Empowered Funds LLC acquired a new stake in Parke Bancorp, Inc. (NASDAQ:PKBK – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 159,164 shares of the bank’s stock, valued at approximately $5,278,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Legal & General Group Plc acquired a new stake in Parke Bancorp during the second quarter worth approximately $31,000. Russell Investments Group Ltd. increased its holdings in Parke Bancorp by 66.2% in the third quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank’s stock worth $46,000 after purchasing an additional 855 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Parke Bancorp by 44.4% in the second quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank’s stock valued at $66,000 after buying an additional 999 shares during the period. Byrne Asset Management LLC lifted its stake in Parke Bancorp by 14.3% in the second quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank’s stock valued at $106,000 after buying an additional 400 shares during the period. Finally, Engineers Gate Manager LP bought a new position in shares of Parke Bancorp during the 4th quarter worth approximately $204,000. Institutional investors own 49.69% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently commented on PKBK. Wall Street Zen raised shares of Parke Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of Parke Bancorp in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy”.
Parke Bancorp Price Performance
PKBK stock opened at $33.75 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.25 and a quick ratio of 1.25. The company’s 50-day moving average is $33.60 and its 200-day moving average is $30.97. The stock has a market capitalization of $396.90 million, a PE ratio of 8.79 and a beta of 0.47. Parke Bancorp, Inc. has a 1 year low of $19.71 and a 1 year high of $35.70.
Parke Bancorp (NASDAQ:PKBK – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.03 EPS for the quarter. Parke Bancorp had a return on equity of 13.88% and a net margin of 29.99%.The business had revenue of $23.89 million during the quarter.
Parke Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.4%. 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. Parke Bancorp’s payout ratio is 20.83%.
Insider Buying and Selling
In other news, CEO Vito S. Pantilione acquired 1,300 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was purchased 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 directly owned 237,829 shares in the company, valued at $8,010,080.72. The trade was a 0.55% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Jonathan D. Hill sold 2,000 shares of the business’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 value of $69,920.00. Following the sale, 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 SEC filing for this sale provides additional information. Company insiders own 12.97% of the company’s stock.
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.
Featured Stories
- Five stocks we like better than Parke Bancorp
- Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season
- Insiders Are Betting Big on These 3 Healthcare Stocks
- 3 Stocks for Investors Who Still Believe Cash Is King
- Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason
Want to see what other hedge funds are holding PKBK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parke Bancorp, Inc. (NASDAQ:PKBK – Free Report).
Receive News & Ratings for Parke Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parke Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.
