Invesco Ltd. Grows Position in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB)

Invesco Ltd. grew its holdings in shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) by 60.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,730 shares of the company’s stock after acquiring an additional 2,148 shares during the quarter. Invesco Ltd.’s holdings in Burke & Herbert Financial Services were worth $357,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Wells Fargo & Company MN grew its position in Burke & Herbert Financial Services by 5.7% in the fourth quarter. Wells Fargo & Company MN now owns 23,402 shares of the company’s stock worth $1,459,000 after acquiring an additional 1,253 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Burke & Herbert Financial Services in the 4th quarter worth about $367,000. JPMorgan Chase & Co. increased its position in shares of Burke & Herbert Financial Services by 94.4% during the 4th quarter. JPMorgan Chase & Co. now owns 64,526 shares of the company’s stock valued at $4,024,000 after purchasing an additional 31,327 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Burke & Herbert Financial Services by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 732,163 shares of the company’s stock valued at $45,658,000 after buying an additional 22,559 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Burke & Herbert Financial Services in the 4th quarter worth approximately $156,000.

Burke & Herbert Financial Services Stock Performance

NASDAQ BHRB opened at $57.39 on Friday. The company has a 50-day simple moving average of $55.31 and a two-hundred day simple moving average of $61.60. Burke & Herbert Financial Services Corp. has a 12-month low of $46.00 and a 12-month high of $75.32. The firm has a market cap of $859.87 million and a price-to-earnings ratio of 23.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its earnings results on Friday, April 25th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.02. The company had revenue of $83.01 million during the quarter, compared to analysts’ expectations of $85.50 million. Burke & Herbert Financial Services had a return on equity of 15.15% and a net margin of 8.88%. On average, equities analysts forecast that Burke & Herbert Financial Services Corp. will post 8.05 EPS for the current year.

Burke & Herbert Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, May 15th. Burke & Herbert Financial Services’s payout ratio is 62.68%.

Burke & Herbert Financial Services declared that its Board of Directors has authorized a share buyback plan on Friday, April 25th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 6.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reduced their price target on shares of Burke & Herbert Financial Services from $73.00 to $70.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th.

Insider Activity

In other news, Director Gary L. Hinkle bought 3,000 shares of the stock in a transaction dated Monday, February 10th. The stock was bought at an average price of $64.97 per share, for a total transaction of $194,910.00. Following the purchase, the director now directly owns 248,459 shares in the company, valued at $16,142,381.23. This trade represents a 1.22 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julian Forrest Jr. Barnwell purchased 5,000 shares of Burke & Herbert Financial Services stock in a transaction that occurred on Thursday, February 13th. The stock was purchased at an average cost of $63.75 per share, for a total transaction of $318,750.00. Following the completion of the purchase, the director now owns 187,939 shares of the company’s stock, valued at $11,981,111.25. This trade represents a 2.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 21,140 shares of company stock valued at $1,280,263. Insiders own 10.92% of the company’s stock.

Burke & Herbert Financial Services Company Profile

Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates through the following loan portfolio segments: Commercial Real Estate, Owner-Occupied Commercial Real Estate, Acquisition, Construction, and Development, Commercial and Industrial, Single Family Residential (1-4 Units), and Consumer Non-Real Estate and Other.