2024-05-12 07:00:00 ET
Summary
- Burke & Herbert's stock has declined while the S&P500 has risen, indicating a lack of investor interest.
- The merger with Summit has enhanced the company's position, but it may not be a good investment at its current price.
- The company's 1Q24 results were mixed, with lower net income and a significant increase in non-performing loans.
Dear readers/followers,
My last coverage of the financial company Burke & Herbert and the associated merger with this stock was done at a conviction or rating of "HOLD". This turned out to be the right choice for investors, as the company has moved down double digits during a time when the S&P500 is up almost 10%. You can see the result below, and you can find my last article, with the aforementioned neutral rating here.
Seeking Alpha Article RoR (Seeking Alpha Article RoR)
In this article, I'll update on Burke & Herbert as a company. When I last wrote about it, the merger had been finalized which overall will enhance its position and overall appeal - at least how I saw it, resulting in a bank with over $8B in assets and is expected to have a 2024E ROATCE of 22% and ROAA of 1.4%. ...
Read the full article on Seeking Alpha
For further details see:
Burke & Herbert: Financial Service Upside, But Perhaps Not The Right Price