Short Interest in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Decreases By 8.3%

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 114,300 shares, a decline of 8.3% from the October 31st total of 124,700 shares. Approximately 0.9% of the company’s shares are sold short. Based on an average daily volume of 58,500 shares, the short-interest ratio is presently 2.0 days.

Insider Activity at Burke & Herbert Financial Services

In related news, Director Gary L. Hinkle purchased 3,652 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average price of $68.56 per share, for a total transaction of $250,381.12. Following the completion of the acquisition, the director now directly owns 236,807 shares in the company, valued at approximately $16,235,487.92. The trade was a 1.57 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Burke & Herbert Financial Services

A number of hedge funds and other institutional investors have recently bought and sold shares of BHRB. Fourthstone LLC boosted its position in shares of Burke & Herbert Financial Services by 29.3% in the 3rd quarter. Fourthstone LLC now owns 397,598 shares of the company’s stock worth $24,250,000 after purchasing an additional 90,151 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Burke & Herbert Financial Services in the second quarter worth $18,137,000. Vanguard Group Inc. increased its holdings 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 valued at $19,146,000 after acquiring an additional 4,574 shares in the last quarter. Burke & Herbert Bank & Trust Co. boosted its stake in Burke & Herbert Financial Services by 50.6% in the 2nd 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. Finally, Geode Capital Management LLC grew its position in Burke & Herbert Financial Services by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 306,243 shares of the company’s stock valued at $18,681,000 after purchasing an additional 15,092 shares during the last quarter.

Burke & Herbert Financial Services Stock Down 1.1 %

BHRB traded down $0.75 during trading on Tuesday, reaching $69.54. The stock had a trading volume of 9,393 shares, compared to its average volume of 37,024. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s 50 day moving average is $64.42 and its two-hundred day moving average is $59.65. Burke & Herbert Financial Services has a one year low of $46.00 and a one year high of $75.32.

Burke & Herbert Financial Services Increases Dividend

The firm also recently disclosed 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 represents a $2.20 annualized dividend and a yield of 3.16%. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53.

Wall Street Analyst Weigh In

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

About Burke & Herbert Financial Services

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.