Parke Bancorp (NASDAQ:PKBK) Upgraded at BidaskClub

Parke Bancorp (NASDAQ:PKBK) was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Friday, BidAskClub reports.

Separately, ValuEngine cut shares of Parke Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, August 1st.

PKBK stock traded up $1.42 on Friday, hitting $24.30. The company had a trading volume of 12,818 shares, compared to its average volume of 15,566. Parke Bancorp has a 12-month low of $16.71 and a 12-month high of $24.45. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.71. The stock’s 50-day simple moving average is $22.16 and its 200 day simple moving average is $22.16. The stock has a market cap of $261.74 million, a price-to-earnings ratio of 8.54 and a beta of 0.70.

Parke Bancorp (NASDAQ:PKBK) last issued its earnings results on Monday, July 22nd. The bank reported $0.68 earnings per share (EPS) for the quarter. Parke Bancorp had a net margin of 36.52% and a return on equity of 17.54%. The company had revenue of $15.06 million for the quarter.

Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA boosted its holdings in Parke Bancorp by 564.3% in the first quarter. BNP Paribas Arbitrage SA now owns 1,468 shares of the bank’s stock worth $31,000 after purchasing an additional 1,247 shares during the last quarter. Acadian Asset Management LLC raised its position in Parke Bancorp by 61.7% in the second quarter. Acadian Asset Management LLC now owns 2,434 shares of the bank’s stock worth $58,000 after acquiring an additional 929 shares during the period. Bank of America Corp DE raised its position in Parke Bancorp by 53.6% in the fourth quarter. Bank of America Corp DE now owns 5,742 shares of the bank’s stock worth $108,000 after acquiring an additional 2,004 shares during the period. SG Americas Securities LLC raised its position in Parke Bancorp by 23.7% in the first quarter. SG Americas Securities LLC now owns 7,394 shares of the bank’s stock worth $154,000 after acquiring an additional 1,417 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Parke Bancorp by 8.1% in the second quarter. JPMorgan Chase & Co. now owns 6,987 shares of the bank’s stock worth $164,000 after acquiring an additional 521 shares during the period. Institutional investors own 38.05% of the company’s stock.

About Parke Bancorp

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, money market, and individual retirement accounts, as well as certificates of deposit.

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