Parke Bancorp (NASDAQ:PKBK) Stock Gets Downgrade from Wall Street Zen

Parke Bancorp (NASDAQ:PKBK) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

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

Parke Bancorp Price Performance

NASDAQ:PKBK opened at $32.62 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.26 and a quick ratio of 1.26. The company has a 50 day moving average price of $33.31 and a 200-day moving average price of $31.29. Parke Bancorp has a 1-year low of $21.10 and a 1-year high of $35.70. The firm has a market cap of $384.20 million, a price-to-earnings ratio of 8.22 and a beta of 0.52.

Parke Bancorp (NASDAQ:PKBK) last announced its quarterly earnings results on Wednesday, October 21st. The bank reported $1.02 earnings per share (EPS) for the quarter. The firm had revenue of $24.00 million for the quarter. Parke Bancorp had a net margin of 30.55% and a return on equity of 13.91%.

Insider Buying and Selling

In other news, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction that occurred 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 owned 30 shares in the company, valued at $1,048.80. This trade represents a 98.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vito S. Pantilione bought 1,300 shares of the firm’s stock in a transaction dated Thursday, October 29th. The shares were acquired at an average price of $32.86 per share, for a total transaction of $42,718.00. Following the transaction, the chief executive officer directly owned 239,629 shares in the company, valued at approximately $7,874,208.94. This represents a 0.55% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 12.97% of the stock is owned by insiders.

Hedge Funds Weigh In On Parke Bancorp

Large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. raised its position in shares of Parke Bancorp by 58.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,830 shares of the bank’s stock worth $354,000 after purchasing an additional 3,983 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in Parke Bancorp by 8.8% in the 3rd quarter. Ritholtz Wealth Management now owns 20,816 shares of the bank’s stock worth $681,000 after buying an additional 1,678 shares during the last quarter. Lakewood Asset Management LLC boosted its holdings in Parke Bancorp by 5.3% in the 3rd quarter. Lakewood Asset Management LLC now owns 17,083 shares of the bank’s stock worth $559,000 after buying an additional 853 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Parke Bancorp in the 2nd quarter worth about $221,000. Finally, Pale Fire Capital SE acquired a new stake in Parke Bancorp in the 2nd quarter worth about $286,000. 49.69% of the stock is currently owned by institutional investors and hedge funds.

Parke Bancorp Company Profile

Parke Bancorp, Inc is the bank holding company for Parke Bank, a community bank headquartered in Sewell, New Jersey. Through Parke Bank, the company provides banking and financial services to individuals, businesses and organizations in southern New Jersey and the greater Philadelphia area.

Parke Bank’s products and services include checking and savings accounts, certificates of deposit, online and mobile banking, residential mortgages, home equity financing, consumer loans and commercial lending.