Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Sees Significant Increase in Short Interest

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB - Get Free Report) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 136,800 shares, a growth of 10.1% from the September 30th total of 124,300 shares. Based on an average daily trading volume, of 57,400 shares, the short-interest ratio is presently 2.4 days. Approximately 1.0% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BHRB shares. DA Davidson began coverage on shares of Burke & Herbert Financial Services in a research note on Wednesday, October 16th. They set a "buy" rating and a $76.00 price objective for the company. Keefe, Bruyette & Woods dropped their target price on shares of Burke & Herbert Financial Services from $73.00 to $72.00 and set a "market perform" rating for the company in a research report on Tuesday.

Insider Buying and Selling

In other news, Director Gary L. Hinkle bought 5,000 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was purchased at an average price of $68.09 per share, with a total value of $340,450.00. Following the purchase, the director now owns 233,155 shares of the company's stock, valued at $15,875,523.95. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 9.65% of the company's stock.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Several large investors have recently added to or reduced their stakes in BHRB. Dimensional Fund Advisors LP bought a new position in Burke & Herbert Financial Services during the second quarter worth $18,137,000. Burke & Herbert Bank & Trust Co. lifted its stake in Burke & Herbert Financial Services by 50.6% during the second quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company's stock worth $15,715,000 after purchasing an additional 103,527 shares during the last quarter. American Century Companies Inc. bought a new position in Burke & Herbert Financial Services during the second quarter worth $3,091,000. Renaissance Technologies LLC bought a new position in Burke & Herbert Financial Services during the second quarter worth $2,827,000. Finally, Verdence Capital Advisors LLC bought a new position in Burke & Herbert Financial Services during the second quarter worth $2,218,000.

Burke & Herbert Financial Services Stock Down 1.6 %

Shares of Burke & Herbert Financial Services stock traded down $1.03 on Tuesday, hitting $64.04. 28,683 shares of the company's stock traded hands, compared to its average volume of 35,100. The stock has a market cap of $957.08 million and a P/E ratio of 7.62. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.16. The firm's 50-day moving average is $62.91 and its 200 day moving average is $56.86. Burke & Herbert Financial Services has a 52-week low of $43.80 and a 52-week high of $70.00.

Burke & Herbert Financial Services (NASDAQ:BHRB - Get Free Report) last released its earnings results on Friday, July 26th. The company reported $2.04 EPS for the quarter. The company had revenue of $69.27 million during the quarter. Burke & Herbert Financial Services had a positive return on equity of 9.96% and a negative net margin of 1.10%.

Burke & Herbert Financial Services Increases Dividend

The firm 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. This is a boost from Burke & Herbert Financial Services's previous quarterly dividend of $0.53. This represents a $2.20 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Friday, November 15th. Burke & Herbert Financial Services's dividend payout ratio is 26.16%.

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.