Parke Bancorp (NASDAQ:PKBK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Parke Bancorp (NASDAQ:PKBK) from a hold rating to a buy rating in a report issued on Sunday morning,Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Parke Bancorp in a research note on Monday, September 21st. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Parke Bancorp currently has a consensus rating of “Buy”.

Parke Bancorp Trading Down 0.8%

Shares of NASDAQ PKBK opened at $33.37 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $392.43 million, a PE ratio of 8.69 and a beta of 0.47. Parke Bancorp has a twelve month low of $19.71 and a twelve month high of $35.70. The stock has a fifty day simple moving average of $34.07 and a 200-day simple moving average of $31.86.

Parke Bancorp (NASDAQ:PKBK) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.03 earnings per share (EPS) for the quarter. Parke Bancorp had a return on equity of 13.88% and a net margin of 29.99%.The firm had revenue of $23.89 million for the quarter.

Parke Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, October 2nd. This represents a $0.80 annualized dividend and a yield of 2.4%. Parke Bancorp’s dividend payout ratio is 20.83%.

Insider Transactions at Parke Bancorp

In other news, CFO Jonathan D. Hill sold 2,000 shares of Parke Bancorp stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.96, for a total value of $69,920.00. Following the completion of the transaction, the chief financial officer owned 30 shares in the company, valued at approximately $1,048.80. This trade represents a 98.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Vito S. Pantilione acquired 1,300 shares of the stock in a transaction dated Wednesday, July 29th. The shares were bought at an average cost of $33.68 per share, with a total value of $43,784.00. Following the completion of the transaction, the chief executive officer owned 237,829 shares of the company’s stock, valued at approximately $8,010,080.72. This represents a 0.55% increase in their position. The SEC filing for this purchase provides additional information. 12.97% of the stock is owned by company insiders.

Institutional Trading of Parke Bancorp

Hedge funds have recently added to or reduced their stakes in the company. Byrne Asset Management LLC grew its holdings 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 acquiring an additional 400 shares in the last quarter. Legal & General Group Plc acquired a new stake in shares of Parke Bancorp in the 2nd quarter valued at $31,000. Bank of America Corp DE lifted its position in shares of Parke Bancorp by 12.2% during the 1st quarter. Bank of America Corp DE now owns 9,288 shares of the bank’s stock worth $264,000 after purchasing an additional 1,008 shares during the last quarter. Algert Global LLC lifted its position in shares of Parke Bancorp by 14.4% during the 2nd quarter. Algert Global LLC now owns 8,126 shares of the bank’s stock worth $269,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Ritholtz Wealth Management grew its stake in shares of Parke Bancorp by 8.9% during the first quarter. Ritholtz Wealth Management now owns 12,586 shares of the bank’s stock worth $357,000 after purchasing an additional 1,026 shares in the last quarter. Institutional investors and hedge funds own 49.69% of the company’s stock.

Parke Bancorp Company Profile

Parke Bancorp, Inc is the bank holding company for Parke Bank, a community-focused financial institution headquartered in Washington Township, New Jersey. The bank serves individuals, families, businesses and organizations in southern New Jersey and the greater Philadelphia area.

Parke Bank provides a range of traditional banking products and services, including consumer and business deposit accounts, residential and commercial real estate lending, construction loans, commercial and industrial loans, and other business financing.