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    Burke & Herbert Financial Services (BHRB)

    Market Price (11/6/2026): $68.76 | Market Cap: $1.4 BilSector: Financials | Industry: Regional Banks

    Burke & Herbert Financial Services (BHRB)

    Market Price (11/6/2026): $68.76
    Market Cap: $1.4 Bil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 6.7%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

    Low stock price volatility
    Vol 12M is 22%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

    Weak multi-year price returns
    2Y Excs Rtn is -17%, 3Y Excs Rtn is -9.0%

    Key risks
    BHRB key risks include [1] significant unrealized losses on its available-for-sale securities portfolio, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 6.7%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
    2 Low stock price volatility
    Vol 12M is 22%
    3 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
    4 Weak multi-year price returns
    2Y Excs Rtn is -17%, 3Y Excs Rtn is -9.0%
    5 Key risks
    BHRB key risks include [1] significant unrealized losses on its available-for-sale securities portfolio, Show more.

    BHRB in ETFs

    Weight = BHRB's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.04%
    KRE0.36%
    AVUV0.10%
    IWN0.08%
    VTWO0.04%
    SCHA0.03%
    +5 more covered ETFs

    Valuation & Metrics

    FYE: 12/31BHRB [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$358.7 Mil—
    FY 2026 Sales$438.9 Mil—
    FY 2027 Sales$488.7 Mil—
    FY 2026 Sales Growth22.4%—
    FY 2027 Sales Growth11.4%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$97.0 Mil—
    FY 2026 Net Income (Non-GAAP)$112.5 Mil—
    FY 2027 Net Income (Non-GAAP)$130.9 Mil—
    FY 2027 Net Income Growth16.4%13.9%
    FY 2026 EPS (Non-GAAP)$7.49—
    FY 2027 EPS (Non-GAAP)$8.72—
    FY 2027 EPS Growth16.4%—
    VALUATION
    FY 2026 P/S3.21.7
    FY 2027 P/S2.8—
    FY 2026 P/E12.38.7
    FY 2027 P/E10.6—

    [1] BHRB forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    BHRBS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.4
    Rev Chg Q23.0%8.9%
    Rev Chg LTM8.6%8.6%
    Rev Chg 3Y Avg52.9%6.4%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM27.1%21.5%
    Net Inc Mgn27.1%13.5%
    VALUATIONLOW
    P/S3.53.2
    P/CFO13.015.1
    P/FCF14.620.2
    P/E13.022.3

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Branchesover 7510232025Link
    Number of Employeesover 8003172025Link
    Loan-to-Deposit Ratio86.7%9302025Link
    Common Equity Tier 1 Capital Ratio12.7%9302025Link
    Total Risk-Based Capital Ratio15.4%9302025Link
    Total Liquidity (including borrowing capacity)$4.3 billion9302025Link
    Allowance for credit losses to total loans ratio1.20%12312024Link

    Price Chart

    Recent
    10/22/2026Earnings ReleaseRev: $119 Mil (A) vs. $121 Mil (E)
    EPS: 2.14 (A) vs. $2.05 (E)
    Upcoming
    11/13/2026DividendAmount: $0.55
    Payment On: 12/01/2026
    1/21/2027Earnings ReleaseRev: $121 Mil (E)
    EPS: $2.06 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Burke & Herbert Financial Services (BHRB) stock has lost about 5% since 7/31/2026 because of the following key factors:

    1. Mixed Third Fiscal Quarter 2026 Earnings Performance and Divergent Analyst Outlook. Burke & Herbert Financial Services reported adjusted diluted earnings per share of $2.14 for fiscal Q3 2026 (ended September 30, 2026), surpassing the consensus estimate of $2.05. However, the company's revenue of $119.74 million fell short of the estimated $121.32 million. This mixed financial performance led to varied reactions from analysts; for example, Keefe, Bruyette & Woods lowered its price target from $81.00 to $80.00 on November 2, 2026, citing modestly lower growth expectations for 2026 despite the earnings beat. Conversely, DA Davidson raised its price target from $75.00 to $76.00 after the Q3 results. This divergence in analyst sentiment, stemming from the mixed results, contributed to the stock remaining range-bound as investors processed the nuanced outlook.

    2. Integration Phase of LINKBANCORP Merger. The fiscal third quarter of 2026 was the first full quarter reflecting the May 1, 2026, completion of the merger with LINKBANCORP, Inc.. While the merger positively impacted net interest income, which rose to $105.0 million from $93.0 million sequentially, and improved the net interest margin to 4.21% from 4.15%, analysts also pointed to potential integration risks and operational uncertainties in the near term. Investors likely adopted a "wait and see" approach as the company worked through the integration process and sought to fully realize synergies, thereby limiting significant upward momentum during this period.

    Show more
    Updated on 11/1/2026

    Burke & Herbert Financial Services (BHRB) stock has lost about 5% since 7/31/2026 because of the following key factors:

    1. Mixed Third Fiscal Quarter 2026 Earnings Performance and Divergent Analyst Outlook. Burke & Herbert Financial Services reported adjusted diluted earnings per share of $2.14 for fiscal Q3 2026 (ended September 30, 2026), surpassing the consensus estimate of $2.05. However, the company's revenue of $119.74 million fell short of the estimated $121.32 million. This mixed financial performance led to varied reactions from analysts; for example, Keefe, Bruyette & Woods lowered its price target from $81.00 to $80.00 on November 2, 2026, citing modestly lower growth expectations for 2026 despite the earnings beat. Conversely, DA Davidson raised its price target from $75.00 to $76.00 after the Q3 results. This divergence in analyst sentiment, stemming from the mixed results, contributed to the stock remaining range-bound as investors processed the nuanced outlook.

    2. Integration Phase of LINKBANCORP Merger. The fiscal third quarter of 2026 was the first full quarter reflecting the May 1, 2026, completion of the merger with LINKBANCORP, Inc.. While the merger positively impacted net interest income, which rose to $105.0 million from $93.0 million sequentially, and improved the net interest margin to 4.21% from 4.15%, analysts also pointed to potential integration risks and operational uncertainties in the near term. Investors likely adopted a "wait and see" approach as the company worked through the integration process and sought to fully realize synergies, thereby limiting significant upward momentum during this period.

    3. Consistent Dividend Payout Supporting Valuation. Burke & Herbert Financial Services continued its consistent quarterly dividend payout of $0.55 per share, which was paid on September 1, 2026, and again declared on October 22, 2026, for payment on December 1, 2026. This steady dividend, representing an annualized yield of approximately 3.1% to 3.2%, offers a reliable return to shareholders. The dependable income stream likely provided a floor for the stock price, attracting income-oriented investors and contributing to its stability, but without additional catalysts for growth, it did not propel a significant price increase.

    4. Moderate Analyst Sentiment and Price Targets. Throughout the specified period, the overall analyst consensus for BHRB remained within a "Moderate Buy" or "Hold" range. While some analysts made minor upward adjustments to their price targets (e.g., DA Davidson to $76.00), others, like Keefe, Bruyette & Woods, maintained an "Outperform" rating but adjusted their target slightly lower. The average consensus price target ranged from approximately $76.67 to $80.25, indicating a modest upside from the prevailing stock prices, but not a strong conviction for a major breakout. This balanced analyst outlook, reflecting a lack of significant undervaluation or overvaluation, contributed to the stock's largely stable trading pattern.

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    Stock Movement Drivers

    Fundamental Drivers

    The -3.9% change in BHRB stock from 7/31/2026 to 11/5/2026 was primarily driven by a -21.9% change in the company's Net Income Margin (%).
    (LTM values as of)731202611052026Change
    Stock Price ($)72.7069.86-3.9%
    Change Contribution By: 
    Total Revenues ($ Mil)3393595.8%
    Net Income Margin (%)34.7%27.1%-21.9%
    P/E Multiple9.313.342.4%
    Shares Outstanding (Mil)1518-18.3%
    Cumulative Contribution-3.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/5/2026
    ReturnCorrelation
    BHRB-3.9% 
    Market (SPY)-1.9%28.9%
    Sector (XLF)1.0%67.9%

    Fundamental Drivers

    The 10.4% change in BHRB stock from 4/30/2026 to 11/5/2026 was primarily driven by a 63.6% change in the company's P/E Multiple.
    (LTM values as of)430202611052026Change
    Stock Price ($)63.2669.8610.4%
    Change Contribution By: 
    Total Revenues ($ Mil)3373596.3%
    Net Income Margin (%)34.8%27.1%-22.2%
    P/E Multiple8.113.363.6%
    Shares Outstanding (Mil)1518-18.4%
    Cumulative Contribution10.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/5/2026
    ReturnCorrelation
    BHRB10.4% 
    Market (SPY)2.3%17.3%
    Sector (XLF)10.7%50.8%

    Fundamental Drivers

    The 22.7% change in BHRB stock from 10/31/2025 to 11/5/2026 was primarily driven by a 62.3% change in the company's P/E Multiple.
    (LTM values as of)1031202511052026Change
    Stock Price ($)56.9369.8622.7%
    Change Contribution By: 
    Total Revenues ($ Mil)3303598.6%
    Net Income Margin (%)31.6%27.1%-14.5%
    P/E Multiple8.213.362.3%
    Shares Outstanding (Mil)1518-18.6%
    Cumulative Contribution22.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/5/2026
    ReturnCorrelation
    BHRB22.7% 
    Market (SPY)8.4%24.0%
    Sector (XLF)11.1%50.1%

    Fundamental Drivers

    The 74.3% change in BHRB stock from 10/31/2023 to 11/5/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
    (LTM values as of)1031202311052026Change
    Stock Price ($)40.0769.8674.3%
    Change Contribution By: 
    Total Revenues ($ Mil)86359315.1%
    Net Income Margin (%)33.4%27.1%-19.0%
    P/E Multiple�13.30.0%
    Shares Outstanding (Mil)�180.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/5/2026
    ReturnCorrelation
    BHRB74.3% 
    Market (SPY)81.3%41.3%
    Sector (XLF)85.5%54.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    BHRB Return---21%3%4%15%-3%
    Peers Return31%3%-6%7%4%26%76%
    S&P 500 Return27%-19%24%23%16%12%105%

    Monthly Win Rates [3]
    BHRB Win Rate--33%42%42%45% 
    Peers Win Rate68%40%43%52%55%56% 
    S&P 500 Win Rate75%42%67%75%67%45% 

    Max Drawdowns [4]
    BHRB Max Drawdown----25%-25%-13% 
    Peers Max Drawdown-18%-22%-41%-21%-26%-14% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: UBSI, TOWN, WSBC, FNB, EGBN.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/5/2026 (YTD)

    How Low Can It Go

    EventBHRBS&P 500
    2025 US Tariff Shock
      % Loss-24.4%-18.8%
      % Gain to Breakeven32.4%23.1%
      Time to Breakeven83 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-13.1%-9.5%
      % Gain to Breakeven15.1%10.5%
      Time to Breakeven38 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-33.4%-6.7%
      % Gain to Breakeven50.2%7.1%
      Time to Breakeven1100 days31 days

    Compare to UBSI, TOWN, WSBC, FNB, EGBN

    In The Past

    Burke & Herbert Financial Services's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventBHRBS&P 500
    2025 US Tariff Shock
      % Loss-24.4%-18.8%
      % Gain to Breakeven32.4%23.1%
      Time to Breakeven83 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-33.4%-6.7%
      % Gain to Breakeven50.2%7.1%
      Time to Breakeven1100 days31 days

    Compare to UBSI, TOWN, WSBC, FNB, EGBN

    In The Past

    Burke & Herbert Financial Services's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Burke & Herbert Financial Services (BHRB)

    Burke & Herbert Financial Services Corp. (BHRB) operates as a bank holding company, with its primary subsidiary being Burke & Herbert Bank & Trust Company. Established in 1852 and based in Alexandria, Virginia, the company functions as a community bank, delivering a full spectrum of financial products and services. Its core focus is serving the banking and financial needs of individuals and businesses within the Northern Virginia region.

    The company offers a diverse array of services, including consumer and commercial deposit products like checking, savings, money market, and certificates of deposit, all supported by robust digital and mobile banking platforms. On the lending side, BHRB provides various loan types such as commercial real estate, single-family residential mortgages, construction and development loans, and commercial and industrial financing. Additionally, it offers specialized services like treasury and cash management, as well as comprehensive wealth and trust services to its clientele.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Burke & Herbert Financial Services (BHRB):

    • Like a full-service, community-focused version of a Wells Fargo, but dedicated to Northern Virginia.
    • Think of it as the historic, local equivalent of a major regional bank like Truist, serving all banking needs in Northern Virginia.

    AI Analysis | Feedback

    • Deposit Accounts: Offers various accounts like demand, NOW, money market, savings, and certificates of deposit for both consumer and commercial clients to store funds.
    • Lending Services: Provides a range of loan products including commercial real estate, residential, construction, commercial and industrial, and consumer non-real estate loans.
    • Treasury and Cash Management Services: Offers specialized financial solutions to businesses for managing their cash flow and financial operations.
    • Digital Banking Services: Delivers convenient online and mobile platforms for customers to manage their accounts and conduct banking transactions remotely.
    • Wealth and Trust Services: Provides financial planning, investment management, and trust administration for individuals and families.

    AI Analysis | Feedback

    Burke & Herbert Financial Services (BHRB) operates as a community bank primarily serving individuals and businesses within its Northern Virginia market. Therefore, it does not have a few "major customer companies" in the traditional sense. Instead, its customer base is composed of a broad range of local clients.

    The company serves the following categories of customers:

    • Individual Consumers: Residents of Northern Virginia who utilize the bank's services for personal financial needs, including various deposit accounts (checking, savings, money market, CDs), single-family residential loans (mortgages), consumer non-real estate loans, online and mobile banking, and wealth and trust services.
    • Small to Medium-sized Businesses (SMEs): Local businesses in the Northern Virginia area that rely on Burke & Herbert for commercial deposit products, commercial real estate loans, commercial and industrial (C&I) loans, treasury and cash management services, and potentially wealth and trust services for their business operations or owners.
    • Real Estate Developers and Investors: Businesses and individuals involved in property development and investment within Northern Virginia, utilizing the bank's specialized acquisition, construction and development loans, as well as owner-occupied commercial real estate loans.

    AI Analysis | Feedback

    • Alkami Technology, Inc. (ALKT)

    AI Analysis | Feedback

    David P. Boyle, Chair and Chief Executive Officer

    Mr. Boyle joined Burke & Herbert Bank in 2019 as President & Chief Operating Officer, assuming the role of Chief Executive Officer in January 2020 and becoming Chair in 2023. Prior to joining Burke & Herbert, he served as Executive Vice President and Chief Financial Officer at Orrstown Financial Services, Inc. from 2012 to 2019. His extensive career includes leadership positions at large financial institutions, such as Chief Performance Officer at PNC Financial Services Group, Inc., Regional President for National City Bank, and as Chair, President, and Chief Executive Officer at Wayne Bancorp, a community bank, from 1999 to 2005.

    Roy E. Halyama, Executive Vice President, Chief Financial Officer

    Mr. Halyama joined Burke & Herbert Bank in 2021 as Executive Vice President & Chief Financial Officer. He previously served as Treasurer for community banks in Harrisburg, Pennsylvania, and Dunmore, Pennsylvania. His experience also includes various finance and accounting positions, including Treasurer and Chief Financial Officer, at a community financial institution in Florida. Mr. Halyama holds a Bachelor of Science in Business Administration, Accounting, and an MBA in Finance from The Ohio State University. He is expected to be appointed as President of both the company and the bank following the 2026 annual meeting of shareholders.

    H. Charles Maddy, III, President

    Mr. Maddy joined Burke & Herbert Bank in 1993 and is a member of the Board of Directors for Burke & Herbert Financial Services Corp. He has demonstrated leadership through his involvement in professional and community service activities, including serving as Director and past President of the West Virginia Bankers' Association, and as a Director of the Federal Home Loan Bank of Pittsburgh. Mr. Maddy will retire as President effective June 30, 2026.

    Robert V. "Cedar" Hintelmann, Jr., Executive Vice President, Chief Credit Officer

    Mr. Hintelmann joined Burke & Herbert Bank in 2025, bringing over 25 years of credit experience within the financial services industry. Before his current role, he served as Executive Vice President and Deputy Credit Officer for a super-regional bank in the Mid-Atlantic region. His background also includes roles as a commercial banking relationship manager and financial advisor.

    Doug Daniel, Chief Information Officer

    Mr. Daniel joined Burke & Herbert Bank in 2023. His career encompasses multiple senior executive positions, including previously serving as Chief Information Officer for a financial services and technology firm, and various other leadership roles at prominent financial services companies. He also founded and operated a successful IT services business for six years until its sale.

    AI Analysis | Feedback

    Here are the key risks to Burke & Herbert Financial Services (BHRB):

    Merger Integration Challenges

    Burke & Herbert Financial Services faces significant risks related to the integration of its recent merger with Summit Financial Group, Inc. in May 2024, which substantially expanded its asset base and operational reach. Additionally, the company has a pending merger with LINKBANCORP, Inc. (LNKB) as of December 2025. These mergers present substantial integration challenges, including the potential for high costs, the risk of not achieving anticipated benefits, increased regulatory scrutiny, and difficulties in integrating new branches, operations, and corporate cultures.

    Credit Risk and Real Estate Market Exposure

    A significant portion of Burke & Herbert Financial Services' loan portfolio is secured by real estate, which exposes the company to risks associated with adverse developments in the real estate market or broader economic downturns. There are concerns regarding potential deterioration in loan quality, a rise in non-performing loans, and the adequacy of reserve coverage for potential losses. The company's focus on lending to small to medium-sized businesses further heightens this risk, as these entities are generally more vulnerable to economic fluctuations.

    Interest Rate Risk and Economic Volatility

    As a financial institution, Burke & Herbert Financial Services is highly exposed to interest rate risk. Fluctuations in interest rates, driven by broader economic factors like inflation and monetary policy changes, can significantly impact the company's net interest income, loan demand, deposit costs, and the valuation of its assets. Managing these changes effectively is crucial for maintaining profitability and financial stability.

    AI Analysis | Feedback

    The clear emerging threat to Burke & Herbert Financial Services, a traditional community bank, comes from the accelerated rise of digital-only banks (neobanks) and various fintech companies. These entities leverage technology to offer a wide range of financial products and services, including deposit accounts, lending, and wealth management, often with lower operating costs, highly integrated digital user experiences, and potentially more competitive rates or lower fees. This model directly challenges Burke & Herbert's traditional branch-based banking model and its existing digital offerings by providing alternatives that prioritize digital convenience, speed, and potentially cost-effectiveness, appealing to customers who may no longer prioritize a physical branch presence. This is analogous to how Netflix disrupted Blockbuster with a superior delivery model or Uber challenged traditional taxis with a tech-enabled platform.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Burke & Herbert Financial Services (BHRB) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
    • Geographic Expansion and Merger Synergies: The May 2024 merger with Summit Financial Group significantly expanded Burke & Herbert's operational footprint across five states (Delaware, Kentucky, Maryland, Virginia, and West Virginia), consolidating over 75 retail and commercial locations. This expansion is designed to access new customer segments, diversify revenue streams, and create significant economies of scale.
    • Organic Branch Network Growth: Beyond the merger, Burke & Herbert is actively pursuing organic growth by opening new branches and establishing market centers in high-growth, affluent areas, including planned expansions in Richmond, Virginia, Bethesda, Maryland, and Goochland County, Virginia, in 2025. This strategy aims to reinforce its relationship-driven banking model and expand its customer base.
    • Digital Transformation and Innovation: The company is making substantial investments in technology upgrades and digital banking solutions, with approximately $5 million allocated for 2024. Initiatives include the launch of a new mobile banking app in 2023 and a 20% increase in the research and development budget in 2023, focusing on AI integration. This digital focus is intended to enhance customer experience, improve operational efficiency, and drive online account openings.
    • Strategic Loan Portfolio Management and Commercial Lending: Burke & Herbert is actively managing its loan portfolio to achieve growth objectives by focusing on relationship lending to drive quality loan growth. The company strategically exchanges less profitable assets for opportunities that enhance market share and revenue, supported by a specialized direct sales team for commercial banking and treasury services.
    • Cross-selling and Product Diversification Post-Merger: The expanded geographic presence resulting from the Summit merger allows for enhanced cross-selling of various financial products, including treasury, commercial real estate, small and medium-sized business, and wealth management services into the newly acquired markets. This initiative aims to strengthen customer relationships and increase core deposit share.

    AI Analysis | Feedback

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    Share Repurchases

    • On April 25, 2025, Burke & Herbert Financial Services' board authorized a share repurchase program of up to $50.0 million.
    • The company repurchased common stock amounting to $1.115 million in 2021.
    • Common stock repurchases totaled $141 thousand in 2023 and $97 thousand in 2022.

    Share Issuance

    • Burke & Herbert Financial Services announced on December 18, 2025, that it will issue common stock in an all-stock transaction to acquire LINKBANCORP, Inc. (LNKB), valued at approximately $354.2 million.
    • In 2024, the company raised $152.1 million, net of issuance costs, through private placements of common and preferred stock.
    • Common stock issued amounted to $3.501 million in 2024 and $709 thousand in 2025 (as of Q3).

    Outbound Investments

    • On December 18, 2025, Burke & Herbert Financial Services entered into a definitive merger agreement to acquire LINKBANCORP, Inc. (LNKB) for approximately $354.2 million in an all-stock transaction.
    • This acquisition is expected to expand the company's market presence across Delaware, Kentucky, Maryland, Pennsylvania, Virginia, and West Virginia, aiming to create a bank holding company with approximately $11.0 billion in total assets and $9.1 billion in total deposits.

    Capital Expenditures

    • Capital expenditures (PPE Investments) were $11.549 million in 2025.
    • The company's capital expenditures (PPE Investments) were $3.809 million in 2024.
    • Capital expenditures (PPE Investments) totaled $10.866 million in 2023 and $14.815 million in 2022.
    ```

    Peer Outperformance in Regional Banks

    null
    Share of Regional Banks constituents that BHRB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    25%
    of 281 industry peers · 18.6% return
    3Y
    39%
    of 273 industry peers · 74.9% return
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is BHRB's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
    Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
    Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
    Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
    Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
    Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
    Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
    Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
    Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
    Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
    Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
    Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
    Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
    Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
    Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
    Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
    Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
    Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
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    VCYTVeracyte1.9-54.0%-43.0%
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    BMBLBumble0.8139.2%67.5%
    GDYNGrid Dynamics1.176.5%49.9%
    ULHUniversal Logistics0.872.3%97.6%
    TDOCTeladoc Health1.769.2%34.4%
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    LQDALiquidia4.066.8%29.0%
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    COAGHemab Therapeutics1.458.8%34.0%

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    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CIFRCipher Digital2.3-61.9%-62.4%
    AAOIApplied Optoelectronics3.8-61.7%34.5%
    FRMIFermi1.0-61.5%-80.9%
    MXLMaxLinear4.0-58.7%154.2%
    AESIAtlas Energy Solutions0.7-57.3%-43.5%
    FPSForgent Power Solutions4.7-55.2%-37.2%
    STRLSterling Infrastructure7.5-54.3%-20.2%
    LITELumentum43.5-54.1%38.3%
    AXTIAXT2.2-54.0%124.6%
    ICHRIchor1.0-54.0%52.1%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    BHRBUBSITOWNWSBCFNBEGBNMedian
    NameBurke & .United B.Towne Ba.Wesbanco F N B Eagle Ba. 
    Mkt Price69.8948.3836.6238.6817.8633.6137.65
    Mkt Cap1.36.73.43.76.31.03.5
    Rev LTM3591,2809451,0631,8403011,004
    Op Inc LTM-------
    FCF LTM86534-37872353378
    FCF 3Y Avg70472-26848998268
    CFO LTM97556-39282861392
    CFO 3Y Avg80488-282601101282

    Growth & Margins

    BHRBUBSITOWNWSBCFNBEGBNMedian
    NameBurke & .United B.Towne Ba.Wesbanco F N B Eagle Ba. 
    Rev Chg LTM8.6%14.6%27.6%21.7%9.5%-0.3%12.1%
    Rev Chg 3Y Avg52.9%6.3%10.4%22.6%4.0%-3.9%8.4%
    Rev Chg Q23.0%5.8%24.3%4.1%2.6%-1.5%5.0%
    QoQ Delta Rev Chg LTM5.8%1.4%5.6%1.0%0.7%-0.4%1.2%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM27.1%43.4%-36.9%45.0%20.3%36.9%
    CFO/Rev 3Y Avg21.0%42.6%-33.2%34.8%33.2%33.2%
    FCF/Rev LTM24.1%41.7%-35.6%39.3%17.6%35.6%
    FCF/Rev 3Y Avg16.5%41.3%-31.6%28.1%32.1%31.6%

    Valuation

    BHRBUBSITOWNWSBCFNBEGBNMedian
    NameBurke & .United B.Towne Ba.Wesbanco F N B Eagle Ba. 
    Mkt Cap1.36.73.43.76.31.03.5
    P/S3.65.23.63.53.43.43.5
    P/Op Inc-------
    P/EBIT-------
    P/E13.313.016.310.310.4-21.211.7
    P/CFO13.312.0-9.57.616.812.0
    Total Yield10.4%10.9%8.0%13.5%12.4%-4.1%10.6%
    Dividend Yield2.9%3.2%1.9%3.8%2.8%0.6%2.8%
    FCF Yield 3Y Avg6.4%9.0%-9.3%8.4%14.3%9.0%
    D/E0.50.10.10.60.60.20.4
    Net D/E-0.0-0.3-0.40.3-0.3-1.1-0.3

    Returns

    BHRBUBSITOWNWSBCFNBEGBNMedian
    NameBurke & .United B.Towne Ba.Wesbanco F N B Eagle Ba. 
    1M Rtn1.0%5.0%3.4%4.2%3.4%19.0%3.8%
    3M Rtn-4.5%0.4%-2.2%-6.4%-5.2%20.6%-3.4%
    6M Rtn11.9%13.3%6.8%15.4%1.1%28.3%12.6%
    12M Rtn18.7%37.5%17.7%31.9%15.9%103.7%25.3%
    3Y Rtn75.0%79.1%60.2%69.3%71.2%60.0%70.3%
    1M Excs Rtn3.4%8.2%6.1%7.5%6.1%21.4%6.8%
    3M Excs Rtn-3.2%1.8%-0.6%-5.5%-4.3%22.2%-1.9%
    6M Excs Rtn7.1%8.5%2.0%10.6%-3.7%23.5%7.8%
    12M Excs Rtn8.5%25.8%4.8%20.7%3.7%92.6%14.6%
    3Y Excs Rtn-8.9%8.3%-11.6%-1.3%0.5%5.6%-0.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/7/20265/8/20262/27/202611/7/20258/8/20255/9/20253/17/202511/13/20248/13/20245/10/20243/22/202411/9/2023
    Key Financials Quarterly            
    Total Revenue1068485848682808268262627
    Net Income927303030272028-17554
    EPS0.501.802.001.981.981.801.311.83-1.410.700.680.55
    Key Financials TTM            
    Total Revenue TTM359339337332330313257202147106109113
    Net Income TTM97117117107105583621-3202331
    Growth Rates Quarterly            
    Total Revenue Growth23.0%2.1%6.3%2.4%25.9%216.9%209.9%207.7%144.0%-9.5%-13.2%-13.7%
    Net Income Growth-68.3%0.5%52.8%8.5%276.7%421.9%289.8%581.0%-380.4%-30.7%-62.0%-63.6%
    Margins Quarterly            
    Net Income Margin9.0%32.7%35.4%35.6%34.8%33.2%24.6%33.6%-24.8%20.2%19.6%15.2%
    Cash & Debt            
    Total Cash7308968056301,8481,5861,5681,7281,6271,3305501,266
    Total Debt677614537536765413477431394360272299
    Net Debt / (Cash)-53-282-268-94-1,083-1,172-1,091-1,298-1,233-970-278-967
    Cash Flows Quarterly            
    FCF from Operations02731390387748-467109
    Cash Flows TTM            
    FCF from Operations TTM97971081541621168619-19394345
    Returns to Shareholders Quarterly            
    Dividends1188888888444
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC6.5%565.8%285.2%58.4%--------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM16.5%607.5%276.6%52.1%--------

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Community Banking337257109 
    Single Segment   119
    Total337257109119


    Price Behavior

    Price Behavior
    Market Price$69.86 
    Market Cap ($ Bil)1.3 
    First Trading Date04/26/2023 
    Distance from 52W High-5.7% 
       50 Days200 Days
    DMA Price$70.28$66.98
    DMA Trenddownup
    Distance from DMA-0.6%4.3%
     3M1YR
    Volatility18.2%22.4%
    Downside Capture9.8727.29
    Upside Capture2.0849.98
    Correlation (S&P 500)7.0%21.0%
    BHRB Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta-0.040.180.180.130.360.87
    Up Beta-1.91-0.970.23-0.270.280.71
    Down Beta-0.09-0.07-0.05-0.270.160.89
    Up Capture32%38%14%44%45%89%
    Bmk +ve Days12182862130427
    Stock +ve Days9172764130374
    Down Capture-12%46%36%30%44%99%
    Bmk -ve Days10253664121325
    Stock -ve Days13263762121376

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BHRB
    BHRB22.1%22.4%0.80-
    Sector ETF (XLF)11.1%15.2%0.4750.3%
    Equity (SPY)9.5%13.6%0.4124.0%
    Gold (GLD)3.6%28.7%0.11-3.4%
    Commodities (DBC)37.7%21.2%1.40-32.3%
    Real Estate (VNQ)12.0%14.2%0.5543.3%
    Bitcoin (BTCUSD)-20.8%43.3%-0.420.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BHRB
    BHRB-0.7%33.4%0.01-
    Sector ETF (XLF)9.1%18.4%0.3649.1%
    Equity (SPY)11.3%17.3%0.4837.4%
    Gold (GLD)17.5%19.1%0.742.3%
    Commodities (DBC)8.0%19.6%0.29-4.2%
    Real Estate (VNQ)1.2%18.9%-0.0540.6%
    Bitcoin (BTCUSD)5.9%51.5%0.2918.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BHRB
    BHRB-0.3%33.4%0.01-
    Sector ETF (XLF)13.3%22.1%0.5449.1%
    Equity (SPY)14.9%18.0%0.7037.4%
    Gold (GLD)12.0%16.5%0.592.3%
    Commodities (DBC)7.6%18.1%0.33-4.2%
    Real Estate (VNQ)5.7%20.7%0.2340.6%
    Bitcoin (BTCUSD)61.3%66.2%1.0118.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.9 Mil
    Short Interest: % Change Since 93020263.6%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest5.1 days
    Basic Shares Quantity18.4 Mil
    Short % of Basic Shares4.7%

    Returns Analyses

    Earnings Returns History

    Updated 11/1/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/22/2026-1.4%-0.9% 
    7/23/2026-0.4%3.2%1.9%
    4/23/2026-0.8%-0.3%-1.8%
    1/22/2026-4.4%-3.8%-1.7%
    10/23/20251.2%-3.0%4.8%
    7/24/2025-0.9%-8.6%1.3%
    4/25/20250.5%8.8%9.1%
    1/24/20252.0%3.1%0.9%
    ...
    SUMMARY STATS   
    # Positive549
    # Negative10115
    Median Positive1.2%3.1%4.8%
    Median Negative-2.4%-2.2%-5.0%
    Max Positive7.3%8.8%9.1%
    Max Negative-4.4%-8.6%-9.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/22/2026-1.4%-0.9% 
    7/23/2026-0.4%3.2%1.9%
    4/23/2026-0.8%-0.3%-1.8%
    1/22/2026-4.4%-3.8%-1.7%
    10/23/20251.2%-3.0%4.8%
    7/24/2025-0.9%-8.6%1.3%
    4/25/20250.5%8.8%9.1%
    1/24/20252.0%3.1%0.9%
    10/25/2024-3.5%-1.7%8.6%
    7/26/20247.3%0.4%5.5%
    4/26/20240.8%-4.8%-9.1%
    1/26/2024-2.6%-2.2%-8.7%
    10/27/2023-4.4%-1.1%4.9%
    7/28/2023-3.1%-3.2%-5.0%
    4/28/2023-2.1%-2.1%4.1%
    SUMMARY STATS   
    # Positive549
    # Negative10115
    Median Positive1.2%3.1%4.8%
    Median Negative-2.4%-2.2%-5.0%
    Max Positive7.3%8.8%9.1%
    Max Negative-4.4%-8.6%-9.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/17/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/10/202410-Q
    12/31/202303/22/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/31/202310-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/17/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/10/202410-Q
    12/31/202303/22/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/11/202310-Q
    03/31/202305/31/202310-Q

    Insider Activity

    Updated 10/30/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1McLaughlin, Shawn Patrick DirectBuy1030202671.0050035,5005,076,500Form
    2Wilson, David As Custodian for David Wilson, III under UGMABuy1027202670.11352,45427,836Form
    3Wilson, David As Custodian for Kai Kline under UGMABuy1027202669.85694,8204,820Form
    4Wilson, David As Custodian for Leo McCraken under UGMABuy820202670.57352,47030,699Form
    5Geary, James P II JPG TrustSell818202672.833,150229,407688,730Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1McLaughlin, Shawn Patrick DirectBuy1030202671.0050035,5005,076,500Form
    2Wilson, David As Custodian for David Wilson, III under UGMABuy1027202670.11352,45427,836Form
    3Wilson, David As Custodian for Kai Kline under UGMABuy1027202669.85694,8204,820Form
    4Wilson, David As Custodian for Leo McCraken under UGMABuy820202670.57352,47030,699Form
    5Geary, James P II JPG TrustSell818202672.833,150229,407688,730Form
    6Poillon, Diane DirectBuy814202673.671,20088,398304,090Form
    7Burke, James Mason As co-Trustee for The Burke Living TrustSell812202673.031,500109,53818,875,502Form
    8McLaughlin, Shawn Patrick DirectBuy806202673.251,00073,2505,200,750Form
    9Geary, James P II JPG TrustSell805202673.933,150232,880699,156Form
    10Bonnafe, Katherine Diane DirectSell805202673.651,00073,655603,969Form
    11Wilson, David As Custodian for Miles Holland under UGMABuy804202673.69342,50517,096Form
    12George, Georgette R LeRoy M. Rashid 1996 Irrevocable Trust Family FundSell804202673.671,00073,6682,823,016Form
    13Wilson, David DirectBuy804202673.681007,3681,727,649Form
    14Barnwell, Julian Forrest JR DirectBuy605202662.765,000313,7961,668,137Form
    15Upson, Jill S DirectSell521202663.301,11270,395126,610Form
    16Riojas, Jose David DirectBuy512202662.0030018,600713,000Form
    17Riojas, Jose David Held by Jose and Susan Riojas Joint Revocable TrustBuy512202662.001,00062,0001,240,000Form
    18Barnwell, Julian Forrest JR Trustee for Patricia Barnwell Irrevocable TrustBuy512202663.055,000315,23213,172,852Form
    19McLaughlin, Shawn Patrick DirectBuy428202664.801,00064,8004,406,400Form
    20McLaughlin, Shawn Patrick DirectBuy1028202561.001,00061,0004,087,000Form

    Investor Activity (13F)

    Updated Nov 6, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Endeavour Capital Advisors Inc$19.0 Mil4.3%42ADD +143.5%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Endeavour Capital Advisors Inc$19.0 Mil4.3%42ADD +143.5%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Endeavour Capital Advisors Inc$19.0 Mil4.3%42ADD +143.5%13F

    Industry Resources

    External Quote Links


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