Burke & Herbert Financial Stock (NASDAQ: BHRB)

Burke & Herbert Financial (NASDAQ:BHRB) Stock, Quote.Headers.trade-ideas

Burke & Herbert Financial

Burke Herbert Finl Servs

Burke & Herbert Financial Services Corp is the bank holding company. The bank offers a full range of business and personal financial solutions designed to meet customers' banking, borrowing, and investment needs and has over 20 branches throughout the Northern Virginia region and commercial loan offices in Fredericksburg, Loudoun County, and Richmond, Virginia, and in Bethesda, Maryland. The Company operates in one segment which includes Community Banking. The company generates revenue from sources such as Fiduciary and wealth management income, Service charges and fees on deposit accounts consist of monthly service fees, check orders, and other deposit account related fees. Debit card fees and other service charges are primarily comprised of debit and credit card income, ATM fees.

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BHRB

Although U.S. stocks closed mixed on Wednesday, there were a few notable insider trades.

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The most oversold stocks in the financial sector presents an opportunity to buy into undervalued companies.

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Burke & Herbert Financial Services Corp. - Common Stock

Burke & Herbert Financial Services Corp

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains Burke &amp; Herbert Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHRB#NASDAQ">BHRB</a>) with a Market Perform and raises the price target from $66 to $73.

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Analyst Ratings

Keefe, Bruyette & Woods Maintains Market Perform on Burke & Herbert Financial, Raises Price Target to $73

WIIM

Burke & Herbert Financial shares are trading higher. The company reported Q2 financial results.

Burke &amp; Herbert Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHRB#NASDAQ">BHRB</a>) reported quarterly losses of $(1.41) per share. This is a 276.25 percent decrease over earnings of $0.80 per share from the same period last year. The company reported $69.27 million in sales this quarter. This is a 143.76 percent increase over sales of $28.42 million the same period last year.

Earnings

Burke & Herbert Financial Q2 EPS $(1.41) Down From $0.80 YoY, Sales $69.27M Up From $28.42M YoY

Shares of banking stocks are trading higher following a softer-than-expected May CPI Report. Also, the Fed left rates unchanged.

Burke &amp; Herbert Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHRB#NASDAQ">BHRB</a>) reported quarterly earnings of $0.69 per share. This is a 31 percent decrease over earnings of $1.00 per share from the same period last year. The company reported $26.39 million in sales this quarter. This is a 8.98 percent decrease over sales of $28.99 million the same period last year.

Burke & Herbert Financial Q1 EPS $0.69 Down From $1.00 YoY, Sales $26.39M Down From $28.99M YoY

Burke &amp; Herbert Annual Shareholder Meeting Date Established
ALEXANDRIA, Va. and MOOREFIELD, W.Va., April 19, 2024 /PRNewswire/ --&nbsp;Burke &amp; Herbert Financial Services Corp. ("Burke &amp; Herbert") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHRB#NASDAQ">BHRB</a>) and Summit Financial Group, Inc. ("Summit") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMF#NASDAQ">SMMF</a>) today announced receipt of all required regulatory approvals or waivers necessary to complete the previously announced merger of equals pursuant to the Agreement and Plan of Reorganization, dated as of August 24, 2023, by and between Burke &amp; Herbert and Summit. The merger is expected to close on May 3, 2024, pending satisfaction of customary closing conditions.
In addition, the Burke &amp; Herbert board of directors has established July 15, 2024, as the date for its annual shareholder meeting for shareholders of record as of May 7, 2024.&nbsp;

SMMF

Burke & Herbert Financial Services Corp. And Summit Financial Group, Inc. Announce Receipt Of Regulatory Approvals And Closing Date Of May 3, 2024 For Merger Of Equals

Although U.S. stocks closed mixed on Wednesday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#39;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Blackstone </h3>
<ul>
<li>The Trade: Blackstone Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bx#NYSE">BX</a>) Director Reginald J Brown <a href="https://www.benzinga.com/quote/BX/analyst-ratings"> acquired a total of 2,400 shares </a> an average price of $125.63. To acquire these shares, it cost around $301,500.</li>
<li>What&rsquo;s Happening: Blackstone recently reported mixed fourth-quarter financial results.</li>
<li>What Blackstone Does: Blackstone is the world&#39;s largest alternative asset managers with $1.001 trillion in total asset under management, including $731.1 billion in fee-earning asset under management, at the end of June 2023.</li>
</ul>
<h3>NorthWestern Energy </h3>
<ul>
<li>The Trade: NorthWestern Energy Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nwe#NASDAQ">NWE</a>) Director Mahvash Yazdi acquired a total of 1,000 shares at an average price of $48.80. To acquire these shares, it cost around $48,800.</li>
<li>What&rsquo;s Happening: NorthWestern posted upbeat quarterly earnings.</li>
<li>What NorthWestern Energy Does: NorthWestern Energy Group Inc provides electricity and natural gas services in the Upper Midwest and Northwest of the U.S. in the states of Montana, South Dakota, Nebraska, and Yellowstone National Park.</li>
</ul>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Burke &amp; Herbert Financial Services </h3>
<ul>
<li>The Trade: Burke &amp; Herbert Financial Services Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bhrb#NASDAQ">BHRB</a>) Director Mark Guthrie Anderson <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 2,400 shares </a> at an average price of $55.35. To acquire these shares, it cost around $132,840.</li>
<li>What&rsquo;s Happening: Burke &amp; Herbert Financial Services recently announced fourth-quarter results and declared common stock dividend.</li>
<li>What Burke &amp; Herbert Financial Services Does: Burke &amp; Herbert Financial Services Corp is the bank holding company.</li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/02/37254107/investor-sentiment-improves-following-fed-minutes-nasdaq-settles-lower"> Investor Sentiment Improves Following Fed Minutes; Nasdaq Settles Lower </a>

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Shares of banking and financial services stocks are trading lower as stocks fall following a greater-than-expected increase in January inflation data.

Burke &amp; Herbert Financial Services Corp. ("Burke &amp; Herbert") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHRB#NASDAQ">BHRB</a>) and Summit Financial Group, Inc. ("Summit") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMF#NASDAQ">SMMF</a>) today announced that at special meetings of their respective shareholders held on&nbsp;December 6, 2023,&nbsp;Burke &amp; Herbert and Summit shareholders approved the merger of Summit with and into Burke &amp; Herbert, with Burke &amp; Herbert as the surviving corporation pursuant to the Agreement and Plan of Reorganization,&nbsp;dated as of August 24, 2023, by and between Burke &amp; Herbert and Summit. The closing of the proposed merger remains subject to regulatory approvals and certain other customary closing conditions.&nbsp;

Burke & Herbert Financial Services Corp. And Summit Financial Group, Inc. Announce Receipt Of Shareholder Approval For Merger

Burke &amp; Herbert Financial Services Corp. ("Burke &amp; Herbert") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHRB#NASDAQ">BHRB</a>) and Summit Financial Group, Inc. ("Summit") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMF#NASDAQ">SMMF</a>) today announced the submission of regulatory filings related to the merger agreement between Burke &amp; Herbert and Summit, entered into and announced on August 24, 2023.&nbsp; The filings include those to certain state and Federal agencies as well as the Securities and Exchange Commission.&nbsp;
The merger is expected to close in the first quarter of 2024, subject to satisfaction of customary closing conditions, including regulatory approvals and shareholder approval from Burke &amp; Herbert and Summit shareholders.

Burke & Herbert Financial Services Corp. And Summit Financial Group, Inc. Submit Filings Related To Merger Agreement

Although U.S. stocks closed higher on Friday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#39;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>TreeHouse Foods </h3>
<ul>
<li>The Trade: TreeHouse Foods, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ths#NYSE">THS</a>) Director Jana Partners LLC <a href="https://www.benzinga.com/quote/PI/analyst-ratings"> acquired a total of 112,275 shares </a> an average price of $44.53. To acquire these shares, it cost around $5 million.</li>
<li>What&rsquo;s Happening: TreeHouse Foods announced it will sell its Lakeville manufacturing facility and snack bars business to John B. Sanfilippo &amp; Son for $63 million in cash.</li>
<li>What TreeHouse Foods Does: TreeHouse Foods, the largest private label manufacturer in the U.S., is the product of a slew of acquisitions, the most significant being the 2016 acquisition of Ralcorp, Conagra&#39;s former private brands business.</li>
</ul>
<h3>Burke &amp; Herbert Financial Services </h3>
<ul>
<li>The Trade: Burke &amp; Herbert Financial Services Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bhrb#NASDAQ">BHRB</a>) Director Mark G. Anderson acquired a total of 2,400 shares at an average price of $50.00. To acquire these shares, it cost around $120,000.</li>
<li>What&rsquo;s Happening: Burke &amp; Herbert Financial Services and Summit Financial Group announced merger of equals.</li>
<li>What Burke &amp; Herbert Financial Services Does: Burke &amp; Herbert Financial Services Corp is the bank holding company. The bank offers a full range of business and personal financial solutions designed to meet customers&#39; banking, borrowing, and investment needs and has over 20 branches throughout the Northern Virginia region and commercial loan offices in Fredericksburg, Loudoun County, and Richmond, Virginia, and in Bethesda, Maryland.</li>
</ul>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Mineralys Therapeutics </h3>
<ul>
<li>The Trade: Mineralys Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mlys#NASDAQ">MLYS</a>) CEO Jon Congleton <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 2,250 shares </a> at an average price of $12.08. To acquire these shares, it cost around $27,180.</li>
<li>What&rsquo;s Happening: Mineralys Therapeutics posted a narrower-than-expected quarterly loss.</li>
<li>What Mineralys Therapeutics Does: Mineralys Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing medicines to target diseases driven by abnormally elevated aldosterone.</li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/news/earnings/23/09/34358187/how-to-earn-500-a-month-from-smith-wesson-stock-after-upbeat-earnings"> How To Earn $500 A Month From Smith &amp; Wesson Stock After Upbeat Earnings </a>

Burke & Herbert Financial Services Shares To Resume Trade At 5:15 p.m. ET

The company will operate under the name &quot;Burke &amp; Herbert Financial Services Corp.&quot; and will trade under the Burke &amp; Herbert ticker symbol &quot;BHRB&quot; on the Nasdaq Capital Market.

Holders Of Summit Common Stock To Have Right To Receive 0.5043 Shares Of Burke & Herbert Common Stock

Burke & Herbert Financial Services And Summit Financial Group Announce Merger Of Equals; Deal Valued At Approximately $371.5M Or $25.20 Per Share Of Summit Common Stock

Movers

Burke & Herbert Financial Services Corp. Shares Halted, News Pending

The most oversold stocks in the financial sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30.</a>
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>Top KingWin Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tcjh#NASDAQ">TCJH</a>)</h3>
<ul>
<li>Univest Securities, LLC recently announced closing of $11 million initial public offering of class A ordinary shares for its client Top KingWin Ltd. The company&rsquo;s stock has a <a href="https://www.benzinga.com/quote/TCJH">52-week low of $1.46 </a>.</li>
<li>RSI Value: 29.39</li>
<li>TCJH Price Action: Shares of Top KingWin fell 3.7% to close at $1.56 on Tuesday.</li>
</ul>
<h3>Netcapital Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ncpl#NASDAQ">NCPL</a>)</h3>
<ul>
<li>Netcapital recently announced pricing of a public offering. It <a href="https://www.benzinga.com/quote/NCPL"> has a 52-week low </a> of $0.64.</li>
<li>RSI Value: 25.95</li>
<li>NCPL Price Action: Shares of Netcapital fell 3.5% to close at $0.6510 on Tuesday.</li>
</ul>
<h3>PaySign, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pays#NASDAQ">PAYS</a>)</h3>
<ul>
<li>PaySign posted weaker-than-expected sales for its first quarter. &quot;We are pleased to report a solid Q1 2023 with revenue growth of 23% compared to last year, reflecting our continued expansion in the plasma and patient affordability verticals,&quot; said Mark Newcomer, CEO. The company&rsquo;s stock has a 52-week <a href="https://www.benzinga.com/quote/PAYS"> low of $1.80.</a></li>
<li>RSI Value: 29.44</li>
<li>PAYS Price Action: Shares of PaySign fell 2.9% to close at $1.99 on Tuesday.</li>
</ul>
<h3>Burke &amp; Herbert Financial Services Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bhrb#NASDAQ">BHRB</a>)</h3>
<ul>
<li>The company said net income for the three months ended March 31, 2023, was $7.5 million or $1.6 million lower than the three months ended March 31, 2022. David P. Boyle, Company Chair, President and Chief Executive Officer, said, &quot;During an extremely volatile quarter across the industry, we grew loans, opportunistically bolstered our liquidity position, and increased our capital position. Despite an environment that resulted in a rapid increase in interest expense, the team delivered a year-over-year increase in pretax, pre-provision earnings and remains steadfastly focused on executing our strategic initiatives.&quot; The company&rsquo;s 52-week low is $47.95.</li>
<li>RSI Value: 14.56</li>
<li>BHRB Price Action: Shares of Burke &amp; Herbert Financial Services fell 0.02% to close at $50.98 on Tuesday.</li>
</ul>
<h3>Beneficient (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/benf#NASDAQ">BENF</a>)</h3>
<ul>
<li>Beneficient entered into $250 million standby equity purchase agreement with YA II PN. The company <a href="https://www.benzinga.com/quote/BENF"> has a 52-week low </a> of $2.03.</li>
<li>RSI Value: 15.76</li>
<li>BENF Price Action: Shares of Beneficient gained 2.4% to close at $2.18 on Tuesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/earnings/23/07/33384271/at-t-likely-to-report-lower-q2-earnings-heres-a-look-at-recent-price-target-changes-by-the-most-acc"> AT&amp;T Likely To Report Lower Q2 Earnings; Here&#39;s A Look At Recent Price Target Changes By The Most Accurate Analysts </a>

The Company notes the following first quarter highlights:
<ul>
<li>Balance sheet remains strong with ample liquidity and capital ratios significantly higher than regulatory defined well-capitalized levels;</li>
<li>Asset quality remains stable across the loan portfolio with adequate reserves;</li>
<li>Focus remains on strategic initiatives to profitably expand market share, transform the Company's digital capabilities and grow sources of non-interest income; and</li>
<li>On April 26, 2023, the Company's common shares, previously quoted on OTC Markets, began trading on the Nasdaq stock exchange.</li>
</ul>
From David P. Boyle, Company Chair, President and Chief Executive Officer
"During an extremely volatile quarter across the industry, we grew loans, opportunistically bolstered our liquidity position, and increased our capital position. Despite an environment that resulted in a rapid increase in interest expense, the team delivered a year-over-year increase in pretax, pre-provision earnings and remains steadfastly focused on executing our strategic initiatives."
Results of Operations
First Quarter 2023 - Comparison to prior year quarter
Net income for the three months ended March 31, 2023, was $7.5 million or $1.6 million lower than the three months ended March 31, 2022.
Total revenue (non-GAAP) for the three months ended March 31, 2023, was $29.0 million or 5% higher than the three months ended March 31, 2022, and included $22.8 million in interest and fees on loans and $11.3 million on investment security income, which was a 38% increase and a 45% increase, respectively, over the prior year three months ended March 31, 2022. Overall, interest income for the three months ended March 31, 2023, was $34.3 million or 42% higher than the three months ended March 31, 2022. The increase in interest income for the Company's loans was due to higher balances and rates, and the interest income increase in investment securities was primarily due to higher rates. Loans, net of allowance for credit losses, ended the quarter at $1.9 billion or 11% higher than March 31, 2022, while the investment portfolio fair value ended the quarter at $1.4 billion or 11% lower than the prior year quarter.
The increase in interest income was offset by an increase in interest expense, which was $9.6 million for the three months ended March 31, 2023, or $8.8 million higher than the prior year period. The rapidly rising rate environment resulted in an increase in the Company's cost of funds that outpaced the resulting benefit of higher rates on assets. The Company's deposit and borrowing interest expense was $5.4 million and $4.2 million or $5.0 million and $3.8 million higher for the three months ended March 31, 2023, and March 31, 2022, respectively. Deposits ended the quarter at $3.0 billion or 2% higher than the same period in 2022. Non-interest-bearing deposits decreased by 6% to $906.7 million and borrowed funds increased by 43% to $321.7 million from the prior year quarter ended March 31, 2022.
Non-interest income for the three months ended March 31, 2023, increased $0.1 million from the same period last year to $4.2 million. The increase was primarily due to higher other non-interest income revenue. Within other non-interest income, the Company received more dividend income from the Federal Home Loan Bank than in the prior year quarter ended March 31, 2022.
On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The adoption was prospective with a day-one non-earnings impact adjustment to the Company's capital, net of taxes, of $3.4 million. This impact is reflected in our capital ratios without any transition adjustment for the adoption of CECL. For the three months ended March 31, 2023, the Company recorded a provision for credit losses of $0.5 million compared to a recapture of credit losses of $2.6 million in the prior year quarter. Revenue after provision for credit losses was $28.5 million for the three months ended March 31, 2023, which was a decrease of 6% compared to the same period last year.
Non-interest expense increased by $1.2 million, or 6%, for the three months ended March 31, 2023, from the prior year three months ended March 31, 2022. The increase was driven by higher personnel related expenses, primarily benefits and pension, due to increased healthcare costs and general macro-economic conditions. The Company also incurred expenses related to the efforts of listing our common stock on the Nasdaq stock exchange and the filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission ("SEC") to register our common stock under the Securities Exchange Act of 1934, as amended.
Burke &amp; Herbert Bank &amp; Trust Company, the Company's wholly-owned bank subsidiary, continues to be well-capitalized with capital ratios that are above regulatory requirements. As of March 31, 2023, our Common Equity Tier 1 capital to risk-weighted asset and Total risk-based capital to risk weighted asset ratios were 17.4% and 18.5% and significantly above the well-capitalized requirements of 6.5% and 10%, respectively. The leverage ratio was 11.1% compared to a 5% level to be considered well-capitalized.
As of March 31, 2023, total shareholders' equity was $289.8 million or 12% lower than March 31, 2022, due to the impact of higher rates on the fair value of our securities portfolio.
For more information about the Company's financial condition, including additional disclosures pertinent to recent events in the banking industry, please see our financial statements and supplemental information attached to this release.

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Burke & Herbert Financial

Burke & Herbert Financial (BHRB) Forecast

Burke & Herbert Financial (NASDAQ:BHRB) Stock, Quote.Headers.trade-ideas