Parke Bancorp (NASDAQ:PKBK) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Parke Bancorp (NASDAQ:PKBK) from a hold rating to a buy rating in a research report report published on Saturday.

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parke Bancorp in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Parke Bancorp presently has a consensus rating of “Buy”.

Parke Bancorp Stock Performance

Shares of PKBK opened at $34.40 on Friday. The stock has a 50 day moving average price of $32.70 and a 200 day moving average price of $30.18. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $404.54 million, a price-to-earnings ratio of 8.96 and a beta of 0.47. Parke Bancorp has a 52-week low of $19.71 and a 52-week high of $34.78.

Parke Bancorp (NASDAQ:PKBK) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.03 EPS for the quarter. Parke Bancorp had a net margin of 29.99% and a return on equity of 14.11%. The company had revenue of $23.89 million for the quarter.

Parke Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were given a $0.20 dividend. This is a boost from Parke Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.3%. Parke Bancorp’s payout ratio is currently 20.83%.

Insider Transactions at Parke Bancorp

In other news, CEO Vito S. Pantilione purchased 1,300 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were bought at an average price of $33.68 per share, with a total value of $43,784.00. Following the completion of the transaction, the chief executive officer directly owned 237,829 shares in the company, valued at approximately $8,010,080.72. This represents a 0.55% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.97% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parke Bancorp

Several large investors have recently modified their holdings of the company. Russell Investments Group Ltd. grew its position in shares of Parke Bancorp by 66.2% during the third quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank’s stock worth $46,000 after acquiring an additional 855 shares during the last quarter. BNP Paribas Financial Markets raised its position in Parke Bancorp by 44.4% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank’s stock valued at $66,000 after purchasing an additional 999 shares during the last quarter. Byrne Asset Management LLC boosted its stake in Parke Bancorp by 14.3% during the 2nd quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank’s stock worth $106,000 after purchasing an additional 400 shares during the period. Engineers Gate Manager LP acquired a new stake in Parke Bancorp during the 4th quarter worth $204,000. Finally, Panagora Asset Management Inc. acquired a new stake in Parke Bancorp during the 4th quarter worth $221,000. 49.69% of the stock is owned by institutional investors and hedge funds.

About Parke Bancorp

Parke Bancorp, Inc is the bank holding company for Parke Bank, a community-oriented financial institution headquartered in Kittanning, Pennsylvania. The company delivers a full range of retail and commercial banking services to individuals, small businesses and agricultural clients through a network of branches and ATMs, supported by secure online and mobile banking platforms.

Its product lineup includes deposit accounts—such as checking, savings, money market accounts and certificates of deposit—alongside a variety of lending solutions.