Parke Bancorp (NASDAQ:PKBK) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Parke Bancorp (NASDAQ:PKBK) from a buy rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parke Bancorp in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Parke Bancorp presently has a consensus rating of “Buy”.

Parke Bancorp Stock Performance

PKBK opened at $33.94 on Friday. The business’s 50-day moving average price is $34.01 and its two-hundred day moving average price is $31.60. Parke Bancorp has a 1 year low of $19.71 and a 1 year high of $35.70. The company has a market capitalization of $399.13 million, a price-to-earnings ratio of 8.84 and a beta of 0.47. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.25 and a quick ratio of 1.25.

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. The company had revenue of $23.89 million during the quarter. Parke Bancorp had a return on equity of 13.88% and a net margin of 29.99%.

Insider Transactions at Parke Bancorp

In other news, CFO Jonathan D. Hill sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.96, for a total value of $69,920.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Vito Pantilione bought 1,300 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was bought at an average cost of $33.68 per share, for a total transaction of $43,784.00. Following the transaction, the chief executive officer owned 237,829 shares of the company’s stock, valued at $8,010,080.72. The trade was a 0.55% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate 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 the stock. BlackRock Inc. acquired a new position in Parke Bancorp during the second quarter worth $26,035,000. Dimensional Fund Advisors LP lifted its stake in Parke Bancorp by 4.4% in the first quarter. Dimensional Fund Advisors LP now owns 599,209 shares of the bank’s stock valued at $17,018,000 after acquiring an additional 25,168 shares during the last quarter. Ategra Capital Management LLC bought a new position in shares of Parke Bancorp in the 2nd quarter valued at about $11,402,000. Arrowstreet Capital Limited Partnership grew its position in shares of Parke Bancorp by 83.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 263,046 shares of the bank’s stock valued at $7,471,000 after acquiring an additional 119,274 shares during the period. Finally, Rhino Investment Partners Inc acquired a new position in shares of Parke Bancorp during the 1st quarter worth about $6,469,000. Institutional investors and hedge funds own 49.69% of the company’s stock.

Parke Bancorp Company Profile

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.