Parke Bancorp (NASDAQ:PKBK) Posts Earnings Results

Parke Bancorp (NASDAQ:PKBK) posted its quarterly earnings results on Wednesday. The bank reported $1.02 earnings per share (EPS) for the quarter, FiscalAI reports. Parke Bancorp had a net margin of 30.55% and a return on equity of 14.13%. The business had revenue of $24.00 million during the quarter.

Parke Bancorp Stock Performance

Parke Bancorp stock traded down $0.27 during trading on Friday, reaching $32.97. The company had a trading volume of 2,572 shares, compared to its average volume of 72,692. The firm’s 50-day simple moving average is $33.61 and its 200 day simple moving average is $32.42. Parke Bancorp has a 52 week low of $21.10 and a 52 week high of $35.70. 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 firm has a market capitalization of $387.74 million, a price-to-earnings ratio of 8.59 and a beta of 0.51.

Parke Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Friday, October 2nd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, October 2nd. Parke Bancorp’s dividend payout ratio (DPR) is currently 20.83%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PKBK. Wall Street Zen raised Parke Bancorp from a “hold” rating to a “buy” rating in a research note on Sunday, September 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parke Bancorp in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Insider Buying and Selling

In related news, CFO Jonathan D. Hill sold 2,000 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were 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 of the company’s stock, valued at approximately $1,048.80. This represents a 98.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vito S. Pantilione bought 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were acquired at an average price of $33.68 per share, with a total value of $43,784.00. Following the transaction, the chief executive officer directly owned 237,829 shares of the company’s stock, valued at $8,010,080.72. This represents a 0.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 12.97% of the company’s stock.

Hedge Funds Weigh In On Parke Bancorp

Several institutional investors have recently bought and sold shares of PKBK. Sequoia Financial Advisors LLC bought a new stake in Parke Bancorp in the second quarter worth $221,000. Pale Fire Capital SE bought a new stake in Parke Bancorp in the second quarter worth about $286,000. Susquehanna Fundamental Investments LLC boosted its holdings in Parke Bancorp by 53.1% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 12,543 shares of the bank’s stock valued at $416,000 after acquiring an additional 4,348 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Parke Bancorp during the second quarter valued at $331,000. Finally, Empowered Funds LLC purchased a new stake in Parke Bancorp in the 2nd quarter valued at about $5,278,000. 49.69% of the stock is owned by hedge funds and other institutional investors.

About Parke Bancorp

Parke Bancorp, Inc is the bank holding company for Parke Bank, a community bank headquartered in Sewell, New Jersey. Through Parke Bank, the company provides banking and financial services to individuals, businesses and organizations in southern New Jersey and the greater Philadelphia area.

Parke Bank’s products and services include checking and savings accounts, certificates of deposit, online and mobile banking, residential mortgages, home equity financing, consumer loans and commercial lending.