Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Short Interest Update

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 124,700 shares, a decline of 8.8% from the October 15th total of 136,800 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average trading volume of 57,700 shares, the short-interest ratio is presently 2.2 days.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BHRB shares. DA Davidson initiated coverage on shares of Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price objective on the stock. Keefe, Bruyette & Woods reduced their price target on Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th.

Insider Buying and Selling

In other Burke & Herbert Financial Services news, Director Gary L. Hinkle bought 5,000 shares of Burke & Herbert Financial Services stock in a transaction on Friday, August 23rd. The shares were purchased at an average cost of $68.09 per share, with a total value of $340,450.00. Following the acquisition, the director now directly owns 233,155 shares of the company’s stock, valued at $15,875,523.95. The trade was a 2.19 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BHRB. Burke & Herbert Bank & Trust Co. increased its holdings in Burke & Herbert Financial Services by 50.6% in the second 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. American Century Companies Inc. acquired a new position in shares of Burke & Herbert Financial Services during the 2nd quarter valued at $3,091,000. Rhumbline Advisers boosted its stake in Burke & Herbert Financial Services by 126.9% during the second quarter. Rhumbline Advisers now owns 18,973 shares of the company’s stock worth $967,000 after acquiring an additional 10,613 shares in the last quarter. Fifth Third Bancorp acquired a new stake in Burke & Herbert Financial Services in the second quarter worth $1,167,000. Finally, Bank of New York Mellon Corp increased its stake in Burke & Herbert Financial Services by 96.0% in the second quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock valued at $4,140,000 after purchasing an additional 39,769 shares in the last quarter.

Burke & Herbert Financial Services Trading Down 0.1 %

Shares of NASDAQ BHRB traded down $0.06 during midday trading on Friday, reaching $68.80. The stock had a trading volume of 39,491 shares, compared to its average volume of 55,004. The company’s 50 day moving average price is $63.52 and its 200 day moving average price is $58.19. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15. Burke & Herbert Financial Services has a twelve month low of $44.80 and a twelve month high of $75.32.

Burke & Herbert Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a dividend of $0.55 per share. The ex-dividend date is Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a yield of 3.20%. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53.

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.