Nuveen LLC Takes $571,000 Position in Parke Bancorp, Inc. $PKBK

Key Points

• Nuveen LLC acquired a new stake in Parke Bancorp, purchasing 30,300 shares valued at approximately $571,000 in the first quarter, representing about 0.26% of the company.
• Insider transactions have occurred, with Director Jeffrey H. Kripitz and CFO Jonathan D. Hill selling shares on August 22, resulting in a decrease in their ownership by 6.56% and 20%, respectively.
• Parke Bancorp announced a quarterly dividend of $0.18, translating to an annualized yield of 3.2%, with a payout ratio of 28.02%.

Nuveen LLC purchased a new stake in Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,300 shares of the bank's stock, valued at approximately $571,000. Nuveen LLC owned about 0.26% of Parke Bancorp at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Wells Fargo & Company MN grew its holdings in Parke Bancorp by 15.6% during the 4th quarter. Wells Fargo & Company MN now owns 9,930 shares of the bank's stock worth $204,000 after acquiring an additional 1,343 shares in the last quarter. Barclays PLC lifted its stake in shares of Parke Bancorp by 16.3% in the fourth quarter. Barclays PLC now owns 15,794 shares of the bank's stock worth $324,000 after buying an additional 2,219 shares during the last quarter. Millennium Management LLC bought a new stake in Parke Bancorp in the 4th quarter valued at $413,000. Empirical Finance LLC bought a new stake in shares of Parke Bancorp in the 1st quarter worth about $421,000. Finally, Citadel Advisors LLC bought a new position in shares of Parke Bancorp in the 4th quarter valued at about $617,000. Hedge funds and other institutional investors own 49.69% of the company's stock.

Insider Transactions at Parke Bancorp

In other Parke Bancorp news, Director Jeffrey H. Kripitz sold 3,363 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.19, for a total transaction of $74,624.97. Following the transaction, the director directly owned 47,911 shares in the company, valued at $1,063,145.09. This trade represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Ralph Martin Gallo sold 1,946 shares of Parke Bancorp stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $21.89, for a total value of $42,597.94. The disclosure for this sale can be found here. Insiders have sold 8,909 shares of company stock valued at $195,499 in the last quarter. 12.89% of the stock is currently owned by corporate insiders.

Parke Bancorp Price Performance

PKBK stock remained flat at $22.47 during mid-day trading on Monday. The company's stock had a trading volume of 5,475 shares, compared to its average volume of 25,006. The company has a 50-day moving average price of $21.51 and a two-hundred day moving average price of $19.91. The stock has a market capitalization of $266.27 million, a P/E ratio of 8.74 and a beta of 0.64. Parke Bancorp, Inc. has a 1-year low of $16.94 and a 1-year high of $24.29. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.46.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The bank reported $0.69 earnings per share (EPS) for the quarter. The firm had revenue of $18.69 million for the quarter. Parke Bancorp had a return on equity of 10.21% and a net margin of 22.44%.

Parke Bancorp Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.2%. Parke Bancorp's dividend payout ratio (DPR) is currently 28.02%.

Analyst Upgrades and Downgrades

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

Parke Bancorp Company 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.