Parke Bancorp (NASDAQ:PKBK) Stock Rating Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Parke Bancorp from “buy” to “hold.” Weiss Ratings maintained a “buy (B)” rating, and MarketBeat data showed an average analyst rating of “Buy.”
• Parke Bancorp reported quarterly earnings of $1.02 per share on $24 million in revenue, with a 14.13% return on equity and a 30.55% net margin.
• Insider trades were mixed: CFO Jonathan D. Hill sold 2,000 shares, while CEO Vito Pantilione bought 1,300 shares. Insiders collectively owned 12.97% of the company.

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 report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of Parke Bancorp in a report on Monday, September 21st. One equities research analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, the stock has an average rating of "Buy".

Parke Bancorp Trading Up 0.4%

Shares of PKBK stock opened at $32.62 on Friday. Parke Bancorp has a 52-week low of $21.10 and a 52-week high of $35.70. The stock has a market cap of $383.61 million, a price-to-earnings ratio of 8.41 and a beta of 0.52. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a fifty day moving average of $33.31 and a 200-day moving average of $31.29.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The bank reported $1.02 earnings per share for the quarter. Parke Bancorp had a return on equity of 14.13% and a net margin of 30.55%. The business had revenue of $24.00 million for the quarter.

Insider Activity

In other news, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $34.96, for a total value 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 represents a 98.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Vito Pantilione bought 1,300 shares of the stock in a transaction on Thursday, October 29th. The stock was purchased at an average price of $32.86 per share, for a total transaction of $42,718.00. Following the completion of the purchase, the chief executive officer owned 239,629 shares of the company's stock, valued at approximately $7,874,208.94. This trade represents a 0.55% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 12.97% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc purchased a new stake in Parke Bancorp in the 2nd quarter worth approximately $31,000. Byrne Asset Management LLC grew its stake in shares of Parke Bancorp by 14.3% in 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 in the last quarter. Sequoia Financial Advisors LLC bought a new position in Parke Bancorp in the 2nd quarter worth about $221,000. Ieq Capital LLC purchased a new position in Parke Bancorp during the second quarter valued at $268,000. Finally, Algert Global LLC raised its stake in shares of Parke Bancorp by 14.4% in the second quarter. Algert Global LLC now owns 8,126 shares of the bank's stock worth $269,000 after buying an additional 1,020 shares during the period. Institutional investors and hedge funds 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 bank headquartered in Sewell, New Jersey. Through Parke Bank, the company provides banking and financial services to individuals, businesses and organizations in southern New Jersey and the greater Philadelphia area.

Parke Bank's products and services include checking and savings accounts, certificates of deposit, online and mobile banking, residential mortgages, home equity financing, consumer loans and commercial lending.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.