Parke Bancorp, Inc. (NASDAQ:PKBK) Shares Sold by Pacific Ridge Capital Partners LLC

Key Points

• Pacific Ridge Capital Partners LLC reduced its stake in Parke Bancorp by 4.8%, holding a total of 312,612 shares after selling 15,804 shares in the first quarter.
• Parke Bancorp recently announced a quarterly dividend of $0.18 per share, resulting in an annualized yield of 3.5% and a payout ratio of 28.02%.
• Shares of Parke Bancorp traded at $20.31, reflecting a market cap of $240.47 million and a price-to-earnings ratio of 7.90.

Pacific Ridge Capital Partners LLC reduced its stake in Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 312,612 shares of the bank's stock after selling 15,804 shares during the period. Parke Bancorp makes up about 1.5% of Pacific Ridge Capital Partners LLC's holdings, making the stock its 24th largest holding. Pacific Ridge Capital Partners LLC owned about 2.64% of Parke Bancorp worth $5,890,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Wells Fargo & Company MN increased its holdings in Parke Bancorp by 15.6% in the fourth quarter. Wells Fargo & Company MN now owns 9,930 shares of the bank's stock valued at $204,000 after buying an additional 1,343 shares during the last quarter. Barclays PLC grew its holdings 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 during the last quarter. Marshall Wace LLP acquired a new stake in shares of Parke Bancorp during the fourth quarter worth about $364,000. Millennium Management LLC acquired a new stake in shares of Parke Bancorp during the fourth quarter worth about $413,000. Finally, Empirical Finance LLC acquired a new stake in shares of Parke Bancorp during the first quarter worth about $421,000. 49.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Parke Bancorp Stock Performance

NASDAQ:PKBK traded down $0.21 during mid-day trading on Tuesday, reaching $20.16. The stock had a trading volume of 6,286 shares, compared to its average volume of 23,634. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market capitalization of $238.69 million, a price-to-earnings ratio of 7.84 and a beta of 0.64. Parke Bancorp, Inc. has a twelve month low of $16.94 and a twelve month high of $24.29. The business has a 50 day simple moving average of $20.43 and a 200 day simple moving average of $19.60.

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

Parke Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Thursday, July 3rd. Parke Bancorp's dividend payout ratio (DPR) is 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.