Parke Bancorp (NASDAQ:PKBK) Announces Earnings Results

Parke Bancorp (NASDAQ:PKBK) released its earnings results on Wednesday. The bank reported $1.03 earnings per share for the quarter, FiscalAI reports. Parke Bancorp had a return on equity of 14.11% and a net margin of 29.99%.The company had revenue of $23.89 million for the quarter.

Parke Bancorp Price Performance

Shares of PKBK traded up $0.50 during trading hours on Friday, reaching $33.04. 627 shares of the stock traded hands, compared to its average volume of 85,678. The company has a market cap of $387.56 million, a P/E ratio of 8.61 and a beta of 0.48. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.46. The company’s 50-day moving average price is $32.03 and its two-hundred day moving average price is $29.52. Parke Bancorp has a 52-week low of $19.71 and a 52-week high of $34.47.

Parke Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were paid a dividend of $0.20 per share. This is a positive change from Parke Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date was Thursday, July 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.4%. Parke Bancorp’s dividend payout ratio is presently 22.86%.

Insider Transactions at Parke Bancorp

In other Parke Bancorp news, CEO Vito S. Pantilione purchased 1,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were acquired at an average cost of $30.37 per share, with a total value of $39,481.00. Following the completion of the acquisition, the chief executive officer directly owned 237,429 shares in the company, valued at $7,210,718.73. The trade was a 0.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 12.97% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its position in shares of Parke Bancorp by 66.2% during the third quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank’s stock valued at $46,000 after buying an additional 855 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Parke Bancorp by 44.4% in the second quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank’s stock worth $66,000 after buying an additional 999 shares in the last quarter. Byrne Asset Management LLC bought a new position in shares of Parke Bancorp during the fourth quarter worth $75,000. Daytona Street Capital LLC bought a new position in shares of Parke Bancorp during the fourth quarter worth $163,000. Finally, Engineers Gate Manager LP bought a new position in shares of Parke Bancorp during the fourth quarter worth $204,000. 49.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

About Parke Bancorp

Parke Bancorp, Inc is the bank holding company for Parke Bank, a community-oriented financial institution headquartered in Kittanning, Pennsylvania. The company delivers a full range of retail and commercial banking services to individuals, small businesses and agricultural clients through a network of branches and ATMs, supported by secure online and mobile banking platforms.

Its product lineup includes deposit accounts—such as checking, savings, money market accounts and certificates of deposit—alongside a variety of lending solutions.