Parke Bancorp (NASDAQ:PKBK) Rating Lowered to “Hold (C+)” at Weiss Ratings

Parke Bancorp (NASDAQ:PKBK) was downgraded by analysts at Weiss Ratings from a “buy (b-)” rating to a “hold (c+)” rating in a research report issued on Saturday,Weiss Ratings reports.

Parke Bancorp Stock Performance

Shares of PKBK opened at $22.06 on Friday. The stock’s 50-day simple moving average is $21.70 and its 200 day simple moving average is $20.56. The stock has a market capitalization of $261.41 million, a price-to-earnings ratio of 7.77 and a beta of 0.62. 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 has a 52-week low of $16.94 and a 52-week high of $24.29.

Parke Bancorp (NASDAQ:PKBK) last issued its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.89 earnings per share (EPS) for the quarter. The business 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%.

Insider Buying and Selling at Parke Bancorp

In other Parke Bancorp news, CFO Jonathan D. Hill sold 2,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $176,720. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Ralph Martin Gallo sold 1,946 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $21.89, for a total value of $42,597.94. The disclosure for this sale can be found here. Insiders have sold a total of 8,909 shares of company stock valued at $195,499 in the last 90 days. Corporate insiders own 15.33% of the company’s stock.

Institutional Trading of Parke Bancorp

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

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.