Empirical Finance LLC Sells 15,561 Shares of Parke Bancorp, Inc. $PKBK

Empirical Finance LLC reduced its position in shares of Parke Bancorp, Inc. (NASDAQ:PKBK) by 15.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 87,893 shares of the bank’s stock after selling 15,561 shares during the quarter. Empirical Finance LLC owned approximately 0.75% of Parke Bancorp worth $2,915,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PKBK. Goldman Sachs Group Inc. increased its position in shares of Parke Bancorp by 228.3% in the first quarter. Goldman Sachs Group Inc. now owns 105,700 shares of the bank’s stock valued at $1,991,000 after acquiring an additional 73,505 shares during the period. Empowered Funds LLC grew its stake in shares of Parke Bancorp by 3.4% in the first quarter. Empowered Funds LLC now owns 49,443 shares of the bank’s stock worth $932,000 after purchasing an additional 1,644 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Parke Bancorp in the first quarter worth about $229,000. Rhumbline Advisers increased its holdings in Parke Bancorp by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 15,969 shares of the bank’s stock valued at $325,000 after purchasing an additional 1,051 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Parke Bancorp by 46.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 64,420 shares of the bank’s stock valued at $1,312,000 after purchasing an additional 20,347 shares during the period. Hedge funds and other institutional investors own 49.69% of the company’s stock.

Parke Bancorp Price Performance

Shares of PKBK stock opened at $34.23 on Wednesday. The business’s fifty day moving average is $33.75 and its 200 day moving average is $31.20. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.51. The stock has a market cap of $402.58 million, a price-to-earnings ratio of 8.91 and a beta of 0.47. Parke Bancorp, Inc. has a twelve month low of $19.71 and a twelve month high of $35.70.

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

Parke Bancorp Increases Dividend

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

Insider Transactions at Parke Bancorp

In other Parke Bancorp news, CEO Vito Pantilione acquired 1,300 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were acquired at an average price of $33.68 per share, for a total transaction of $43,784.00. Following the completion of the acquisition, the chief executive officer owned 237,829 shares in the company, valued at $8,010,080.72. This trade represents a 0.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jonathan D. Hill sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $34.96, for a total transaction of $69,920.00. Following the transaction, the chief financial officer directly owned 30 shares of the company’s stock, valued at $1,048.80. This represents a 98.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 12.97% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Parke Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Weiss Ratings reissued a “buy (b)” rating on shares of Parke Bancorp in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

Parke Bancorp Company Profile

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.