Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Sees Large Decline in Short Interest

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) saw a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 80,900 shares, a decline of 13.8% from the November 30th total of 93,900 shares. Currently, 0.6% of the shares of the stock are sold short. Based on an average daily volume of 46,400 shares, the days-to-cover ratio is currently 1.7 days.

Analyst Ratings Changes

BHRB has been the subject of a number of research reports. DA Davidson began coverage on shares of Burke & Herbert Financial Services in a report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price objective for the company. Keefe, Bruyette & Woods raised their price target on shares of Burke & Herbert Financial Services from $72.00 to $79.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

Burke & Herbert Financial Services Stock Down 0.5 %

Shares of BHRB traded down $0.31 during midday trading on Tuesday, hitting $62.36. The company had a trading volume of 16,062 shares, compared to its average volume of 36,931. Burke & Herbert Financial Services has a 1 year low of $46.00 and a 1 year high of $75.32. The firm has a market capitalization of $933.40 million and a P/E ratio of 8.11. 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 company’s 50-day simple moving average is $67.16 and its 200-day simple moving average is $62.20.

Burke & Herbert Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.53%. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, November 15th. Burke & Herbert Financial Services’s dividend payout ratio (DPR) is presently 28.61%.

Insiders Place Their Bets

In related news, Director Shawn Patrick Mclaughlin purchased 555 shares of Burke & Herbert Financial Services stock in a transaction dated Monday, December 9th. The shares were acquired at an average cost of $69.35 per share, with a total value of $38,489.25. Following the purchase, the director now owns 61,000 shares of the company’s stock, valued at approximately $4,230,350. The trade was a 0.92 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gary L. Hinkle acquired 3,652 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average cost of $68.56 per share, with a total value of $250,381.12. Following the transaction, the director now directly owns 236,807 shares in the company, valued at $16,235,487.92. This trade represents a 1.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,950 shares of company stock valued at $614,711 in the last 90 days. 9.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Several institutional investors have recently modified their holdings of BHRB. Dimensional Fund Advisors LP acquired a new position in shares of Burke & Herbert Financial Services in the 2nd quarter valued at $18,137,000. Fourthstone LLC boosted its stake in Burke & Herbert Financial Services by 29.3% in the third quarter. Fourthstone LLC now owns 397,598 shares of the company’s stock valued at $24,250,000 after acquiring an additional 90,151 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Burke & Herbert Financial Services by 190.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 108,481 shares of the company’s stock valued at $6,616,000 after acquiring an additional 71,105 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of Burke & Herbert Financial Services during the second quarter worth about $3,091,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Burke & Herbert Financial Services during the second quarter worth about $2,827,000.

Burke & Herbert Financial Services Company Profile

Burke & Herbert Financial Services Corp. operates as the bank holding company for Burke & Herbert Bank & Trust Company that provides various community banking products and services in Virginia and Maryland. It offers consumer and commercial deposit products, such as digital banking, demand, negotiable order of withdrawal, money market, and savings accounts, as well as certificates of deposit.