Burke & Herbert Financial Services (NASDAQ:BHRB) Reaches New 52-Week High – Should You Buy?

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $71.02 and last traded at $71.02, with a volume of 682 shares. The stock had previously closed at $65.10.

Analyst Upgrades and Downgrades

BHRB has been the topic of a number of recent research reports. DA Davidson initiated coverage on 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 dropped their price objective on Burke & Herbert Financial Services from $73.00 to $72.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th.

Burke & Herbert Financial Services Stock Performance

The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average of $62.80 and a two-hundred day moving average of $57.35.

Burke & Herbert Financial Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.10%. This is a boost from Burke & Herbert Financial Services’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 15th.

Insider Activity at Burke & Herbert Financial Services

In other news, Director Gary L. Hinkle acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average cost of $68.09 per share, with a total value of $340,450.00. Following the acquisition, the director now owns 233,155 shares in the company, valued at approximately $15,875,523.95. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Burke & Herbert Financial Services

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP bought a new stake in shares of Burke & Herbert Financial Services in the 2nd quarter worth approximately $18,137,000. Vanguard Group Inc. grew its position in shares of Burke & Herbert Financial Services by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 341,705 shares of the company’s stock worth $19,146,000 after buying an additional 4,574 shares during the last quarter. Burke & Herbert Bank & Trust Co. grew its position in shares of Burke & Herbert Financial Services by 50.6% in the 2nd quarter. Burke & Herbert Bank & Trust Co. now owns 308,251 shares of the company’s stock worth $15,715,000 after buying an additional 103,527 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Burke & Herbert Financial Services by 96.0% during the second quarter. Bank of New York Mellon Corp now owns 81,204 shares of the company’s stock valued at $4,140,000 after purchasing an additional 39,769 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in shares of Burke & Herbert Financial Services during the second quarter valued at approximately $3,091,000.

Burke & Herbert Financial Services Company Profile

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.