Parke Bancorp (NASDAQ:PKBK) Shares Pass Above Two Hundred Day Moving Average - Here's Why

Key Points

• Parke Bancorp's share price recently surpassed its 200-day moving average, reaching as high as $22.82 before settling at $22.55 with a market cap of $267.22 million.
• Analysts at Wall Street Zen have downgraded the stock from a "buy" to a "hold" rating, indicating a cautious outlook on its performance.
• The company declared a quarterly dividend of $0.18 per share, with an annualized yield of 3.2% and a payout ratio of 28.02%.

Shares of Parke Bancorp, Inc. (NASDAQ:PKBK - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $19.84 and traded as high as $22.82. Parke Bancorp shares last traded at $22.55, with a volume of 41,140 shares traded.

Wall Street Analysts Forecast Growth

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

Parke Bancorp Stock Down 0.4%

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market capitalization of $262.71 million, a price-to-earnings ratio of 8.63 and a beta of 0.64. The business has a 50-day moving average of $21.44 and a 200-day moving average of $19.87.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last issued 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 10.21%. The company had revenue of $18.69 million for the quarter.

Parke Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Thursday, July 3rd. Parke Bancorp's dividend payout ratio is currently 28.02%.

Insider Activity

In related news, Director Jeffrey H. Kripitz sold 3,363 shares of the firm's 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 $1,063,145.09. This trade represents a 6.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Ralph Martin Gallo sold 1,946 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $21.89, for a total transaction of $42,597.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,909 shares of company stock worth $195,499. Corporate insiders own 12.89% of the company's stock.

Institutional Investors Weigh In On Parke Bancorp

Institutional investors have recently made changes to their positions in the stock. Fourthstone LLC grew its position in Parke Bancorp by 243.3% during the second quarter. Fourthstone LLC now owns 200,838 shares of the bank's stock worth $4,091,000 after buying an additional 142,334 shares during the period. Goldman Sachs Group Inc. grew its stake in Parke Bancorp by 228.3% during the first quarter. Goldman Sachs Group Inc. now owns 105,700 shares of the bank's stock worth $1,991,000 after buying an additional 73,505 shares during the period. Nuveen LLC purchased a new stake in shares of Parke Bancorp during the 1st quarter valued at about $571,000. Citadel Advisors LLC purchased a new position in Parke Bancorp in the fourth quarter valued at about $617,000. Finally, Dimensional Fund Advisors LP grew its holdings in Parke Bancorp by 5.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 522,646 shares of the bank's stock worth $10,720,000 after acquiring an additional 27,354 shares in the last quarter. 49.69% of the stock is currently owned by hedge funds and other institutional investors.

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.