Short Interest in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Declines By 13.8%

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the recipient of a large decrease in short interest during the month of December. As of December 15th, there was short interest totalling 80,900 shares, a decrease of 13.8% from the November 30th total of 93,900 shares. Approximately 0.6% of the shares of the stock are short sold. Based on an average trading volume of 46,400 shares, the days-to-cover ratio is currently 1.7 days.

Insiders Place Their Bets

In other news, Director Shawn Patrick Mclaughlin purchased 555 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were acquired at an average price of $69.35 per share, for a total transaction of $38,489.25. Following the completion of the acquisition, the director now directly owns 61,000 shares in the company, valued at approximately $4,230,350. The trade was a 0.92 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Julian Forrest Jr. Barnwell bought 3,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were acquired at an average price of $68.75 per share, for a total transaction of $206,250.00. Following the completion of the transaction, the director now owns 182,939 shares in the company, valued at approximately $12,577,056.25. This trade represents a 1.67 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,950 shares of company stock valued at $614,711 in the last 90 days. 9.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in Burke & Herbert Financial Services by 96.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock valued at $4,140,000 after acquiring an additional 39,769 shares in the last quarter. Rhumbline Advisers boosted its position in shares of 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 buying an additional 10,613 shares during the period. TIAA Trust National Association acquired a new stake in Burke & Herbert Financial Services in the 2nd quarter valued at approximately $213,000. Hendershot Investments Inc. bought a new stake in Burke & Herbert Financial Services in the 2nd quarter valued at approximately $773,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in Burke & Herbert Financial Services during the 2nd quarter worth approximately $667,000.

Analyst Ratings Changes

Several analysts have commented on BHRB shares. DA Davidson assumed coverage on shares of Burke & Herbert Financial Services in a research report on Wednesday, October 16th. They set a “buy” rating and a $76.00 target price for the company. Keefe, Bruyette & Woods raised their target price on Burke & Herbert Financial Services from $72.00 to $79.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Burke & Herbert Financial Services Trading Up 0.5 %

Shares of BHRB traded up $0.33 during trading hours on Tuesday, reaching $63.00. The stock had a trading volume of 8,579 shares, compared to its average volume of 36,899. The firm has a 50-day moving average of $67.16 and a 200 day moving average of $62.20. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.15. The company has a market cap of $942.98 million and a P/E ratio of 8.19. Burke & Herbert Financial Services has a 52 week low of $46.00 and a 52 week high of $75.32.

Burke & Herbert Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were given a dividend of $0.55 per share. The ex-dividend date was Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.49%. This is a positive change from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. Burke & Herbert Financial Services’s dividend payout ratio (DPR) is currently 28.61%.

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.