Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Short Interest Down 13.8% in December

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

Burke & Herbert Financial Services Price Performance

NASDAQ BHRB traded down $1.43 on Friday, reaching $62.44. The company’s stock had a trading volume of 26,617 shares, compared to its average volume of 37,095. Burke & Herbert Financial Services has a twelve month low of $46.00 and a twelve month high of $75.32. 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 50 day moving average is $67.13 and its two-hundred day moving average is $61.99. The stock has a market cap of $934.60 million and a PE ratio of 8.12.

Burke & Herbert Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were paid a dividend of $0.55 per share. The ex-dividend date was Friday, November 15th. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. This represents a $2.20 annualized dividend and a yield of 3.52%. Burke & Herbert Financial Services’s dividend payout ratio is currently 28.61%.

Insider Buying and Selling

In related news, Director Julian Forrest Jr. Barnwell bought 3,000 shares of the stock in a transaction on Friday, December 13th. The shares were purchased at an average price of $68.75 per share, with a total value of $206,250.00. Following the purchase, the director now owns 182,939 shares in the company, valued at approximately $12,577,056.25. This represents a 1.67 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gary L. Hinkle purchased 1,548 shares of Burke & Herbert Financial Services stock in a transaction dated Monday, November 18th. The stock was bought at an average cost of $68.50 per share, with a total value of $106,038.00. Following the completion of the purchase, the director now owns 238,355 shares in the company, valued at approximately $16,327,317.50. This trade represents a 0.65 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 8,950 shares of company stock valued at $614,711 in the last three months. 9.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its position in shares of Burke & Herbert Financial Services by 481.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 33,199 shares of the company’s stock valued at $2,025,000 after acquiring an additional 27,490 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Burke & Herbert Financial Services during the third quarter worth $526,000. Barclays PLC lifted its holdings in shares of Burke & Herbert Financial Services by 204.0% during the third quarter. Barclays PLC now owns 22,225 shares of the company’s stock valued at $1,357,000 after purchasing an additional 14,915 shares during the last quarter. Mittelman Wealth Management acquired a new position in shares of Burke & Herbert Financial Services in the 3rd quarter valued at $659,000. Finally, Geode Capital Management LLC increased its stake in Burke & Herbert Financial Services by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 306,243 shares of the company’s stock worth $18,681,000 after purchasing an additional 15,092 shares in the last quarter.

Wall Street Analyst Weigh In

BHRB has been the topic of several recent analyst reports. DA Davidson assumed coverage on Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a “buy” rating and a $76.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on 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 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.