Parke Bancorp, Inc. $PKBK Shares Bought by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its Parke Bancorp stake by 83% in the first quarter, adding 119,274 shares to own 263,046 shares, or about 2.24% of PKBK. Institutional investors collectively held 49.69% of the company.
• Parke Bancorp reported quarterly EPS of $1.03 on $23.89 million in revenue, with a 29.99% net margin and 14.11% return on equity. The stock opened at $34.15, near its 52-week high of $34.50.
• The bank raised its quarterly dividend from $0.18 to $0.20 per share, equivalent to an annualized $0.80 dividend and a 2.3% yield. Weiss Ratings reaffirmed a “buy” rating, while CEO Vito Pantilione also purchased 1,300 shares.

Arrowstreet Capital Limited Partnership increased its holdings in Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) by 83.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 263,046 shares of the bank's stock after acquiring an additional 119,274 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 2.24% of Parke Bancorp worth $7,471,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PKBK. Sei Investments Co. acquired a new stake in shares of Parke Bancorp during the first quarter worth approximately $1,602,000. Militia Capital Management LLC acquired a new stake in shares of Parke Bancorp in the 1st quarter valued at about $3,408,000. Dimensional Fund Advisors LP raised its stake in shares of Parke Bancorp by 4.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 599,209 shares of the bank's stock valued at $17,018,000 after purchasing an additional 25,168 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Parke Bancorp during the first quarter worth about $321,000. Finally, Ritholtz Wealth Management lifted its position in shares of Parke Bancorp by 8.9% during the first quarter. Ritholtz Wealth Management now owns 12,586 shares of the bank's stock worth $357,000 after purchasing an additional 1,026 shares during the last quarter. Institutional investors and hedge funds own 49.69% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Parke Bancorp in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy".

Parke Bancorp Price Performance

Shares of NASDAQ PKBK opened at $34.15 on Friday. Parke Bancorp, Inc. has a 1-year low of $19.71 and a 1-year high of $34.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.25 and a quick ratio of 1.25. The business's fifty day moving average price is $32.40 and its two-hundred day moving average price is $29.86. The firm has a market capitalization of $400.58 million, a PE ratio of 8.89 and a beta of 0.48.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.03 EPS for the quarter. Parke Bancorp had a net margin of 29.99% and a return on equity of 14.11%. The business had revenue of $23.89 million during the quarter.

Parke Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were given a dividend of $0.20 per share. This is a boost from Parke Bancorp's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Thursday, July 2nd. Parke Bancorp's payout ratio is presently 20.83%.

Insider Activity

In other Parke Bancorp news, CEO Vito S. Pantilione bought 1,300 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were purchased at an average cost of $33.68 per share, for a total transaction of $43,784.00. Following the transaction, the chief executive officer directly owned 237,829 shares in the company, valued at $8,010,080.72. The trade was a 0.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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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