Burke & Herbert Q3 adjusted EPS rises on LINKBANCORP merger impact 

By Reuters News


Overview

  • U.S. regional bank's Q3 adjusted EPS was $2.14

  • Net income applicable to common shares was $36.2 mln in Q3

  • Net interest income rose from prior quarter, driven by higher loan balances and yields


Outlook

  • Company did not provide specific financial guidance for the upcoming quarter or full year


Result Drivers

  • MERGER IMPACT - Net interest income rose mainly due to the full quarter impact of the LINKBANCORP merger

  • LOAN GROWTH & YIELDS - Higher loan balances and yields contributed to increased net interest margin, partially offset by higher funding costs

  • NON-INTEREST INCOME - Growth in debit card and wealth management income supported higher non-interest income


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted EPS

$2.14

Q3 EPS

$1.78

Q3 Net Income

$36.39 mln

Q3 Net Interest Income

$105.02 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "hold."

  • Wall Street's median 12-month price target for Burke & Herbert Financial Services Corp is $81.50, about 17.3% above its October 21 closing price of $69.47

  • The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago


Reuters Recommended Reads

  • Oct 22 - Huntington Bancshares Q3 EPS unchanged, net interest income up

  • Oct 22 - United Bankshares Q3 EPS beats estimates, helped by loan growth

  • Oct 22 - S&T Bancorp's Q3 EPS rises to record high


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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