Burke & Herbert Financial Services (NASDAQ:BHRB) Sees Large Volume Increase Following Analyst Upgrade

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) shares saw unusually-strong trading volume on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $72.00 to $79.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Approximately 27,397 shares were traded during mid-day trading, a decline of 26% from the previous session’s volume of 37,086 shares.The stock last traded at $69.30 and had previously closed at $69.34.

Separately, DA Davidson started coverage on Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They set a “buy” rating and a $76.00 target price for the company.

Insiders Place Their Bets

In other news, Director Gary L. Hinkle purchased 1,548 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were purchased 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 of the company’s stock, valued at $16,327,317.50. This trade represents a 0.65 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 9.65% of the company’s stock.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Hedge funds have recently added to or reduced their stakes in the business. HHM Wealth Advisors LLC bought a new position in shares of Burke & Herbert Financial Services during the second quarter valued at $29,000. Quadrature Capital Ltd raised its position in Burke & Herbert Financial Services by 4.8% during the 3rd quarter. Quadrature Capital Ltd now owns 12,309 shares of the company’s stock worth $750,000 after purchasing an additional 566 shares during the last quarter. Jane Street Group LLC lifted its holdings in Burke & Herbert Financial Services by 6.9% during the 3rd quarter. Jane Street Group LLC now owns 18,772 shares of the company’s stock worth $1,145,000 after buying an additional 1,218 shares during the period. Moors & Cabot Inc. grew its position in shares of Burke & Herbert Financial Services by 6.9% in the 2nd quarter. Moors & Cabot Inc. now owns 28,872 shares of the company’s stock valued at $1,472,000 after buying an additional 1,851 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Burke & Herbert Financial Services in the third quarter valued at about $118,000.

Burke & Herbert Financial Services Stock Down 0.4 %

The stock has a 50-day moving average price of $64.55 and a 200-day moving average price of $59.78. The company has a debt-to-equity ratio of 0.15, 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 was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were issued a dividend of $0.55 per share. 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. This represents a $2.20 annualized dividend and a yield of 3.19%.

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.