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

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the recipient of a large decrease in short interest during the month of 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. Based on an average daily volume of 46,400 shares, the short-interest ratio is currently 1.7 days. Approximately 0.6% of the shares of the company are short sold.

Insider Buying and Selling at Burke & Herbert Financial Services

In related news, Director Gary L. Hinkle purchased 1,548 shares of the company’s stock in a transaction on Monday, November 18th. The shares were bought at an average cost of $68.50 per share, for a total transaction of $106,038.00. Following the transaction, the director now owns 238,355 shares of the company’s stock, valued at $16,327,317.50. This represents a 0.65 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Shawn Patrick Mclaughlin acquired 555 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was bought at an average price of $69.35 per share, with a total value of $38,489.25. Following the completion of the acquisition, the director now directly owns 61,000 shares of the company’s stock, valued at approximately $4,230,350. This represents a 0.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 8,950 shares of company stock worth $614,711. 9.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Several large investors have recently added to or reduced their stakes in BHRB. Dimensional Fund Advisors LP bought a new position in Burke & Herbert Financial Services in the second quarter worth $18,137,000. Fourthstone LLC boosted its position in shares of Burke & Herbert Financial Services by 29.3% during the 3rd 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. increased 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 during the period. American Century Companies Inc. acquired a new position in Burke & Herbert Financial Services in the second quarter worth about $3,091,000. Finally, Renaissance Technologies LLC bought a new position in shares of Burke & Herbert Financial Services in the second quarter valued at approximately $2,827,000.

Wall Street Analyst Weigh In

A number of research analysts have commented on BHRB shares. Keefe, Bruyette & Woods boosted their target price on Burke & Herbert Financial Services from $72.00 to $79.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. DA Davidson started coverage on shares of Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They set a “buy” rating and a $76.00 target price on the stock.

Burke & Herbert Financial Services Stock Performance

Shares of Burke & Herbert Financial Services stock traded up $0.33 on Tuesday, reaching $63.00. The stock had a trading volume of 8,579 shares, compared to its average volume of 36,899. Burke & Herbert Financial Services has a fifty-two week low of $46.00 and a fifty-two week high of $75.32. The business’s 50-day moving average price is $67.16 and its two-hundred day moving average price is $62.20. 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 stock has a market cap of $942.98 million and a P/E ratio of 8.19.

Burke & Herbert Financial Services Increases Dividend

The company also recently declared 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. This represents a $2.20 annualized dividend and a yield of 3.49%. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date was Friday, November 15th. Burke & Herbert Financial Services’s payout ratio is currently 28.61%.

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.