Gary L. Hinkle, a director at Burke & Herbert Financial Services Corp. (NASDAQ:BHRB), has increased his stake in the company, according to a recent SEC filing. On December 13, Hinkle acquired a total of 5,000 shares of common stock. The transactions were executed at prices ranging from $69.1378 to $69.65 per share, resulting in a total purchase value of approximately $345,745.
Following these transactions, Hinkle now holds a significant number of shares across various ownership structures. His holdings include 243,355 shares by a joint revocable trust, 266 shares as a custodian for a grandchild, 6,666 shares by HT Services, 2,420 shares by his spouse, 32,201 shares by Hinkle Trucking, and 10,288 shares directly owned.
These acquisitions reflect Hinkle's ongoing investment in Burke & Herbert as the company continues to navigate the financial services sector.
In other recent news, Burke & Herbert Financial Services Corp. announced a major shift in its executive team, with Kirtan Parikh stepping in as the Interim Chief Accounting Officer. This move follows the temporary medical leave of the previous Chief Accounting Officer, Julie R. Markwood. Parikh, the current Director of Strategy, has previously served in this role prior to the company's merger with Summit Community Bank, Inc., and Summit Financial Group (NASDAQ:SMMF), Inc.
The company also reported its third-quarter financial results, the first full quarter since its merger with Summit Financial Group. The financial institution declared an increased regular cash dividend of $0.55 per share, a 3.8% rise from the previous quarter. It 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. They expect the merger to accelerate both asset and earnings growth for the company. By 2025, they project 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 recent developments highlight the ongoing changes and growth prospects at Burke & Herbert Financial Services Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.