Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Shares Purchased by Northern Trust Corp

Northern Trust Corp lifted its holdings in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) by 5.1% during the fourth quarter, Holdings Channel reports. The fund owned 130,117 shares of the company’s stock after buying an additional 6,313 shares during the quarter. Northern Trust Corp’s holdings in Burke & Herbert Financial Services were worth $8,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Trexquant Investment LP acquired a new stake in shares of Burke & Herbert Financial Services in the fourth quarter worth $367,000. JPMorgan Chase & Co. increased its stake in shares of Burke & Herbert Financial Services by 481.5% in the third 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. American Century Companies Inc. increased its stake in shares of Burke & Herbert Financial Services by 30.1% in the fourth quarter. American Century Companies Inc. now owns 25,558 shares of the company’s stock worth $1,594,000 after acquiring an additional 5,917 shares during the period. Charles Schwab Investment Management Inc. grew its position in Burke & Herbert Financial Services by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 110,559 shares of the company’s stock valued at $6,894,000 after buying an additional 2,078 shares during the period. Finally, Verdence Capital Advisors LLC grew its position in Burke & Herbert Financial Services by 32.8% during the fourth quarter. Verdence Capital Advisors LLC now owns 68,384 shares of the company’s stock valued at $4,264,000 after buying an additional 16,884 shares during the period.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods dropped 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 related news, Director Julian Forrest Jr. Barnwell bought 2,000 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were acquired at an average price of $62.50 per share, for a total transaction of $125,000.00. Following the completion of the transaction, the director now directly owns 189,939 shares in the company, valued at $11,871,187.50. This trade represents a 1.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Samuel Laing Hinson III bought 4,000 shares of the company’s stock in a transaction dated Tuesday, April 29th. The stock was bought at an average price of $53.00 per share, for a total transaction of $212,000.00. Following the transaction, the director now owns 28,800 shares of the company’s stock, valued at approximately $1,526,400. This trade represents a 16.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 14,140 shares of company stock worth $823,103 over the last 90 days. 10.92% of the stock is currently owned by company insiders.

Burke & Herbert Financial Services Stock Down 2.1%

BHRB stock opened at $57.67 on Monday. The firm has a market cap of $865.34 million and a PE ratio of 24.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s fifty day moving average is $54.65 and its 200 day moving average is $61.17. Burke & Herbert Financial Services Corp. has a one year low of $46.00 and a one year high of $75.32.

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

Burke & Herbert Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be given a $0.55 dividend. The ex-dividend date is Thursday, May 15th. This represents a $2.20 annualized dividend and a dividend yield of 3.81%. Burke & Herbert Financial Services’s dividend payout ratio (DPR) is 62.68%.

Burke & Herbert Financial Services declared that its board has authorized 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 repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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.