Parke Bancorp (NASDAQ:PKBK) Shares Cross Above 200 Day Moving Average – Here’s What Happened

Parke Bancorp, Inc. (NASDAQ:PKBK) shares passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $32.35 and traded as high as $33.32. Parke Bancorp shares last traded at $32.82, with a volume of 56,493 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wall Street Zen raised Parke Bancorp from a “hold” rating to a “buy” rating in a research note on Sunday, September 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parke Bancorp in a research note on Monday, September 21st. One research analyst has rated the stock with a Buy rating. According to MarketBeat, the company has a consensus rating of “Buy”.

Parke Bancorp Price Performance

The firm has a market cap of $390.90 million, a P/E ratio of 8.19 and a beta of 0.51. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.25 and a quick ratio of 1.25. The stock’s 50-day simple moving average is $33.61 and its two-hundred day simple moving average is $32.42.

Parke Bancorp (NASDAQ:PKBK) last released its earnings results on Wednesday, October 21st. The bank reported $1.02 earnings per share (EPS) for the quarter. Parke Bancorp had a net margin of 30.55% and a return on equity of 14.13%. The firm had revenue of $24.00 million during the quarter.

Parke Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, October 2nd were issued 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 yield of 2.4%. Parke Bancorp’s payout ratio is presently 20.83%.

Insider Transactions at Parke Bancorp

In related news, CEO Vito Pantilione purchased 1,300 shares of Parke Bancorp stock in a transaction that occurred on Wednesday, July 29th. The shares were bought at an average price of $33.68 per share, with a total value of $43,784.00. Following the purchase, the chief executive officer directly owned 237,829 shares of the company’s stock, valued at approximately $8,010,080.72. This represents a 0.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jonathan D. Hill sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was 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 in the company, valued at $1,048.80. This represents a 98.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 12.97% of the company’s stock.

Hedge Funds Weigh In On Parke Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Legal & General Group Plc purchased a new position in shares of Parke Bancorp during the second quarter valued at $31,000. Byrne Asset Management LLC raised its holdings in shares of Parke Bancorp by 14.3% in the second quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank’s stock valued at $106,000 after acquiring an additional 400 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Parke Bancorp in the second quarter worth about $221,000. Ieq Capital LLC purchased a new stake in Parke Bancorp in the second quarter worth about $268,000. Finally, Algert Global LLC lifted its stake in Parke Bancorp by 14.4% in the second quarter. Algert Global LLC now owns 8,126 shares of the bank’s stock worth $269,000 after acquiring an additional 1,020 shares during the period. Institutional investors 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 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.