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

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) declared a quarterly dividend on Friday, April 25th, RTT News reports. Shareholders of record on Thursday, May 15th will be given a dividend of 0.55 per share on Monday, June 2nd. This represents a $2.20 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Thursday, May 15th.

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 28.0% meaning its dividend is sufficiently covered by earnings.

Burke & Herbert Financial Services Price Performance

Shares of BHRB traded up $1.89 during trading hours on Monday, reaching $53.40. 44,937 shares of the company traded hands, compared to its average volume of 49,820. The stock has a market capitalization of $800.09 million and a PE ratio of 22.25. The stock has a fifty day simple moving average of $56.05 and a 200 day simple moving average of $61.80. Burke & Herbert Financial Services has a fifty-two week low of $46.00 and a fifty-two week high of $75.32. 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 (NASDAQ:BHRB - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.02. The company had revenue of $83.01 million for the quarter, compared to analysts' expectations of $85.50 million. Burke & Herbert Financial Services had a net margin of 8.88% and a return on equity of 15.15%. As a group, research analysts predict that Burke & Herbert Financial Services will post 8.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upgraded Burke & Herbert Financial Services from a "market perform" rating to an "outperform" rating and decreased their price objective for the stock from $79.00 to $76.00 in a report on Monday, January 27th.

Insider Transactions at Burke & Herbert Financial Services

In other news, Director Julian Forrest Jr. Barnwell purchased 1,140 shares of the stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $58.38 per share, with a total value of $66,553.20. Following the completion of the transaction, the director now owns 91,361 shares in the company, valued at approximately $5,333,655.18. The trade was a 1.26 % 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 Gary L. Hinkle acquired 1,000 shares of the business's stock in a transaction dated Friday, January 31st. The stock was purchased at an average price of $64.48 per share, for a total transaction of $64,480.00. Following the completion of the acquisition, the director now owns 244,355 shares in the company, valued at approximately $15,756,010.40. This trade represents a 0.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 19,140 shares of company stock worth $1,195,743 in the last three months. Company insiders own 10.92% of the company's stock.

Burke & Herbert Financial Services declared that its Board of Directors has authorized a stock buyback plan on Friday, April 25th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Burke & Herbert Financial Services Company Profile

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.