Parke Bancorp (NASDAQ:PKBK) Stock Rating Upgraded by Wall Street Zen

Parke Bancorp (NASDAQ:PKBK) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Parke Bancorp in a research note on Monday, September 21st. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Parke Bancorp presently has an average rating of “Buy”.

Parke Bancorp Stock Performance

PKBK stock opened at $33.65 on Friday. The firm has a market cap of $395.72 million, a PE ratio of 8.76 and a beta of 0.47. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $34.06 and a 200-day moving average price of $31.81. Parke Bancorp has a 1-year low of $19.71 and a 1-year high of $35.70.

Parke Bancorp (NASDAQ:PKBK) last released its earnings results on Wednesday, July 22nd. The bank reported $1.03 EPS for the quarter. The business 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 Activity at Parke Bancorp

In other news, CFO Jonathan D. Hill sold 2,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer owned 30 shares in the company, valued at $1,048.80. The trade was a 98.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Vito Pantilione purchased 1,300 shares of Parke Bancorp stock in a transaction that occurred on Wednesday, July 29th. The stock was acquired at an average cost of $33.68 per share, with a total value of $43,784.00. Following the transaction, the chief executive officer owned 237,829 shares in the company, valued at $8,010,080.72. This trade represents a 0.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 12.97% of the company’s stock.

Hedge Funds Weigh In On Parke Bancorp

Several large investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC boosted its holdings in Parke Bancorp by 14.3% during the 2nd quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank’s stock worth $106,000 after acquiring an additional 400 shares during the last quarter. Legal & General Group Plc bought a new position in shares of Parke Bancorp during the second quarter valued at about $31,000. Bank of America Corp DE boosted its holdings in Parke Bancorp by 12.2% during the first quarter. Bank of America Corp DE now owns 9,288 shares of the bank’s stock worth $264,000 after purchasing an additional 1,008 shares during the last quarter. Algert Global LLC grew its position in Parke Bancorp by 14.4% in the 2nd quarter. Algert Global LLC now owns 8,126 shares of the bank’s stock worth $269,000 after purchasing an additional 1,020 shares in the last quarter. Finally, Ritholtz Wealth Management grew its position in Parke Bancorp by 8.9% in the 1st quarter. Ritholtz Wealth Management now owns 12,586 shares of the bank’s stock worth $357,000 after purchasing an additional 1,026 shares in the last quarter. 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 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.