Parke Bancorp (NASDAQ:PKBK) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Parke Bancorp (NASDAQ:PKBK) from a hold rating to a buy rating in a research note published on Sunday,Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Parke Bancorp in a report on Monday, September 21st. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy”.

Parke Bancorp Price Performance

Parke Bancorp stock opened at $33.77 on Friday. Parke Bancorp has a 52-week low of $19.71 and a 52-week high of $35.70. The firm has a fifty day moving average of $34.04 and a 200-day moving average of $31.77. The firm has a market capitalization of $397.14 million, a P/E ratio of 8.79 and a beta of 0.47. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.51.

Parke Bancorp (NASDAQ:PKBK) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.03 EPS for the quarter. The business had revenue of $23.89 million for the quarter. Parke Bancorp had a net margin of 29.99% and a return on equity of 13.88%.

Parke Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, October 2nd. Parke Bancorp’s dividend payout ratio is currently 20.83%.

Insider Activity at Parke Bancorp

In other news, CEO Vito Pantilione acquired 1,300 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were bought at an average price of $33.68 per share, for a total transaction of $43,784.00. Following the completion of the purchase, the chief executive officer directly 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Jonathan D. Hill sold 2,000 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $34.96, for a total transaction of $69,920.00. Following the transaction, the chief financial officer directly owned 30 shares in the company, valued at approximately $1,048.80. The trade was a 98.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 12.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Parke Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Parke Bancorp in the 2nd quarter valued at about $26,035,000. Dimensional Fund Advisors LP lifted its stake in shares of Parke Bancorp by 4.4% in the first quarter. Dimensional Fund Advisors LP now owns 599,209 shares of the bank’s stock worth $17,018,000 after acquiring an additional 25,168 shares in the last quarter. Ategra Capital Management LLC purchased a new position in Parke Bancorp in the second quarter valued at about $11,402,000. Arrowstreet Capital Limited Partnership boosted its holdings in Parke Bancorp by 83.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 263,046 shares of the bank’s stock valued at $7,471,000 after purchasing an additional 119,274 shares during the last quarter. Finally, Rhino Investment Partners Inc acquired a new stake in Parke Bancorp during the 1st quarter valued at approximately $6,469,000. Hedge funds and other institutional investors own 49.69% of the company’s stock.

About Parke Bancorp

Parke Bancorp, Inc is the bank holding company for Parke Bank, a community-focused financial institution headquartered in Washington Township, New Jersey. The bank serves individuals, families, businesses and organizations in southern New Jersey and the greater Philadelphia area.

Parke Bank provides a range of traditional banking products and services, including consumer and business deposit accounts, residential and commercial real estate lending, construction loans, commercial and industrial loans, and other business financing.