Jose David Riojas, a director at Burke & Herbert Financial Services Corp. (OTC:BHRB), purchased shares of the company's stock valued at a total of approximately $66,341 on June 10, according to a recent SEC filing. The transactions were executed at prices ranging from $47.15 to $47.75 per share.
The recent acquisition by Riojas involved a series of purchases totaling 1,397 shares of Burke & Herbert Financial Services Corp.'s common stock. The first batch of 497 shares was bought at $47.75 each, followed by another 500 shares at $47.50 per share, and the final set of 400 shares was secured at $47.15 per share. These transactions reflect a consistent investment in the company by one of its directors, showcasing a level of confidence in the financial institution's future prospects.
Following these purchases, the total number of shares owned by Riojas in the company has increased significantly. The shares are held indirectly by the Jose and Susan Riojas Joint Revocable Trust, indicating a long-term investment strategy by the reporting owner.
Burke & Herbert Financial Services Corp., with its headquarters located at 100 S. Fairfax Street in Alexandria, Virginia, operates as a national commercial bank. The financial services company has a long-standing history and is known for providing a range of banking products and services.
Investors often pay close attention to insider transactions as they can provide insights into how the company's executives and directors view the stock's value and future performance. The recent filings are available for public review and offer a transparent look at the actions taken by the company's insiders.
The signature on the SEC filing was provided by Kirtan Parikh, as Attorney-in-Fact for Jose D. Riojas, and was dated June 11, 2024. The filing offers a snapshot of the insider's stock holdings and transactions, which are required to be reported to the SEC.
InvestingPro Insights
Amidst the recent insider transactions at Burke & Herbert Financial Services Corp. (OTC:BHRB), investors are evaluating the company's financial health and future growth potential. According to the latest data available on InvestingPro, the company is currently trading at a high earnings multiple, with a P/E ratio standing at 18.17. This valuation metric is significantly higher when looking at the adjusted P/E ratio for the last twelve months as of Q1 2024, which is at 33.51. This suggests that the market may be expecting higher earnings growth in the future or that the stock is currently overvalued.
Despite maintaining a commendable record of dividend payments for 18 consecutive years, which could be appealing for income-focused investors, the company's gross profit margins are considered weak. The gross profit for the last twelve months as of Q1 2024 was reported at $107.52 million USD. This is a critical factor for investors to consider, as it may impact the company's ability to sustain dividend payments or invest in future growth.
Further insights provided by InvestingPro reveal that the company's revenue growth has experienced a decline, with a -16.33% change over the last twelve months as of Q1 2024. This could be a point of concern for investors looking for companies with a strong trajectory of revenue expansion. However, it's important to note that Burke & Herbert Financial Services Corp. has remained profitable over the same period, which may offer some reassurance regarding its financial stability.
For those interested in a deeper analysis, there are additional InvestingPro Tips available on their platform, which can be accessed for Burke & Herbert Financial Services Corp. at https://www.investing.com/pro/BHRB. By using the special coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a comprehensive suite of investment tools and insights.
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