Burke & Herbert Financial Services (NASDAQ:BHRB) Stock Rating Upgraded by Wall Street Zen

Burke & Herbert Financial Services (NASDAQ:BHRB) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday.

Several other brokerages have also issued reports on BHRB. Keefe, Bruyette & Woods reduced their price target on Burke & Herbert Financial Services from $73.00 to $70.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Janney Montgomery Scott began coverage on shares of Burke & Herbert Financial Services in a research report on Thursday. They set a “buy” rating and a $70.00 target price on the stock.

Burke & Herbert Financial Services Stock Down 2.2%

BHRB stock opened at $63.43 on Friday. The business’s 50-day moving average is $58.42 and its two-hundred day moving average is $58.56. Burke & Herbert Financial Services has a fifty-two week low of $47.57 and a fifty-two week high of $75.32. The company has a market cap of $952.08 million, a price-to-earnings ratio of 18.07 and a beta of 1.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83.

Burke & Herbert Financial Services (NASDAQ:BHRB) last announced its earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.02. The business had revenue of $83.01 million during the quarter, compared to analyst estimates of $85.50 million. Burke & Herbert Financial Services had a return on equity of 15.20% and a net margin of 12.02%. As a group, analysts forecast that Burke & Herbert Financial Services will post 8.05 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, Director Jose David Riojas acquired 500 shares of Burke & Herbert Financial Services stock in a transaction that occurred on Thursday, June 5th. The stock was purchased at an average price of $55.85 per share, for a total transaction of $27,925.00. Following the completion of the purchase, the director directly owned 19,000 shares of the company’s stock, valued at approximately $1,061,150. This trade represents a 2.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Shawn Patrick Mclaughlin bought 1,000 shares of the company’s stock in a transaction on Wednesday, May 7th. The stock was bought at an average cost of $56.50 per share, with a total value of $56,500.00. Following the completion of the acquisition, the director owned 64,000 shares of the company’s stock, valued at $3,616,000. This represents a 1.59% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 10,302 shares of company stock worth $560,535. 10.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

A number of large investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its stake in shares of Burke & Herbert Financial Services by 841.3% during the fourth quarter. Sterling Capital Management LLC now owns 433 shares of the company’s stock valued at $27,000 after acquiring an additional 387 shares during the last quarter. State of Wyoming acquired a new position in Burke & Herbert Financial Services in the 1st quarter valued at $49,000. Tower Research Capital LLC TRC raised its holdings in Burke & Herbert Financial Services by 227.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,347 shares of the company’s stock valued at $84,000 after acquiring an additional 936 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Burke & Herbert Financial Services by 104.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,802 shares of the company’s stock worth $101,000 after purchasing an additional 920 shares during the period. Finally, Larson Financial Group LLC purchased a new position in Burke & Herbert Financial Services during the first quarter worth about $141,000.

About Burke & Herbert Financial Services

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.