Ategra Capital Management LLC Buys Shares of 343,842 Parke Bancorp, Inc. $PKBK

Key Points

• Ategra Capital Management acquired 343,842 Parke Bancorp shares valued at approximately $11.4 million, representing about 2.92% of the bank and 5.1% of Ategra’s portfolio.
• Institutional investors own 49.69% of Parke Bancorp, while analyst coverage remains positive with a consensus “Buy” rating.
• Parke Bancorp reported quarterly EPS of $1.03 and increased its quarterly dividend to $0.20 per share, equivalent to an annualized yield of about 2.4%; meanwhile, the CEO bought shares while the CFO sold nearly all of his remaining holdings.

Ategra Capital Management LLC acquired a new stake in shares of Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 343,842 shares of the bank's stock, valued at approximately $11,402,000. Parke Bancorp makes up 5.1% of Ategra Capital Management LLC's portfolio, making the stock its 6th biggest position. Ategra Capital Management LLC owned approximately 2.92% of Parke Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Byrne Asset Management LLC boosted its holdings in Parke Bancorp by 14.3% in the second quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank's stock valued at $106,000 after acquiring an additional 400 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Parke Bancorp by 66.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank's stock valued at $46,000 after purchasing an additional 855 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Parke Bancorp during the second quarter worth $31,000. BNP Paribas Financial Markets increased its position in shares of Parke Bancorp by 44.4% during 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 during the period. Finally, Militia Capital Partners LP raised its stake in Parke Bancorp by 0.8% during the second quarter. Militia Capital Partners LP now owns 118,961 shares of the bank's stock worth $2,423,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 49.69% of the company's stock.

Analyst Upgrades and Downgrades

PKBK has been the topic of several recent analyst reports. Wall Street Zen raised Parke Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings reiterated a "buy (b)" rating on shares of Parke Bancorp in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy".

Insider Transactions at Parke Bancorp

In other Parke Bancorp news, CEO Vito S. Pantilione acquired 1,300 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were acquired at an average price of $33.68 per share, for a total transaction of $43,784.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $34.96, for a total value of $69,920.00. Following the sale, the chief financial officer owned 30 shares in the company, valued at approximately $1,048.80. This represents a 98.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 12.97% of the stock is currently owned by insiders.

Parke Bancorp Stock Down 0.5%

PKBK opened at $33.97 on Tuesday. The company has a 50 day moving average of $33.39 and a 200 day moving average of $30.78. The company has a market cap of $399.49 million, a PE ratio of 8.85 and a beta of 0.47. Parke Bancorp, Inc. has a 12 month low of $19.71 and a 12 month high of $35.70. 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 released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.03 earnings per share for the quarter. Parke Bancorp had a net margin of 29.99% and a return on equity of 13.88%. The firm had revenue of $23.89 million for the quarter.

Parke Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were issued a $0.20 dividend. This is a boost from Parke Bancorp's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 2.4%. Parke Bancorp's payout ratio is 20.83%.

Parke Bancorp Profile

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.

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