume of 55,004. Burke & Herbert Financial Services has a twelve month low of $44.80 and a twelve month high of $75.32. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a 50-day moving average price of $63.52 and a 200-day moving average price of $58.19.

Burke & Herbert Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 3.20%. This is an increase from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 15th.

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.