Broadcom named strategic vendor for Walmart virtualization solutions
In a recent transaction, Hinson Samuel Laing III, a director at Burke & Herbert Financial Services Corp. (NASDAQ:BHRB), purchased 4,000 shares of the company’s common stock. The shares were acquired at a price of $53 each, amounting to a total transaction value of $212,000. Following this transaction, Hinson holds a total of 28,800 shares indirectly through Kedge Capital, LLC, an affiliated company. Additionally, Hinson maintains direct ownership of 26,560 shares and indirect ownership of 31,040 shares through S.L. Hinson Associates, LLLP, another affiliated entity. The director’s increased position comes as BHRB has posted an impressive 8.7% return over the past week. For deeper insights into insider trading patterns and additional analysis, InvestingPro subscribers can access 5 more key tips about BHRB’s financial outlook.
In other recent news, Burke & Herbert Financial Services Corp. reported first-quarter financial results, showing a net income of $27.0 million, or $1.80 per diluted common share, an increase from the previous quarter’s $19.6 million, or $1.30 per share. The board declared a regular cash dividend of $0.55 per share and authorized a share repurchase program of up to $50.0 million. The company’s financial highlights include a 1.41% annualized return on average assets and a 14.57% annualized return on average equity, with a net interest margin of 4.18%. In a leadership update, Burke & Herbert appointed Patrick "Kip" Huffman as Senior Vice President and Chief Accounting Officer, emphasizing its commitment to enhancing its executive team. Additionally, the company announced the departure of Julie R. Markwood, its Chief Accounting Officer, due to health reasons, marking the end of her 37-year tenure. Kirtan Parikh will continue as the Interim Chief Accounting Officer. These developments reflect Burke & Herbert’s ongoing strategic initiatives in financial performance and leadership transitions.
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