Nuveen LLC Buys New Holdings 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 acquired a new position in Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 30,300 shares of the bank's stock, valued at approximately $571,000. Nuveen LLC owned 0.26% of Parke Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. Dimensional Fund Advisors LP increased its stake in Parke Bancorp by 5.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 522,646 shares of the bank's stock valued at $10,720,000 after acquiring an additional 27,354 shares during the period. Bridgeway Capital Management LLC grew its stake in shares of Parke Bancorp by 2.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 109,466 shares of the bank's stock valued at $2,245,000 after purchasing an additional 2,333 shares during the period. Citadel Advisors LLC bought a new stake in shares of Parke Bancorp in the 4th quarter valued at approximately $617,000. Empirical Finance LLC bought a new stake in shares of Parke Bancorp in the 1st quarter valued at approximately $421,000. Finally, Millennium Management LLC bought a new stake in shares of Parke Bancorp in the 4th quarter valued at approximately $413,000. 49.69% of the stock is currently owned by institutional investors.

Insider Activity at Parke Bancorp

In other Parke Bancorp news, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $22.09, for a total transaction of $44,180.00. Following the completion of the transaction, the chief financial officer owned 8,000 shares in the company, valued at approximately $176,720. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey H. Kripitz sold 3,363 shares of the 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 owned 47,911 shares of the company's stock, valued at approximately $1,063,145.09. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 8,909 shares of company stock worth $195,499 in the last quarter. Corporate insiders own 12.89% of the company's stock.

Parke Bancorp Price Performance

Shares of PKBK traded up $0.01 on Tuesday, hitting $22.71. The company's stock had a trading volume of 5,065 shares, compared to its average volume of 25,039. The company has a market capitalization of $269.05 million, a PE ratio of 8.83 and a beta of 0.64. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.23 and a quick ratio of 1.23. Parke Bancorp, Inc. has a fifty-two week low of $16.94 and a fifty-two week high of $24.29. The company has a 50 day moving average price of $21.56 and a 200 day moving average price of $19.93.

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

Parke Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 3rd were given a $0.18 dividend. The ex-dividend date 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 is currently 28.02%.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Parke Bancorp from a "buy" rating to a "hold" rating in a research note 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.