Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Short Interest Up 10.1% in October

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 136,800 shares, a growth of 10.1% from the September 30th total of 124,300 shares. Currently, 1.0% of the company’s shares are short sold. Based on an average daily volume of 57,400 shares, the short-interest ratio is currently 2.4 days.

Burke & Herbert Financial Services Stock Down 0.2 %

BHRB stock traded down $0.13 during trading on Thursday, reaching $64.78. 4,719 shares of the company traded hands, compared to its average volume of 35,015. The business has a 50 day simple moving average of $62.99 and a 200 day simple moving average of $57.00. Burke & Herbert Financial Services has a 12 month low of $44.21 and a 12 month high of $70.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $968.14 million and a price-to-earnings ratio of 7.72.

Burke & Herbert Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a $0.55 dividend. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Friday, November 15th. Burke & Herbert Financial Services’s dividend payout ratio (DPR) is currently 26.16%.

Insider Activity at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle acquired 5,000 shares of Burke & Herbert Financial Services stock in a transaction on Friday, August 23rd. The shares were bought at an average cost of $68.09 per share, for a total transaction 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. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. HHM Wealth Advisors LLC acquired a new stake in Burke & Herbert Financial Services in the second quarter valued at approximately $29,000. Fortitude Family Office LLC boosted its position in shares of Burke & Herbert Financial Services by 1,666.0% in 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. Moors & Cabot Inc. grew its stake in Burke & Herbert Financial Services by 6.9% during the 2nd quarter. Moors & Cabot Inc. now owns 28,872 shares of the company’s stock worth $1,472,000 after buying an additional 1,851 shares during the last quarter. LSV Asset Management acquired a new position in Burke & Herbert Financial Services during the 2nd quarter valued at about $108,000. Finally, SG Americas Securities LLC raised its stake in Burke & Herbert Financial Services by 113.7% in the third quarter. SG Americas Securities LLC now owns 5,067 shares of the company’s stock valued at $309,000 after buying an additional 2,696 shares during the last quarter.

Analyst Ratings Changes

BHRB has been the subject of several research reports. DA Davidson assumed coverage on shares of Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They issued a “buy” rating and a $76.00 price target for the company. Keefe, Bruyette & Woods reduced their price objective on shares of Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating for the company in a research note on Tuesday.

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.