Julian Barnwell Jr., a director at Burke & Herbert Financial Services Corp. (NASDAQ:BHRB), has purchased 3,000 shares of the company's common stock, according to a recent SEC filing. The shares were acquired at a price of $68.75 each, amounting to a total transaction value of $206,250. Following this transaction, Barnwell holds a total of 182,939 shares in various trusts and direct ownership.
In other recent news, Burke & Herbert Financial Services Corp. has seen significant developments. Kirtan Parikh is now the Interim Chief Accounting Officer, replacing Julie R. Markwood during her medical leave. This follows the company's third-quarter financial results, which marked the first full quarter since its merger with Summit Financial Group (NASDAQ:SMMF), Inc. The company reported a net income applicable to common shares of $27.4 million and a net interest income of $73.2 million.
Further, Burke & Herbert Financial Services increased its regular cash dividend to $0.55 per share, a 3.8% rise from the previous quarter. These recent developments have drawn attention from analysts at DA Davidson, who have initiated coverage on the company with a Buy rating and a price target of $76. They anticipate that the merger will accelerate both asset and earnings growth for the company.
DA Davidson's analysts also project rapid earnings per share (EPS) growth for Burke & Herbert Financial Services in the coming years. By 2025, they 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%. These are the latest updates in the company's recent developments.
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