Shawn Patrick McLaughlin, a director at Burke & Herbert Financial Services Corp. (NASDAQ:BHRB), recently acquired additional shares of the company's common stock. According to a recent SEC filing, McLaughlin purchased 195 shares on December 5 at a price of $69.50 per share, totaling $13,552. The purchase comes as BHRB shares have surged approximately 47% over the past six months. Following this transaction, McLaughlin holds 60,445 shares directly. Additionally, McLaughlin indirectly owns 1,000 shares through McLaughlin Ryder Investments, Inc., an affiliated company. InvestingPro analysis reveals several more key insights about BHRB's performance and valuation metrics, including its current high earnings multiple.
In other recent news, Burke & Herbert Financial Services Corp. announced an executive reshuffle following the temporary medical leave of Julie R. Markwood, the previous Chief Accounting Officer. Kirtan Parikh, the current Director of Strategy, has been appointed as the Interim Chief Accounting Officer. Parikh is familiar with the role, having previously served as Chief Accounting Officer before the company's merger with Summit Community Bank, Inc., and Summit Financial Group (NASDAQ:SMMF), Inc.
In terms of financial performance, Burke & Herbert Financial Services declared an increased regular cash dividend of $0.55 per share following its merger with Summit Financial Group. The company reported a net income applicable to common shares of $27.4 million, with earnings per diluted common share (EPS) at $1.82, and net interest income for the quarter was $73.2 million.
Analysts from DA Davidson initiated coverage on Burke & Herbert Financial Services, issuing a Buy rating with a price target of $76. The analysts anticipate the merger to accelerate both asset and earnings growth for the company. They project rapid EPS growth for Burke & Herbert Financial Services in the coming years and expect the bank to outperform its peers with a return on assets (ROA) of 1.45% and a return on tangible common equity (ROTCE) of 16.5% by 2025. These are recent developments in the company's operations and financial performance.
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