4,401 Shares in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 4,401 shares of the company’s stock, valued at approximately $274,000.

Other institutional investors have also recently bought and sold shares of the company. Barclays PLC raised its position in Burke & Herbert Financial Services by 204.0% in the 3rd 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 last quarter. Trexquant Investment LP bought a new position in Burke & Herbert Financial Services in the 4th quarter worth approximately $367,000. JPMorgan Chase & Co. raised its position 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 purchasing an additional 27,490 shares during the last quarter. American Century Companies Inc. raised its position in Burke & Herbert Financial Services by 30.1% in the 4th quarter. American Century Companies Inc. now owns 25,558 shares of the company’s stock worth $1,594,000 after purchasing an additional 5,917 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Burke & Herbert Financial Services by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 110,559 shares of the company’s stock worth $6,894,000 after purchasing an additional 2,078 shares during the last quarter.

Burke & Herbert Financial Services Stock Down 1.0%

NASDAQ:BHRB opened at $56.71 on Monday. Burke & Herbert Financial Services Corp. has a 12-month low of $46.00 and a 12-month high of $75.32. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $849.69 million and a P/E ratio of 23.63. The stock’s fifty day simple moving average is $54.76 and its 200-day simple moving average is $61.37.

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

Burke & Herbert Financial Services announced that its board has approved a share buyback plan on Friday, April 25th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Burke & Herbert Financial Services Dividend Announcement

The business also recently declared 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 3.88%. Burke & Herbert Financial Services’s dividend payout ratio is currently 62.68%.

Insider Transactions at Burke & Herbert Financial Services

In other news, Director Julian Forrest Jr. Barnwell acquired 2,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was acquired at an average price of $62.50 per share, for a total transaction of $125,000.00. Following the transaction, the director now directly owns 189,939 shares in the company, valued at approximately $11,871,187.50. This represents a 1.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Shawn Patrick Mclaughlin acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average price of $56.50 per share, with a total value of $56,500.00. Following the transaction, the director now owns 64,000 shares in the company, valued at $3,616,000. This represents a 1.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 19,140 shares of company stock worth $1,141,853 in the last three months. Insiders own 10.92% of the company’s stock.

Analyst Ratings Changes

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

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.