BlackRock Inc. Makes New Investment in Parke Bancorp, Inc. $PKBK

Key Points

• BlackRock acquired 785,130 shares of Parke Bancorp during the second quarter, worth approximately $26.0 million and representing a 6.69% stake. Institutional investors collectively own 49.69% of the company.
• Analyst sentiment is positive: Weiss Ratings maintained a “buy” rating, Wall Street Zen upgraded the stock to “buy,” and the overall analyst consensus is “Buy.”
• Parke Bancorp reported quarterly EPS of $1.03 on $23.89 million in revenue and increased its quarterly dividend to $0.20 per share, equivalent to an annualized $0.80 dividend and a 2.4% yield.

BlackRock Inc. acquired a new stake in shares of Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 785,130 shares of the bank's stock, valued at approximately $26,035,000. BlackRock Inc. owned about 6.69% of Parke Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC increased its position in Parke Bancorp by 14.3% during the 2nd quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank's stock valued at $106,000 after buying an additional 400 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Parke Bancorp by 66.2% in the third quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank's stock valued at $46,000 after buying an additional 855 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Parke Bancorp by 44.4% in the second quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank's stock worth $66,000 after acquiring an additional 999 shares in the last quarter. Militia Capital Partners LP boosted its holdings in Parke Bancorp by 0.8% in the second quarter. Militia Capital Partners LP now owns 118,961 shares of the bank's stock worth $2,423,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of 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 acquiring an additional 1,008 shares during the last quarter. 49.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PKBK shares. Weiss Ratings restated a "buy (b)" rating on shares of Parke Bancorp in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Parke Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy".

Insider Buying and Selling

In other Parke Bancorp news, CEO Vito S. Pantilione purchased 1,300 shares of Parke Bancorp stock in a transaction on Wednesday, July 29th. The stock was bought 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 of the company's stock, valued at $8,010,080.72. This represents a 0.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jonathan D. Hill sold 2,000 shares of Parke Bancorp 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 sale, the chief financial officer owned 30 shares of the company's stock, valued at approximately $1,048.80. The trade was a 98.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 12.97% of the stock is owned by corporate insiders.

Parke Bancorp Price Performance

Shares of PKBK opened at $34.00 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.25 and a quick ratio of 1.25. The company's fifty day moving average price is $33.64 and its 200-day moving average price is $31.04. Parke Bancorp, Inc. has a 1-year low of $19.71 and a 1-year high of $35.70. The firm has a market capitalization of $399.84 million, a PE ratio of 8.85 and a beta of 0.47.

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

Parke Bancorp Increases Dividend

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

Parke Bancorp Company 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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