Parke Bancorp, Inc. (NASDAQ:PKBK) Sees Large Decrease in Short Interest

Parke Bancorp, Inc. (NASDAQ:PKBK) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totaling 64,296 shares, a drop of 23.0% from the December 15th total of 83,544 shares. Currently, 0.6% of the shares of the company are sold short. Based on an average daily volume of 40,677 shares, the short-interest ratio is presently 1.6 days. Based on an average daily volume of 40,677 shares, the short-interest ratio is presently 1.6 days. Currently, 0.6% of the shares of the company are sold short.

Parke Bancorp Price Performance

Parke Bancorp stock opened at $25.45 on Tuesday. The firm has a fifty day moving average of $24.02 and a 200-day moving average of $22.42. Parke Bancorp has a 52-week low of $16.94 and a 52-week high of $25.96. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $295.22 million, a P/E ratio of 8.96 and a beta of 0.51.

Parke Bancorp (NASDAQ:PKBK) last announced its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.89 earnings per share for the quarter. Parke Bancorp had a net margin of 23.95% and a return on equity of 11.07%. The firm had revenue of $21.01 million during the quarter.

Parke Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, January 2nd were paid a $0.18 dividend. The ex-dividend date was Friday, January 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. Parke Bancorp’s dividend payout ratio (DPR) is 25.35%.

Insider Buying and Selling

In other Parke Bancorp news, Director Daniel J. Dalton sold 7,500 shares of the business’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $25.12, for a total transaction of $188,400.00. Following the sale, the director directly owned 10,000 shares in the company, valued at approximately $251,200. The trade was a 42.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizabeth A. Milavsky sold 10,981 shares of Parke Bancorp stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $24.71, for a total value of $271,340.51. Following the transaction, the director directly owned 35,278 shares of the company’s stock, valued at approximately $871,719.38. This represents a 23.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 12.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Parke Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. grew its position in Parke Bancorp by 66.2% in the third quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank’s stock valued at $46,000 after acquiring an additional 855 shares in the last quarter. Byrne Asset Management LLC acquired a new stake in Parke Bancorp during the 4th quarter valued at $75,000. BNP Paribas Financial Markets grew its holdings in Parke Bancorp by 44.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank’s stock valued at $66,000 after purchasing an additional 999 shares in the last quarter. CWM LLC increased its stake in Parke Bancorp by 251.5% during the 3rd quarter. CWM LLC now owns 3,367 shares of the bank’s stock worth $73,000 after buying an additional 2,409 shares during the period. Finally, Ritholtz Wealth Management acquired a new position in Parke Bancorp in the 3rd quarter worth $214,000. Hedge funds and other institutional investors own 49.69% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Parke Bancorp in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average 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.