Empirical Finance LLC trimmed its position in shares of Parke Bancorp, Inc. (NASDAQ:PKBK – Free Report) by 15.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 87,893 shares of the bank’s stock after selling 15,561 shares during the period. Empirical Finance LLC’s holdings in Parke Bancorp were worth $2,915,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc purchased a new position in Parke Bancorp in the second quarter worth about $31,000. Russell Investments Group Ltd. boosted its stake in Parke Bancorp by 66.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank’s stock valued at $46,000 after purchasing an additional 855 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Parke Bancorp by 44.4% in the second quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank’s stock worth $66,000 after purchasing an additional 999 shares during the last quarter. Byrne Asset Management LLC lifted its holdings in shares of Parke Bancorp by 14.3% during the second quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank’s stock valued at $106,000 after purchasing an additional 400 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in shares of Parke Bancorp by 746.0% during the second quarter. California State Teachers Retirement System now owns 4,543 shares of the bank’s stock valued at $137,000 after purchasing an additional 4,006 shares in the last quarter. 49.69% of the stock is owned by hedge funds and other institutional investors.
Parke Bancorp Stock Down 1.0%
Shares of PKBK stock opened at $34.23 on Wednesday. Parke Bancorp, Inc. has a 12 month low of $19.71 and a 12 month high of $35.70. The company has a 50 day simple moving average of $33.75 and a two-hundred day simple moving average of $31.20. The stock has a market cap of $402.58 million, a P/E ratio of 8.91 and a beta of 0.47. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.51.
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 paid a dividend of $0.20 per share. This is a positive change from Parke Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, July 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.3%. Parke Bancorp’s dividend payout ratio is presently 20.83%.
Insider Buying and Selling at Parke Bancorp
In other news, CFO Jonathan D. Hill sold 2,000 shares of the business’s 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 transaction, the chief financial officer directly owned 30 shares in the company, valued at $1,048.80. The trade was a 98.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Vito S. Pantilione acquired 1,300 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was acquired at an average cost of $33.68 per share, with a total value of $43,784.00. Following the purchase, the chief executive officer owned 237,829 shares of the company’s stock, valued at approximately $8,010,080.72. This trade represents a 0.55% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 12.97% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms recently commented on PKBK. Wall Street Zen upgraded Parke Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parke Bancorp in a report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Parke Bancorp presently has a consensus rating of “Buy”.
Read Our Latest Research Report on Parke Bancorp
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.
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