Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Sees Large Decline in Short Interest

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

Insider Activity at Burke & Herbert Financial Services

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. 9.65% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. HHM Wealth Advisors LLC purchased a new stake in shares of Burke & Herbert Financial Services during the 2nd quarter valued at $29,000. Fortitude Family Office LLC lifted its holdings in Burke & Herbert Financial Services by 1,666.0% during the 2nd quarter. Fortitude Family Office LLC now owns 936 shares of the company’s stock worth $48,000 after purchasing an additional 883 shares in the last quarter. LSV Asset Management purchased a new position in Burke & Herbert Financial Services during the 2nd quarter valued at about $108,000. Quantbot Technologies LP purchased a new stake in shares of Burke & Herbert Financial Services in the third quarter worth about $118,000. Finally, Truist Financial Corp bought a new position in Burke & Herbert Financial Services in the 2nd quarter valued at $202,000.

Burke & Herbert Financial Services Price Performance

BHRB stock traded up $0.93 during midday trading on Monday, reaching $70.21. 20,511 shares of the company’s stock traded hands, compared to its average volume of 37,077. 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 has a 52 week low of $46.00 and a 52 week high of $75.32. The firm’s fifty day moving average price is $64.29 and its 200-day moving average price is $59.51.

Burke & Herbert Financial Services Increases Dividend

The business 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 dividend of $0.55 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.20 annualized dividend and a yield of 3.13%. This is an increase from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53.

Analyst Ratings Changes

BHRB has been the topic of a number of recent research reports. DA Davidson began coverage on shares of Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a “buy” rating and a $76.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective on Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating for the company in a research report on Tuesday, October 29th.

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.