Burke & Herbert Financial Services Corp. $BHRB Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its stake in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) by 104.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,802 shares of the company’s stock after buying an additional 920 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Burke & Herbert Financial Services were worth $101,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Y Intercept Hong Kong Ltd acquired a new stake in shares of Burke & Herbert Financial Services during the first quarter worth about $267,000. Verdence Capital Advisors LLC lifted its position in shares of Burke & Herbert Financial Services by 4.9% during the first quarter. Verdence Capital Advisors LLC now owns 71,707 shares of the company’s stock worth $4,023,000 after purchasing an additional 3,323 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Burke & Herbert Financial Services during the first quarter worth about $1,723,000. Larson Financial Group LLC acquired a new stake in shares of Burke & Herbert Financial Services during the first quarter worth about $141,000. Finally, AA Financial Advisors LLC acquired a new stake in shares of Burke & Herbert Financial Services during the first quarter worth about $1,749,000.

Burke & Herbert Financial Services Stock Performance

Shares of Burke & Herbert Financial Services stock opened at $60.20 on Wednesday. The firm has a market capitalization of $904.20 million, a P/E ratio of 8.74 and a beta of 1.18. Burke & Herbert Financial Services Corp. has a 52 week low of $47.57 and a 52 week high of $75.32. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $60.41 and its two-hundred day moving average is $58.43.

Burke & Herbert Financial Services (NASDAQ:BHRB) last announced its quarterly earnings results on Thursday, July 24th. The company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.85 by $0.12. The company had revenue of $87.11 million for the quarter, compared to analyst estimates of $86.06 million. Burke & Herbert Financial Services had a net margin of 20.93% and a return on equity of 15.39%. Research analysts forecast that Burke & Herbert Financial Services Corp. will post 8.05 EPS for the current fiscal year.

Burke & Herbert Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, August 15th. Burke & Herbert Financial Services’s dividend payout ratio is currently 31.93%.

Burke & Herbert Financial Services declared that its Board of Directors has initiated a share repurchase program on Friday, April 25th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

BHRB has been the topic of several research reports. Wall Street Zen cut shares of Burke & Herbert Financial Services from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Janney Montgomery Scott initiated coverage on shares of Burke & Herbert Financial Services in a research report on Thursday, July 10th. They set a “buy” rating and a $70.00 price target on the stock. Keefe, Bruyette & Woods increased their price target on shares of Burke & Herbert Financial Services from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, July 28th. Finally, DA Davidson raised their target price on shares of Burke & Herbert Financial Services from $69.00 to $73.00 and gave the company a “buy” rating in a report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $71.67.

Insider Activity at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Jose David Riojas bought 500 shares of the stock in a transaction dated Thursday, June 5th. The shares were acquired at an average cost of $55.85 per share, for a total transaction of $27,925.00. Following the completion of the transaction, the director owned 19,000 shares in the company, valued at approximately $1,061,150. The trade was a 2.70% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Samuel Laing Hinson III bought 4,802 shares of the stock in a transaction dated Friday, May 23rd. The shares were acquired at an average price of $55.00 per share, for a total transaction of $264,110.00. Following the completion of the transaction, the director owned 33,602 shares of the company’s stock, valued at approximately $1,848,110. The trade was a 16.67% increase in their position. The disclosure for this purchase can be found here. Corporate 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.