Pinnacle Holdings LLC Acquires Shares of 49,941 Parke Bancorp, Inc. $PKBK

Key Points

• Pinnacle Holdings LLC acquired 49,941 Parke Bancorp shares during the second quarter, valued at approximately $1.66 million and representing a 0.42% stake. Institutional investors collectively own 49.69% of the company.
• Parke Bancorp reported quarterly earnings of $1.03 per share on $23.89 million in revenue, with a 29.99% net margin and 13.88% return on equity. Its shares opened at $34.15, near the 12-month high of $35.70.
• The bank increased its quarterly dividend from $0.18 to $0.20 per share, equivalent to an annualized $0.80 dividend and a 2.3% yield. Analysts maintain a “Buy” consensus rating.

Pinnacle Holdings LLC acquired a new stake in shares of Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 49,941 shares of the bank's stock, valued at approximately $1,656,000. Pinnacle Holdings LLC owned 0.42% of Parke Bancorp as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Byrne Asset Management LLC boosted its stake in shares of Parke Bancorp by 14.3% in the second quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank's stock valued at $106,000 after purchasing an additional 400 shares during the period. Russell Investments Group Ltd. increased its stake in Parke Bancorp by 66.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank's stock worth $46,000 after buying an additional 855 shares during the period. BNP Paribas Financial Markets increased its stake in Parke Bancorp by 44.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank's stock worth $66,000 after buying an additional 999 shares during the period. Militia Capital Partners LP lifted its holdings in Parke Bancorp by 0.8% in the 2nd quarter. Militia Capital Partners LP now owns 118,961 shares of the bank's stock worth $2,423,000 after buying an additional 1,000 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Parke Bancorp by 12.2% in the 1st quarter. Bank of America Corp DE now owns 9,288 shares of the bank's stock worth $264,000 after buying an additional 1,008 shares in the last quarter. 49.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Parke Bancorp news, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $34.96, for a total transaction of $69,920.00. Following the transaction, the chief financial officer owned 30 shares of the company's stock, valued at $1,048.80. This trade represents a 98.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vito S. Pantilione bought 1,300 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was purchased at an average price of $33.68 per share, with a total value of $43,784.00. Following the transaction, the chief executive officer owned 237,829 shares in the company, 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. 12.97% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Parke Bancorp in a research report on Wednesday, June 24th. Wall Street Zen raised Parke Bancorp from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy".

Parke Bancorp Stock Performance

NASDAQ PKBK opened at $34.15 on Monday. The company has a market capitalization of $401.60 million, a price-to-earnings ratio of 8.89 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, Inc. has a 12 month low of $19.71 and a 12 month high of $35.70. The company's fifty day moving average price is $33.35 and its two-hundred day moving average price is $30.75.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last released its earnings results on Wednesday, July 22nd. The bank reported $1.03 earnings per share for the quarter. Parke Bancorp had a net margin of 29.99% and a return on equity of 13.88%. The company had revenue of $23.89 million during the quarter.

Parke Bancorp Increases Dividend

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

Parke Bancorp Company Profile

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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