Parke Bancorp (NASDAQ:PKBK) Lowered to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Parke Bancorp from “Buy” to “Hold,” although Weiss Ratings maintained a “Buy” rating and MarketBeat’s consensus rating remains “Buy.”
• Parke Bancorp reported quarterly earnings of $1.03 per share on $23.89 million in revenue, with a 29.99% net margin and 13.88% return on equity.
• The stock opened at $33.87, down 1.1%, and trades near its 12-month high of $35.70; institutional investors own 49.69% of shares, while insiders own 12.97%.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

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

Parke Bancorp Trading Down 1.1%

Parke Bancorp stock opened at $33.87 on Friday. Parke Bancorp has a 12-month low of $19.71 and a 12-month high of $35.70. The firm has a market capitalization of $398.31 million, a price-to-earnings ratio of 8.82 and a beta of 0.47. The firm has a 50 day moving average of $33.99 and a 200 day moving average of $31.53. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.51.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.03 earnings per share for the quarter. The business had revenue of $23.89 million for the quarter. Parke Bancorp had a net margin of 29.99% and a return on equity of 13.88%.

Insider Buying and Selling

In other Parke Bancorp news, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were 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 directly owned 30 shares of the company's stock, valued at $1,048.80. This trade represents a 98.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Vito S. Pantilione acquired 1,300 shares of Parke Bancorp stock in a transaction dated Wednesday, July 29th. The shares were bought at an average price of $33.68 per share, for a total transaction of $43,784.00. Following the transaction, the chief executive officer owned 237,829 shares of the company's stock, valued at approximately $8,010,080.72. The trade was a 0.55% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 12.97% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Parke Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership lifted its position in shares of Parke Bancorp by 83.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 263,046 shares of the bank's stock worth $7,471,000 after buying an additional 119,274 shares in the last quarter. Pinnacle Holdings LLC purchased a new position in Parke Bancorp during the 2nd quarter valued at approximately $1,656,000. Militia Capital Management LLC purchased a new position in Parke Bancorp during the 1st quarter valued at approximately $3,408,000. Sei Investments Co. purchased a new position in shares of Parke Bancorp in the first quarter valued at $1,602,000. Finally, Bank of New York Mellon Corp bought a new stake in Parke Bancorp in the second quarter worth $1,233,000. 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.

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