Bank of New York Mellon Corp Acquires Shares of 37,179 Parke Bancorp, Inc. $PKBK

Key Points

• Bank of New York Mellon acquired 37,179 Parke Bancorp shares worth approximately $1.23 million, while institutional investors and hedge funds collectively own 49.69% of the company.
• Analyst sentiment is positive: Parke Bancorp received a “Buy” rating, with Wall Street Zen upgrading the stock from “Hold” to “Buy” and Weiss Ratings reaffirming its buy rating.
• Parke Bancorp reported quarterly earnings of $1.03 per share on $23.89 million in revenue and increased its quarterly dividend to $0.20 per share, representing a 2.4% annualized yield.

Bank of New York Mellon Corp acquired a new stake in Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 37,179 shares of the bank's stock, valued at approximately $1,233,000. Bank of New York Mellon Corp owned 0.32% of Parke Bancorp at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its holdings in Parke Bancorp by 83.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 263,046 shares of the bank's stock valued at $7,471,000 after acquiring an additional 119,274 shares during the period. Militia Capital Management LLC bought a new stake in shares of Parke Bancorp during the first quarter worth approximately $3,408,000. Sei Investments Co. bought a new stake in shares of Parke Bancorp during the first quarter worth approximately $1,602,000. Rhino Investment Partners Inc acquired a new position in shares of Parke Bancorp in the first quarter valued at approximately $6,469,000. Finally, Empirical Finance LLC grew its position in shares of Parke Bancorp by 86.6% in the first quarter. Empirical Finance LLC now owns 103,454 shares of the bank's stock valued at $2,938,000 after purchasing an additional 48,008 shares during the last quarter. Institutional investors and hedge funds own 49.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wall Street Zen raised Parke Bancorp from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Parke Bancorp in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy".

Parke Bancorp Stock Performance

Parke Bancorp stock opened at $33.93 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.51. The stock has a market cap of $399.02 million, a PE ratio of 8.84 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 business's 50-day moving average price is $33.75 and its two-hundred day moving average price is $31.25.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.03 earnings per share for the quarter. The company 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%.

Parke Bancorp Increases Dividend

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

Insider Buying and Selling at Parke Bancorp

In other news, CFO Jonathan D. Hill sold 2,000 shares of the firm's stock in a transaction 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 transaction, the chief financial officer owned 30 shares of the company's stock, valued at approximately $1,048.80. This trade represents a 98.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vito Pantilione purchased 1,300 shares of the business's stock in a transaction dated 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 acquisition, the chief executive officer owned 237,829 shares of the company's stock, valued at $8,010,080.72. This trade represents a 0.55% increase in their position. The SEC filing for this purchase provides additional information. 12.97% of the stock is currently owned by company insiders.

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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