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

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

Insider Activity

In other news, Director Gary L. Hinkle acquired 5,000 shares of Burke & Herbert Financial Services stock in a transaction that occurred on Friday, August 23rd. The stock was purchased 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. This trade represents a 2.19 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 9.65% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BHRB. Burke & Herbert Bank & Trust Co. lifted its position in shares of Burke & Herbert Financial Services by 50.6% during the 2nd 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 during the last quarter. American Century Companies Inc. acquired a new stake in shares of Burke & Herbert Financial Services in the second quarter valued at about $3,091,000. Rhumbline Advisers raised its stake in shares of Burke & Herbert Financial Services by 126.9% during the 2nd 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 last quarter. Fifth Third Bancorp acquired a new stake in Burke & Herbert Financial Services during the 2nd quarter valued at $1,167,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of Burke & Herbert Financial Services by 96.0% during the second quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock worth $4,140,000 after buying an additional 39,769 shares in the last quarter.

Analysts Set New Price Targets

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

Burke & Herbert Financial Services Stock Performance

Shares of Burke & Herbert Financial Services stock traded down $0.45 on Monday, reaching $68.35. The company had a trading volume of 42,403 shares, compared to its average volume of 36,634. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s 50 day moving average price is $63.52 and its two-hundred day moving average price is $58.23. Burke & Herbert Financial Services has a 52-week low of $45.69 and a 52-week high of $75.32.

Burke & Herbert Financial Services Increases Dividend

The company also recently announced 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. This represents a $2.20 dividend on an annualized basis and a yield of 3.22%. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 15th.

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.