Parke Bancorp (NASDAQ:PKBK) Cut to Hold (C+) at Weiss Ratings

Weiss Ratings cut shares of Parke Bancorp (NASDAQ:PKBK) from a buy (b-) rating to a hold (c+) rating in a report issued on Saturday,Weiss Ratings reports.

Parke Bancorp Stock Down 1.0%

PKBK stock opened at $21.84 on Friday. The company has a market capitalization of $258.80 million, a price-to-earnings ratio of 7.69 and a beta of 0.62. The business’s 50 day moving average price is $21.71 and its two-hundred day moving average price is $20.60. Parke Bancorp has a fifty-two week low of $16.94 and a fifty-two week high of $24.29. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.23 and a current ratio of 1.23.

Parke Bancorp (NASDAQ:PKBK) last issued its quarterly earnings results on Wednesday, October 22nd. The bank reported $0.89 earnings per share for the quarter. The company had revenue of $21.01 million for the quarter. Parke Bancorp had a return on equity of 11.15% and a net margin of 23.95%.

Parke Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 17th. Stockholders of record on Friday, October 3rd were given a $0.18 dividend. The ex-dividend date of this dividend was Friday, October 3rd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.3%. Parke Bancorp’s dividend payout ratio is currently 25.35%.

Insiders Place Their Bets

In related news, CFO Jonathan D. Hill sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $22.09, for a total value of $44,180.00. Following the sale, the chief financial officer owned 8,000 shares in the company, valued at $176,720. This represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jeffrey H. Kripitz sold 3,363 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.19, for a total value of $74,624.97. Following the completion of the sale, the director directly owned 47,911 shares in the company, valued at approximately $1,063,145.09. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,909 shares of company stock worth $195,499. 12.89% of the stock is currently owned by company insiders.

Institutional Trading of Parke Bancorp

Several institutional investors have recently bought and sold shares of PKBK. Empirical Finance LLC purchased a new stake in Parke Bancorp during the 1st quarter valued at about $421,000. Nuveen LLC purchased a new stake in Parke Bancorp during the 1st quarter valued at $571,000. Trexquant Investment LP purchased a new stake in Parke Bancorp during the 1st quarter valued at $207,000. Goldman Sachs Group Inc. boosted its stake in Parke Bancorp by 228.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 105,700 shares of the bank’s stock valued at $1,991,000 after purchasing an additional 73,505 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in Parke Bancorp by 3.4% during the 1st quarter. Empowered Funds LLC now owns 49,443 shares of the bank’s stock valued at $932,000 after purchasing an additional 1,644 shares during the last quarter. 49.69% of the stock is owned by hedge funds and other institutional investors.

Parke Bancorp Company Profile

Parke Bancorp, Inc operates as the bank holding company for Parke Bank that provides personal and business financial services to individuals and small to mid-sized businesses. The company offers various deposit products, including checking, savings, time, money market, and individual retirement accounts, as well as certificates of deposit.