Burke & Herbert Q3 adjusted EPS rises on LINKBANCORP merger impact 

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

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.)