This past Friday Burke & Herbert Financial Services Corp (OTCMKTS:BHRB) announced its financial results for the third fiscal quarter. The company noted that it had managed to generate net income to the tune of as much as $11.1 million. However, that was not all.
Market Reaction
On Friday, BHRB stock soared 4.55% to $2415.00 with more than 147 shares, compared to its average volume of 73 shares. The stock moved within a range of $2254.00 – 2417.00 after opening trading at $2300.00.
In addition to that Burke & Herbert Financial Services announced that it was also going for a forward split of its common stock on a 40 to 1 basis. On the other hand, the company also announced that it was also going to pay out a dividend to the tune of $0.53 a share after split adjustments. In this context, it ought to be noted that the dividend is actually equal to the pre-split dividend of $21.20 a share that had been paid out by the company in the previous quarter.
There have also been some recent developments that investors need to be aware of. Earlier on in the month on October 1, the company had formed the holding company for the bank. Once that was completed, all the shares in the bank had been converted into shares in Burke & Herbert Financial Services. It is going to be interesting to see if the stock comes into focus today.
Key Quote
“These announcements are an integral part of the continued success of the Company as we seek to deliver increased value for our shareholders. We remain grateful for their ongoing support,” said E. Hunt Burke, Chair of the Board.
Technical Data
BHRB stock is trading above the 20-Day and 50-Day Moving averages of $2336 and $2335 respectively. Moreover, the stock is trading above the 200-Day moving average of $2185.
