Rhino Investment Partners Inc Buys New Stake in Parke Bancorp, Inc. $PKBK

Rhino Investment Partners Inc purchased a new position in Parke Bancorp, Inc. (NASDAQ:PKBK) during the 1st quarter, Holdings Channel.com reports. The firm purchased 227,766 shares of the bank’s stock, valued at approximately $6,469,000. Parke Bancorp accounts for about 1.8% of Rhino Investment Partners Inc’s holdings, making the stock its 25th largest position.

A number of other hedge funds also recently bought and sold shares of the business. Empowered Funds LLC lifted its position in Parke Bancorp by 46.6% during the first quarter. Empowered Funds LLC now owns 169,683 shares of the bank’s stock valued at $4,819,000 after purchasing an additional 53,955 shares during the last quarter. Empirical Finance LLC increased its holdings in shares of Parke Bancorp by 86.6% in the 1st quarter. Empirical Finance LLC now owns 103,454 shares of the bank’s stock worth $2,938,000 after buying an additional 48,008 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Parke Bancorp by 101.9% in the 1st quarter. Renaissance Technologies LLC now owns 198,947 shares of the bank’s stock worth $5,650,000 after buying an additional 100,400 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Parke Bancorp by 83.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 263,046 shares of the bank’s stock valued at $7,471,000 after buying an additional 119,274 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of Parke Bancorp during the 1st quarter valued at about $1,602,000. Hedge funds and other institutional investors own 49.69% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, 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 company presently has an average rating of “Buy”.

Parke Bancorp Stock Performance

NASDAQ:PKBK opened at $34.13 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.25 and a current ratio of 1.25. The stock’s fifty day moving average is $32.23 and its 200 day moving average is $29.70. The firm has a market capitalization of $400.34 million, a PE ratio of 8.89 and a beta of 0.48. Parke Bancorp, Inc. has a fifty-two week low of $19.71 and a fifty-two week high of $34.50.

Parke Bancorp (NASDAQ:PKBK) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.03 earnings per share for the quarter. Parke Bancorp had a net margin of 29.99% and a return on equity of 14.11%. The business had revenue of $23.89 million for the quarter.

Parke Bancorp Increases Dividend

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

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.