North Star Asset Management Inc. Acquires Shares of 83,579 Parke Bancorp, Inc. $PKBK

Key Points

• North Star Asset Management acquired 83,579 Parke Bancorp shares worth approximately $542,000, representing about 0.71% of the company. Institutional investors collectively own 49.69% of PKBK.
• Parke Bancorp reported quarterly EPS of $1.03 on $23.89 million in revenue, with a 29.99% net margin and 13.88% return on equity. The company also raised its quarterly dividend to $0.20, or $0.80 annually, yielding about 2.4%.
• Analyst sentiment is positive, with Parke Bancorp receiving a consensus “Buy” rating; shares recently traded at $33.99, near their 52-week high of $35.70.

North Star Asset Management Inc. bought a new position in Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 83,579 shares of the bank's stock, valued at approximately $542,000. North Star Asset Management Inc. owned about 0.71% of Parke Bancorp at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Empowered Funds LLC bought a new position in Parke Bancorp in the 2nd quarter worth approximately $5,278,000. Bank of America Corp DE bought a new position in Parke Bancorp in the 2nd quarter valued at $595,000. Hsbc Holdings PLC acquired a new stake in shares of Parke Bancorp in the 2nd quarter valued at $331,000. Ategra Capital Management LLC acquired a new stake in shares of Parke Bancorp in the 2nd quarter valued at $11,402,000. Finally, Legal & General Group Plc bought a new stake in shares of Parke Bancorp during the second quarter worth $31,000. 49.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

PKBK has been the topic of several recent research reports. Wall Street Zen upgraded 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 report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Parke Bancorp has a consensus rating of "Buy".

Parke Bancorp Stock Performance

Shares of NASDAQ:PKBK opened at $33.99 on Friday. The firm's 50 day simple moving average is $33.56 and its 200 day simple moving average is $30.91. Parke Bancorp, Inc. has a fifty-two week low of $19.71 and a fifty-two week high of $35.70. The company has a market capitalization of $399.72 million, a price-to-earnings ratio of 8.85 and a beta of 0.47. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.25 and a quick ratio of 1.25.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The bank reported $1.03 EPS for the quarter. The firm had revenue of $23.89 million during 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 issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. This is an increase from Parke Bancorp's previous quarterly dividend of $0.18. The ex-dividend date was Thursday, July 2nd. Parke Bancorp's dividend payout ratio is currently 20.83%.

Insider Transactions at Parke Bancorp

In other Parke Bancorp news, CFO Jonathan D. Hill sold 2,000 shares of the firm's 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 directly owned 30 shares in the company, valued at approximately $1,048.80. This trade represents a 98.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Vito S. Pantilione purchased 1,300 shares of the business's stock in a transaction on Wednesday, July 29th. The stock was bought at an average cost of $33.68 per share, for a total transaction of $43,784.00. Following the purchase, the chief executive officer owned 237,829 shares of the company's stock, valued at approximately $8,010,080.72. This represents a 0.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 12.97% of the company's stock.

About Parke Bancorp

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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