ALEXANDRIA, VA - Burke & Herbert Financial Services Corp. (NASDAQ:BHRB), a Virginia-based bank holding company, has announced an amendment to its Articles of Incorporation following a shareholder vote at its annual meeting on Monday. The amendment, which was approved by the company's shareholders, doubles the number of authorized shares of common stock from 20 million to 40 million.
The Board of Directors had previously declared the proposal to be in the best interests of the company and its shareholders at their meeting on March 28, 2024. The definitive proxy statement detailing the amendment, filed with the SEC on May 29, 2024, was referenced for further description. After receiving shareholder approval, the company filed the amendment with the Virginia State Corporation Commission, effective as of 5:00 PM Eastern Time on July 15, 2024.
In addition to the amendment, shareholders elected sixteen directors to serve one-year terms expiring in 2025. Furthermore, Crowe LLP was ratified as the company's independent registered public accounting firm for the year ending December 31, 2024.
The annual meeting resulted in a quorum with 11,041,872 shares represented. The voting outcomes for the director elections and the ratification of the accounting firm were also disclosed, with the majority of votes cast in favor of the proposed actions.
Burke & Herbert Financial Services Corp. is classified under the National Commercial Banks industry and operates under the organization name 02 Finance. The company's fiscal year ends on December 31, with its business and mailing address located at 100 S. Fairfax Street, Alexandria, VA 22314.
This news is based on a press release statement and reflects the company's current corporate structure and shareholder decisions. The doubling of authorized shares could potentially provide Burke & Herbert with the flexibility for future corporate endeavors, such as financing corporate initiatives, issuing stock dividends, or pursuing acquisitions. However, the specific use of the additional authorized shares has not been disclosed.
InvestingPro Insights
As Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) positions itself for future growth by amending its Articles of Incorporation, current and prospective investors may find the following metrics and insights from InvestingPro valuable. With a market capitalization of $819.16 million, the company has demonstrated a significant return over the past week, with a 15.32% increase in total return. This momentum extends over the last month, showing a robust 16.25% price total return, suggesting investor confidence may be on the rise following recent corporate actions.
InvestingPro Tips indicate that while BHRB is trading at a high earnings multiple with a P/E ratio of 42.96 based on the last twelve months as of Q1 2024, it has also maintained dividend payments for 18 consecutive years, offering a solid dividend yield of 3.84%. This consistent return to shareholders may be an attractive point for those seeking regular income from their investments. Additionally, the company has been profitable over the last twelve months, which could reassure investors of its financial health amidst a challenging revenue growth environment.
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