Shawn Patrick McLaughlin, a director at Burke & Herbert Financial Services Corp. (NASDAQ:BHRB), has acquired 555 shares of the company's common stock. The shares were purchased at a price of $69.35 each, totaling approximately $38,489. Following this transaction, McLaughlin holds a direct ownership of 61,000 shares. Additionally, McLaughlin has an indirect ownership of 1,000 shares through McLaughlin Ryder Investments, Inc., an affiliated company. With analysts setting price targets between $76-79, this insider purchase aligns with positive market sentiment. InvestingPro subscribers can access additional insights, including 7 more key tips about BHRB's financial health and growth prospects.
In other recent news, Burke & Herbert Financial Services Corp. announced significant developments including a change in its executive team and strong third-quarter financial results. Kirtan Parikh has been appointed as the Interim Chief Accounting Officer, replacing Julie R. Markwood who has taken a temporary medical leave. This comes after the company's merger with Summit Financial Group (NASDAQ:SMMF), Inc. and Summit Community Bank, Inc.
Post-merger, the company reported an increased regular cash dividend of $0.55 per share, a 3.8% rise from the previous quarter. The financial institution reported a net income applicable to common shares of $27.4 million, with earnings per diluted common share (EPS) at $1.82. Net interest income for the quarter was $73.2 million, with a net interest margin of 4.07%.
DA Davidson initiated coverage on Burke & Herbert Financial Services, issuing a Buy rating with a price target of $76. They anticipate the merger to accelerate both asset and earnings growth for the company. 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 developments for Burke & Herbert Financial Services Corp.
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