BHRB
Burke & Herbert Financial Services Corp.Financial Services·Banks - Regional
$63.60
$955M market cap
Revenue
$241.1M
Free Cash Flow
$52.9M
Rev Growth
+0.0%
FCF Margin
22.0%
P/FCF
18.1x
EV/FCF
28.3x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Burke Herbert Financial Services Corp. is a bank holding company, which engages in the provision of banking products and financial services to small to medium-sized businesses, their owners and employees, professional corporations, non-profits, and individuals. It operates through the following loan portfolio segments: Commercial Real Estate, Owner-Occupied Commercial Real Estate, Acquisition, Construction, and Development, Commercial and Industrial, Single Family Residential (1-4 Units), and Co
2-Year Price History
$62.77+34.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 118.3 | 33.3 | 33.3 | 27.4 | 26.5 | 24.6 | -1.9 | 69.6 | 613.8 | 15.1 | 12.2% | 1.0x | -- |
| Act | 2025-Q4 | 122.8 | 37.9 | 37.9 | 30.3 | 30.9 | 28.3 | -2.6 | 1,669 | 537.5 | 15.0 | 14.8% | 1.1x | -- |
Valuation & Metrics
Market Stats
Price$63.60
Market Cap$955M
Enterprise Value$1.5B
P/S Ratio4.0x
P/FCF18.1x
EV/FCF28.3x
FCF Margin (TTM)22.0%
FCF Yield5.5%
Dividend Yield (TTM)3.5%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$241.1M
Net Income$57.6M
Free Cash Flow$52.9M
Revenue Growth (YoY)+0.0%
EBITDA Margin29.5%
Net Margin23.9%
FCF Margin22.0%
CapEx % of Revenue1.9%
SBC % of Revenue0.9%
ROIC13.5%
WC Change % Rev-0.9%
Interest Coverage1.0x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.8M
Days to Cover5.3
Change (vs Prior)+15.1%
Need at least 2 settlement dates for chart
Employees
Headcount814
Revenue / Employee$296,171
Gross Profit / Employee$210,201
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
23.7%(+10.2% YoY)
145 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
19.9%(+3.4% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-0.0% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $61.2M | $57.46 | +$155K | −$2.1M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $35.0M | $61.74 | +$34.7M | +$35.0M | — | $4.04T |
| STATE STREET CORPPassive | $25.2M | $55.00 | +$2.7M | +$6.9M | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $23.7M | $51.02 | +$552K | +$4.0M | +2.3% | $1.61T |
| DIMENSIONAL FUND ADVISORS LPPassive | $22.9M | $50.26 | +$3.1M | +$3.6M | -0.4% | $480.92B |
| AMERICAN CENTURY COMPANIES INC | $21.3M | $57.73 | +$4.4M | +$18.1M | +0.7% | $193.48B |
| ENDEAVOUR CAPITAL ADVISORS INC | $19.0M | $59.98 | +$11.1M | +$15.8M | -1.9% | $441M |
| HUTCHINSON CAPITAL MANAGEMENT/CA | $16.1M | $57.41 | +$0 | +$62K | +0.3% | $544M |
| Fourthstone LLC | $15.3M | $54.59 | +$10.7M | +$14.0M | -1.8% | $590M |
| BURKE & HERBERT BANK & TRUST CO | $13.8M | $54.45 | −$5K | −$1.9M | -0.1% | $362M |
| EVERMAY WEALTH MANAGEMENT LLC | $11.6M | $61.74 | +$11.5M | +$11.6M | -0.2% | $902M |
| GOLDMAN SACHS GROUP INC | $11.4M | $58.93 | +$1.2M | +$6.9M | -0.2% | $760.93B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $8.3M | $61.74 | +$8.3M | +$8.3M | — | $1.91T |
| NORTHERN TRUST CORPPassive | $7.4M | $52.38 | +$359K | −$722K | -0.2% | $755.34B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $6.9M | $55.30 | +$44K | +$100K | +0.7% | $645.81B |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $6.4M | $60.57 | +$1.3M | +$6.4M | -2.3% | $4.93B |
| MORGAN STANLEY | $6.4M | $58.51 | +$339K | +$3.0M | -0.3% | $1.65T |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $6.3M | $54.04 | −$247K | −$65K | -0.1% | $31.89B |
| Bank of New York Mellon Corp | $5.5M | $53.87 | −$90K | +$1.3M | -0.2% | $543.21B |
| VANGUARD FIDUCIARY TRUST COPassive | $5.3M | $61.74 | +$5.3M | +$5.3M | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.33%
avg per quarter
Holders (ex-self)
-0.32%
excl. this stock
Buyers (this Q)
-0.82%
75 buyers · $0.11B in
Sellers (this Q)
+0.11%
48 sellers · $0.01B out
alpha coverage: 88% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+19.7%
how holders react when this stock falls
On quiet Qs
-1.7%
−10% to +10% baseline
On rallies (+10%+)
+11.3%
how they react when this stock rises
Holders' portfolio flow this Q
+4.0%
inflows — adds are organic
Sellers' portfolio flow this Q
+5.9%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.0%
Holder mid (any stock)
-1.9%
Holder rally (any stock)
-3.9%
Biggest decreases this quarter
EJF Capital LLCexited−$2.0MMARSHALL WACE, LLPexited−$2.0MAQR CAPITAL MANAGEMENT LLC−$1.1Mα-0.2TEACHER RETIREMENT SYSTEM OF TEXASexited−$696KPassive Capital Management, LLC.exited−$543KVerition Fund Management LLCexited−$500KIEQ CAPITAL, LLCexited−$492KBrooklyn Investment Groupexited−$364KBeacon Pointe Advisors, LLCexited−$362KHOTCHKIS & WILEY CAPITAL MANAGEMENT LLC−$247Kα-0.1
New buyers this quarter
Top-5 holders · 40.1%
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
STATE STREET CORP--
GEODE CAPITAL MANAGEMENT, LLC--
DIMENSIONAL FUND ADVISORS LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Fourthstone LLC246KAMERICAN CENTURY COMPANIES INC342KENDEAVOUR CAPITAL ADVISORS INC305KHUTCHINSON CAPITAL MANAGEMENT/CA258KBURKE & HERBERT BANK & TRUST CO222KEVERMAY WEALTH MANAGEMENT LLC186KGOLDMAN SACHS GROUP INC183KCHARLES SCHWAB INVESTMENT MANAGEMENT INC110KHOTCHKIS & WILEY CAPITAL MANAGEMENT LLC102KM3F, Inc.—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$74.001640.0%
Last Year (2 analysts)$72.501400.0%
Current Price$63.60
Analyst Ratings
2
1
Buy: 2Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$1.15M
10 txns · 6 insiders · 19,302 sh
Sells ($, 12mo)
$70K
1 txn · 1 insider · 1,112 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | SELL | Upson Jill S | director | 1,112 | $63.30 | $70K | $127K |
| 2026-05-12 | BUY | Riojas Jose David | director | 1,300 | $62.00 | $81K | $1.24M |
| 2026-05-11 | BUY | Barnwell Julian Forrest Jr. | director | 5,000 | $63.05 | $315K | $13.17M |
| 2026-04-29 | BUY | McLaughlin Shawn Patrick | director | 1,000 | $63.55 | $64K | $4.38M |
| 2026-04-28 | BUY | McLaughlin Shawn Patrick | director | 1,000 | $64.80 | $65K | $4.41M |
| 2025-10-28 | BUY | McLaughlin Shawn Patrick | director | 1,000 | $61.00 | $61K | $4.09M |
| 2025-09-15 | BUY | HINKLE GARY L | director | 1,700 | $61.69 | $105K | $15.43M |
| 2025-06-05 | BUY | Riojas Jose David | director | 500 | $55.85 | $28K | $1.06M |
| 2025-06-02 | BUY | Anderson Mark Guthrie | director | 2,000 | $56.40 | $113K | $1.56M |
| 2025-05-29 | BUY | McLaughlin Shawn Patrick | director | 1,000 | $56.25 | $56K | $3.71M |
| 2025-05-23 | BUY | Hinson Samuel Laing III | director | 4,802 | $55.00 | $264K | $1.85M |
Order Flow (FINRA, ~3w lag)
6.3%retail+0.8pp
30.6%dark+6.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Burke & Herbert Financial Services Corp.: Administrative Header Lacks Substantive Forensic Data
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10