Burke & Herbert Financial Services Corp. Plans Quarterly Dividend of $0.55 (NASDAQ:BHRB)

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) declared a quarterly dividend on Monday, January 27th,Wall Street Journal reports. Investors of record on Friday, February 14th will be paid a dividend of 0.55 per share on Monday, March 3rd. This represents a $2.20 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Friday, February 14th.

Burke & Herbert Financial Services has increased its dividend by an average of 2.3% annually over the last three years. Burke & Herbert Financial Services has a payout ratio of 29.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Burke & Herbert Financial Services to earn $7.55 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 29.1%.

Burke & Herbert Financial Services Trading Up 2.0 %

BHRB opened at $63.64 on Tuesday. 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 company’s 50 day moving average is $65.05 and its 200 day moving average is $63.77. Burke & Herbert Financial Services has a 12-month low of $46.00 and a 12-month high of $75.32.

Burke & Herbert Financial Services (NASDAQ:BHRB) last posted its quarterly earnings data on Friday, January 24th. The company reported $1.77 EPS for the quarter, hitting the consensus estimate of $1.77. Burke & Herbert Financial Services had a return on equity of 12.83% and a net margin of 6.55%. As a group, equities analysts expect that Burke & Herbert Financial Services will post 6.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Julian Forrest Jr. Barnwell bought 3,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was acquired at an average cost of $68.75 per share, with a total value of $206,250.00. Following the transaction, the director now directly 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gary L. Hinkle purchased 1,548 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $68.50 per share, for a total transaction of $106,038.00. Following the purchase, the director now owns 238,355 shares of the company’s stock, valued at approximately $16,327,317.50. This trade represents a 0.65 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 8,950 shares of company stock worth $614,711. Corporate insiders own 9.65% of the company’s stock.

Wall Street Analysts Forecast Growth

BHRB has been the topic of several recent analyst reports. DA Davidson assumed coverage on Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They set a “buy” rating and a $76.00 target price on the stock. Keefe, Bruyette & Woods upgraded shares of Burke & Herbert Financial Services from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $79.00 to $76.00 in a research note on Monday.

About Burke & Herbert Financial Services

Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates through the following loan portfolio segments: Commercial Real Estate, Owner-Occupied Commercial Real Estate, Acquisition, Construction, and Development, Commercial and Industrial, Single Family Residential (1-4 Units), and Consumer Non-Real Estate and Other.