Burke & Herbert Financial Services (NASDAQ:BHRB) Sees Unusually-High Trading Volume - Here's Why

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 91,011 shares were traded during mid-day trading, an increase of 100% from the previous session's volume of 45,403 shares.The stock last traded at $63.59 and had previously closed at $62.36.

Analyst Ratings Changes

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

Burke & Herbert Financial Services Stock Down 1.5 %

The stock has a 50 day moving average of $62.28 and a 200-day moving average of $64.17. The firm has a market capitalization of $900.18 million and a P/E ratio of 25.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.83 and a current ratio of 0.83.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last announced its quarterly earnings data on Friday, January 24th. The company reported $1.77 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.77. Burke & Herbert Financial Services had a return on equity of 15.15% and a net margin of 8.88%. Research analysts predict that Burke & Herbert Financial Services Corp. will post 8.05 earnings per share for the current fiscal year.

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Burke & Herbert Financial Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date was Friday, February 14th. Burke & Herbert Financial Services's dividend payout ratio is currently 91.67%.

Insider Activity at Burke & Herbert Financial Services

In related news, Director Shawn Patrick Mclaughlin purchased 555 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were purchased at an average cost of $69.35 per share, for a total transaction of $38,489.25. Following the completion of the transaction, the director now directly owns 61,000 shares in the company, valued at approximately $4,230,350. This represents a 0.92 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Julian Forrest Jr. Barnwell purchased 2,000 shares of the firm's stock in a transaction dated Wednesday, March 5th. The shares were bought at an average price of $60.50 per share, for a total transaction of $121,000.00. Following the completion of the transaction, the director now owns 203,939 shares of the company's stock, valued at approximately $12,338,309.50. This trade represents a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 19,555 shares of company stock worth $1,255,379. Company insiders own 9.65% of the company's stock.

Institutional Investors Weigh In On Burke & Herbert Financial Services

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Burke & Herbert Financial Services by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 732,163 shares of the company's stock valued at $45,658,000 after buying an additional 22,559 shares during the period. Fourthstone LLC increased its position in shares of Burke & Herbert Financial Services by 14.3% in the fourth quarter. Fourthstone LLC now owns 454,526 shares of the company's stock worth $28,344,000 after purchasing an additional 56,928 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Burke & Herbert Financial Services by 5.2% in the third quarter. Geode Capital Management LLC now owns 306,243 shares of the company's stock worth $18,681,000 after purchasing an additional 15,092 shares during the last quarter. State Street Corp increased its position in shares of Burke & Herbert Financial Services by 9.9% in the third quarter. State Street Corp now owns 289,576 shares of the company's stock worth $17,661,000 after purchasing an additional 26,191 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Burke & Herbert Financial Services by 5.1% in the fourth quarter. Northern Trust Corp now owns 130,117 shares of the company's stock worth $8,114,000 after purchasing an additional 6,313 shares during the last quarter.

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.