Empirical Finance LLC Takes Position in Parke Bancorp, Inc. (NASDAQ:PKBK)

Key Points

• Empirical Finance LLC invested approximately $421,000 in Parke Bancorp, acquiring 22,371 shares in the 1st quarter of the year.
• Parke Bancorp has declared a quarterly dividend of $0.18 per share, translating to a 3.33% dividend yield on an annualized basis.
• Wells Fargo & Company MN and Barclays PLC both increased their holdings in Parke Bancorp by over 15% during the fourth quarter, indicating growing institutional interest in the company.

Empirical Finance LLC acquired a new stake in shares of Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 22,371 shares of the bank's stock, valued at approximately $421,000. Empirical Finance LLC owned approximately 0.19% of Parke Bancorp at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PKBK. Wells Fargo & Company MN raised its position in Parke Bancorp by 15.6% during the fourth quarter. Wells Fargo & Company MN now owns 9,930 shares of the bank's stock valued at $204,000 after acquiring an additional 1,343 shares in the last quarter. Barclays PLC increased its position in shares of Parke Bancorp by 16.3% during the fourth quarter. Barclays PLC now owns 15,794 shares of the bank's stock worth $324,000 after purchasing an additional 2,219 shares in the last quarter. Marshall Wace LLP acquired a new position in Parke Bancorp during the fourth quarter worth $364,000. Millennium Management LLC acquired a new position in Parke Bancorp during the fourth quarter worth $413,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Parke Bancorp during the fourth quarter worth $426,000. Institutional investors and hedge funds own 49.69% of the company's stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Parke Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, June 7th.

Parke Bancorp Stock Down 1.0%

Shares of PKBK traded down $0.21 during mid-day trading on Friday, reaching $20.45. The company's stock had a trading volume of 14,196 shares, compared to its average volume of 23,374. Parke Bancorp, Inc. has a 12-month low of $16.94 and a 12-month high of $24.29. The stock has a market cap of $242.13 million, a PE ratio of 7.90 and a beta of 0.58. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.24 and a quick ratio of 1.24. The company's 50 day moving average is $20.39 and its 200 day moving average is $19.59.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last announced its earnings results on Wednesday, July 16th. The bank reported $0.69 earnings per share for the quarter. Parke Bancorp had a return on equity of 10.31% and a net margin of 22.44%. The company had revenue of $18.69 million for the quarter.

Parke Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.72 annualized dividend and a yield of 3.5%. Parke Bancorp's payout ratio is currently 28.02%.

Parke Bancorp Profile

Parke Bancorp, Inc operates as the bank holding company for Parke Bank that provides personal and business financial services to individuals and small to mid-sized businesses. The company offers various deposit products, including checking, savings, time, money market, and individual retirement accounts, as well as certificates of deposit.