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

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 127,900 shares, a drop of 14.2% from the August 15th total of 149,100 shares. Based on an average daily volume of 50,400 shares, the days-to-cover ratio is presently 2.5 days. Currently, 1.0% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their price objective on Burke & Herbert Financial Services from $66.00 to $73.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th.

Burke & Herbert Financial Services Stock Up 1.3 %

Shares of NASDAQ BHRB traded up $0.87 during midday trading on Tuesday, reaching $66.06. The company’s stock had a trading volume of 3,280 shares, compared to its average volume of 31,175. The stock has a 50 day simple moving average of $62.17 and a 200-day simple moving average of $55.28. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $980.86 million and a price-to-earnings ratio of 8.00. Burke & Herbert Financial Services has a fifty-two week low of $42.91 and a fifty-two week high of $70.00.

Burke & Herbert Financial Services (NASDAQ:BHRB) last issued its quarterly earnings results on Friday, July 26th. The company reported $2.04 earnings per share (EPS) for the quarter. The firm had revenue of $69.27 million for the quarter. Burke & Herbert Financial Services had a negative net margin of 1.10% and a positive return on equity of 9.96%.

Burke & Herbert Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a $0.53 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.12 dividend on an annualized basis and a yield of 3.21%. Burke & Herbert Financial Services’s dividend payout ratio is 26.01%.

Insider Transactions at Burke & Herbert Financial Services

In other Burke & Herbert Financial Services news, Director Gary L. Hinkle bought 5,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average cost of $68.09 per share, with a total value of $340,450.00. Following the purchase, the director now owns 233,155 shares in the company, valued at $15,875,523.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BHRB. Truist Financial Corp acquired a new position in Burke & Herbert Financial Services during the second quarter worth $202,000. The Manufacturers Life Insurance Company acquired a new position in shares of Burke & Herbert Financial Services during the 2nd quarter worth about $259,000. Marshall Wace LLP bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter valued at about $427,000. Moors & Cabot Inc. lifted its stake in 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 purchasing an additional 1,851 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Burke & Herbert Financial Services during the second quarter worth about $2,827,000.

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.