Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Holders of Record
The Common Stock of the Company is listed on the Nasdaq Capital Market under the symbol “BHRB”. As of March 21, 2024, the Company had 7,440,025 shares of Common Stock outstanding and there were 207 holders of record of our common stock.
Dividends
There are no restrictions in the Company’s corporate articles on its ability to pay dividends. The Company has historically paid cash dividends to its shareholders and expects to pay comparable dividends in the future. On January 26, 2024, the Company announced a cash dividend of $0.53 per share on the Company’s outstanding Common Stock, payable on March 1, 2024, to shareholders of record as of February 15, 2024.
Holders of our Common Stock are only entitled to receive dividends when, as, and if declared by the Board out of funds legally available for dividends. As the Company is a financial holding company and does not engage directly in business activities of a material nature, its ability to pay dividends depends, in large part, upon the receipt of dividends from the Bank. Any future determination relating to our dividend policy will be made by the Board and will depend on a number of factors, including general and economic conditions, industry standards, our financial condition and operating results, our available cash and current and anticipated cash needs, capital requirements, our ability to service debt obligations senior to our Common Stock, banking regulations, contractual, legal, tax and regulatory restrictions, and limitations on the payment of dividends by the Company to its shareholders or by the Bank, and such other factors as the Board may deem relevant.
Purchases of Equity Securities by the Issuer
There were no repurchases of our common stock during the three months ended December 31, 2023.
Performance Graph
Set forth below is a line graph comparing the cumulative total return of Burke & Herbert’s common stock assuming reinvestment of dividends, with that of the NASDAQ Composite Total Return Index and the Keefe, Bruyette & Woods Regional Banking Total Return Index for the five-year period, ending December 31, 2023.
The cumulative total shareholder return assumes a $100 investment, on December 31, 2018, in the common stock of the Company, and each index and the cumulative return is measured as of each subsequent fiscal year-end. There is no assurance that the Company’s common stock performance will continue in the future with the same or similar trends as depicted in the graph.
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For the Year Ended
12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023
Burke & Herbert Financial Services Corp. 100.00 77.48 60.52 81.01 107.26 98.65
NASDAQ Composite Total Return Index 100.00 136.69 198.09 242.03 163.27 236.15
Keefe, Bruyette & Woods Regional Banking Total Return Index 100.00 123.82 113.04 154.46 143.76 143.18
The Stock Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that Burke & Herbert specifically incorporates it by reference into such filing.
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Item 6. Reserved
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