Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Sees Large Drop in Short Interest

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) saw a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 80,900 shares, a decrease of 13.8% from the November 30th total of 93,900 shares. Based on an average daily volume of 46,400 shares, the short-interest ratio is currently 1.7 days. Approximately 0.6% of the company’s stock are short sold.

Insider Transactions at Burke & Herbert Financial Services

In other news, Director Shawn Patrick Mclaughlin bought 555 shares of the stock in a transaction on Monday, December 9th. The shares were purchased at an average price of $69.35 per share, for a total transaction of $38,489.25. Following the completion of the purchase, the director now directly owns 61,000 shares of the company’s stock, valued at $4,230,350. This trade represents a 0.92 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julian Forrest Jr. Barnwell purchased 3,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were purchased at an average cost of $68.75 per share, with a total value of $206,250.00. Following the completion of the purchase, the director now directly owns 182,939 shares in the company, valued at approximately $12,577,056.25. This represents a 1.67 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 8,950 shares of company stock valued at $614,711 over the last three months. 9.65% of the stock is owned by corporate insiders.

Institutional Trading of Burke & Herbert Financial Services

Several large investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Burke & Herbert Financial Services by 481.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,199 shares of the company’s stock worth $2,025,000 after acquiring an additional 27,490 shares during the period. Virtu Financial LLC acquired a new stake in shares of Burke & Herbert Financial Services in the third quarter valued at about $526,000. Barclays PLC increased its stake in shares of Burke & Herbert Financial Services by 204.0% in the third quarter. Barclays PLC now owns 22,225 shares of the company’s stock worth $1,357,000 after purchasing an additional 14,915 shares during the period. Mittelman Wealth Management acquired a new position in shares of Burke & Herbert Financial Services during the 3rd quarter worth about $659,000. Finally, Geode Capital Management LLC boosted its stake in Burke & Herbert Financial Services by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 306,243 shares of the company’s stock valued at $18,681,000 after purchasing an additional 15,092 shares during the period.

Burke & Herbert Financial Services Stock Performance

Shares of BHRB stock traded down $1.43 during trading on Friday, reaching $62.44. The company had a trading volume of 26,617 shares, compared to its average volume of 37,095. The firm’s 50 day simple moving average is $67.13 and its two-hundred day simple moving average is $61.99. Burke & Herbert Financial Services has a one year low of $46.00 and a one year 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 company has a market capitalization of $934.60 million and a PE ratio of 8.12.

Burke & Herbert Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.52%. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, November 15th. Burke & Herbert Financial Services’s payout ratio is presently 28.61%.

Analyst Upgrades and Downgrades

BHRB has been the subject of several recent research reports. DA Davidson started 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. Keefe, Bruyette & Woods upped their price objective on shares of Burke & Herbert Financial Services from $72.00 to $79.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

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.