Short Interest in Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Decreases By 17.8%

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 93,900 shares, a decline of 17.8% from the November 15th total of 114,300 shares. Approximately 0.7% of the company’s stock are sold short. Based on an average daily trading volume, of 53,800 shares, the days-to-cover ratio is currently 1.7 days.

Insider Transactions at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle bought 1,548 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $68.50 per share, for a total transaction of $106,038.00. Following the completion of the purchase, the director now owns 238,355 shares in the company, valued at approximately $16,327,317.50. This trade represents a 0.65 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Julian Forrest Jr. Barnwell purchased 3,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was acquired at an average price of $68.75 per share, for a total transaction of $206,250.00. Following the completion of the purchase, the director now owns 182,939 shares of the company’s stock, valued at $12,577,056.25. This represents a 1.67 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 8,950 shares of company stock valued at $614,711. 9.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. HHM Wealth Advisors LLC acquired a new stake in shares of Burke & Herbert Financial Services during the second quarter worth about $29,000. Quantbot Technologies LP purchased a new stake in Burke & Herbert Financial Services during the 3rd quarter valued at approximately $118,000. LSV Asset Management purchased a new stake in Burke & Herbert Financial Services during the 2nd quarter valued at approximately $108,000. Truist Financial Corp acquired a new stake in Burke & Herbert Financial Services during the 2nd quarter worth approximately $202,000. Finally, TIAA Trust National Association purchased a new position in shares of Burke & Herbert Financial Services in the 2nd quarter valued at approximately $213,000.

Burke & Herbert Financial Services Stock Performance

NASDAQ:BHRB traded down $0.37 during mid-day trading on Friday, reaching $69.16. 38,162 shares of the stock were exchanged, compared to its average volume of 37,160. 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 1 year low of $46.00 and a 1 year high of $75.32. The company has a 50 day simple moving average of $65.98 and a 200-day simple moving average of $60.66. The stock has a market capitalization of $1.04 billion and a P/E ratio of 8.99.

Burke & Herbert Financial Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were given a $0.55 dividend. This is an increase from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Friday, November 15th. This represents a $2.20 annualized dividend and a yield of 3.18%. Burke & Herbert Financial Services’s dividend payout ratio is 28.61%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BHRB. DA Davidson initiated coverage on shares of Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a “buy” rating and a $76.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Burke & Herbert Financial Services from $72.00 to $79.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

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.