Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Short Interest Down 8.8% in October

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 124,700 shares, a decline of 8.8% from the October 15th total of 136,800 shares. Based on an average daily trading volume, of 57,700 shares, the short-interest ratio is currently 2.2 days. Currently, 0.9% of the company's shares are sold short.

Insider Activity

In related news, Director Gary L. Hinkle bought 5,000 shares of the company's stock in a transaction on Friday, August 23rd. The shares were purchased at an average cost of $68.09 per share, for a total transaction of $340,450.00. Following the acquisition, the director now owns 233,155 shares of the company's stock, valued at approximately $15,875,523.95. This represents a 2.19 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 9.65% of the stock is owned by company insiders.

Institutional Trading of Burke & Herbert Financial Services

Institutional investors have recently added to or reduced their stakes in the company. HHM Wealth Advisors LLC acquired a new stake in shares of Burke & Herbert Financial Services in the second quarter valued at approximately $29,000. Quadrature Capital Ltd increased its position in Burke & Herbert Financial Services by 4.8% during the 3rd quarter. Quadrature Capital Ltd now owns 12,309 shares of the company's stock worth $750,000 after purchasing an additional 566 shares in the last quarter. Fortitude Family Office LLC lifted its stake in Burke & Herbert Financial Services by 1,666.0% in the 2nd quarter. Fortitude Family Office LLC now owns 936 shares of the company's stock valued at $48,000 after purchasing an additional 883 shares during the last quarter. Jane Street Group LLC boosted its position in Burke & Herbert Financial Services by 6.9% in the third quarter. Jane Street Group LLC now owns 18,772 shares of the company's stock valued at $1,145,000 after buying an additional 1,218 shares in the last quarter. Finally, Moors & Cabot Inc. grew its stake in shares of Burke & Herbert Financial Services by 6.9% during the second quarter. Moors & Cabot Inc. now owns 28,872 shares of the company's stock worth $1,472,000 after buying an additional 1,851 shares during the last quarter.

Burke & Herbert Financial Services Price Performance

NASDAQ:BHRB traded down $0.06 during mid-day trading on Friday, hitting $68.80. The stock had a trading volume of 39,491 shares, compared to its average volume of 55,004. Burke & Herbert Financial Services has a twelve month low of $44.80 and a twelve month high of $75.32. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.15. The company's 50 day simple moving average is $63.52 and its 200 day simple moving average is $58.19.

Burke & Herbert Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be paid a dividend of $0.55 per share. The ex-dividend date is Friday, November 15th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.20%. This is a positive change from Burke & Herbert Financial Services's previous quarterly dividend of $0.53.

Analyst Ratings Changes

Several equities research analysts have commented on BHRB shares. Keefe, Bruyette & Woods cut their target price on 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 assumed coverage on shares of Burke & Herbert Financial Services in a report on Wednesday, October 16th. They set a "buy" rating and a $76.00 target price for the company.

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.