Parke Bancorp (NASDAQ:PKBK) Announces Quarterly Earnings Results

Parke Bancorp (NASDAQ:PKBK) issued its quarterly earnings results on Wednesday. The bank reported $1.02 earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $24.00 million during the quarter. Parke Bancorp had a return on equity of 13.88% and a net margin of 29.99%.

Parke Bancorp Stock Performance

PKBK opened at $32.51 on Thursday. The stock has a market capitalization of $382.32 million, a price-to-earnings ratio of 8.55 and a beta of 0.51. The company has a fifty day moving average of $33.64 and a 200 day moving average of $32.38. Parke Bancorp has a fifty-two week low of $20.76 and a fifty-two week high of $35.70. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.25 and a current ratio of 1.25.

Parke Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, October 2nd were given a dividend of $0.20 per share. The ex-dividend date was Friday, October 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.5%. Parke Bancorp’s dividend payout ratio is currently 20.83%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PKBK. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parke Bancorp in a research note on Monday, September 21st. Wall Street Zen upgraded Parke Bancorp from a “hold” rating to a “buy” rating in a research report on Sunday, September 27th. One equities research analyst has rated the stock with a Buy rating. According to MarketBeat, the stock presently has an average rating of “Buy”.

Insiders Place Their Bets

In other Parke Bancorp news, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $34.96, for a total transaction of $69,920.00. Following the completion of the transaction, the chief financial officer owned 30 shares of the company’s stock, valued at $1,048.80. This represents a 98.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vito S. Pantilione acquired 1,300 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were bought at an average cost of $33.68 per share, with a total value of $43,784.00. Following the acquisition, the chief executive officer directly owned 237,829 shares in the company, valued at approximately $8,010,080.72. The trade was a 0.55% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 12.97% of the company’s stock.

Institutional Investors Weigh In On Parke Bancorp

Several large investors have recently made changes to their positions in PKBK. BlackRock Inc. purchased a new stake in shares of Parke Bancorp in the second quarter worth about $26,035,000. Dimensional Fund Advisors LP boosted its stake in Parke Bancorp by 4.4% during the first quarter. Dimensional Fund Advisors LP now owns 599,209 shares of the bank’s stock valued at $17,018,000 after buying an additional 25,168 shares during the last quarter. Ategra Capital Management LLC purchased a new position in Parke Bancorp during the 2nd quarter valued at approximately $11,402,000. Arrowstreet Capital Limited Partnership grew its holdings in 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, Rhino Investment Partners Inc bought a new stake in Parke Bancorp in the 1st quarter worth approximately $6,469,000. 49.69% of the stock is owned by institutional investors.

About Parke Bancorp

Parke Bancorp, Inc is the bank holding company for Parke Bank, a community-focused commercial bank headquartered in Washington Township, New Jersey. Founded in 1999, the company serves individuals, businesses and organizations in southern New Jersey and the greater Philadelphia metropolitan area.

Parke Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending activities include commercial real estate loans, construction and development financing, commercial business loans, residential mortgages and consumer loans.