Parke Bancorp (NASDAQ:PKBK) Rating Lowered to "Hold (C+)" at Weiss Ratings

Key Points

• Parke Bancorp's rating has been downgraded from "buy (b-)" to "hold (c+)" by Weiss Ratings.
• Despite the downgrade, Parke Bancorp's stock increased by 1.8% to $22.06 following the report.
• Insider trading activity included the CFO selling 2,000 shares and a director selling 3,363 shares, reflecting a notable decrease in their respective positions.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) was downgraded by investment analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a report issued on Saturday,Weiss Ratings reports.

Parke Bancorp Stock Up 1.8%

Shares of NASDAQ:PKBK opened at $22.06 on Friday. The company has a market capitalization of $261.41 million, a PE ratio of 7.77 and a beta of 0.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.23 and a quick ratio of 1.23. The business has a fifty day moving average price of $21.70 and a two-hundred day moving average price of $20.56. Parke Bancorp has a 1 year low of $16.94 and a 1 year high of $24.29.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.89 earnings per share (EPS) for the quarter. The firm had revenue of $21.01 million during the quarter. Parke Bancorp had a return on equity of 11.15% and a net margin of 23.95%.

Insider Transactions at Parke Bancorp

In other news, CFO Jonathan D. Hill sold 2,000 shares of the stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey H. Kripitz sold 3,363 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $22.19, for a total value of $74,624.97. Following the transaction, the director owned 47,911 shares of the company's stock, valued at $1,063,145.09. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,909 shares of company stock worth $195,499. 15.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PKBK. BNP Paribas Financial Markets grew its stake in shares of 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 acquiring an additional 999 shares during the period. CWM LLC grew its stake in shares of Parke Bancorp by 251.5% during the 3rd quarter. CWM LLC now owns 3,367 shares of the bank's stock worth $73,000 after acquiring an additional 2,409 shares during the period. Trexquant Investment LP bought a new position in shares of Parke Bancorp during the 1st quarter worth $207,000. Jane Street Group LLC bought a new position in shares of Parke Bancorp during the 1st quarter worth $229,000. Finally, Rhumbline Advisers grew its stake in shares of Parke Bancorp by 7.0% during the 2nd quarter. Rhumbline Advisers now owns 15,969 shares of the bank's stock worth $325,000 after acquiring an additional 1,051 shares during the period. Institutional investors own 49.69% of the company's stock.

About Parke Bancorp

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.

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