Burke & Herbert Financial Services (NASDAQ:BHRB) Hits New 1-Year High – Should You Buy?

Shares of Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $71.02 and last traded at $71.02, with a volume of 682 shares traded. The stock had previously closed at $65.10.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BHRB shares. Keefe, Bruyette & Woods reduced their target price on Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. DA Davidson assumed coverage on Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price target for the company.

Burke & Herbert Financial Services Stock Down 3.9 %

The company has a 50-day simple moving average of $62.94 and a 200-day simple moving average of $57.52. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.83 and a current ratio of 0.83.

Burke & Herbert Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.55 dividend. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.22%.

Insider Activity at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle purchased 5,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average price of $68.09 per share, for a total transaction of $340,450.00. Following the completion of the acquisition, the director now owns 233,155 shares of the company’s stock, valued at approximately $15,875,523.95. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 9.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP bought a new position in Burke & Herbert Financial Services in the second quarter worth approximately $18,137,000. Vanguard Group Inc. increased its position in shares of Burke & Herbert Financial Services by 1.4% during the first quarter. Vanguard Group Inc. now owns 341,705 shares of the company’s stock worth $19,146,000 after purchasing an additional 4,574 shares in the last quarter. Burke & Herbert Bank & Trust Co. increased its position in shares of Burke & Herbert Financial Services by 50.6% during the second quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock worth $15,715,000 after purchasing an additional 103,527 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Burke & Herbert Financial Services by 96.0% during the second quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock worth $4,140,000 after purchasing an additional 39,769 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of Burke & Herbert Financial Services during the second quarter worth $3,091,000.

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.