Parke Bancorp (NASDAQ:PKBK) Shares Cross Above 200-Day Moving Average - Here's Why

Key Points

• Parke Bancorp's stock has recently crossed above its 200-day moving average, trading at $22.06 with a high of $22.53, indicating positive momentum.
• Following the stock’s performance, Wall Street Zen downgraded Parke Bancorp from a "buy" to a "hold" rating, signaling a more cautious outlook.
• The company announced a quarterly dividend of $0.18, with a yield of 3.3%, set to be paid on October 17th to shareholders on record by October 3rd.

Parke Bancorp, Inc. (NASDAQ:PKBK - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.10 and traded as high as $22.53. Parke Bancorp shares last traded at $22.06, with a volume of 106,728 shares.

Analysts Set New Price Targets

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

Parke Bancorp Trading Up 0.6%

The company has a market cap of $262.83 million, a P/E ratio of 8.63 and a beta of 0.64. The stock's 50-day moving average is $21.76 and its two-hundred day moving average is $20.11. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.23 and a quick ratio of 1.23.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The bank reported $0.69 earnings per share for the quarter. The business had revenue of $18.69 million for the quarter. Parke Bancorp had a net margin of 22.44% and a return on equity of 10.21%.

Parke Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, October 3rd will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, October 3rd. Parke Bancorp's payout ratio is 28.02%.

Insider Activity

In other Parke Bancorp news, Director Jeffrey H. Kripitz sold 3,363 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $22.19, for a total transaction of $74,624.97. Following the sale, the director owned 47,911 shares of the company's stock, valued at approximately $1,063,145.09. The trade was a 6.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jonathan D. Hill sold 2,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $22.09, for a total transaction of $44,180.00. Following the completion of the sale, the chief financial officer directly owned 8,000 shares in the company, valued at $176,720. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,909 shares of company stock worth $195,499. 15.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Parke Bancorp

A number of hedge funds have recently modified their holdings of PKBK. BNP Paribas Financial Markets boosted its stake in shares of Parke Bancorp by 44.4% in the second quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank's stock valued at $66,000 after purchasing an additional 999 shares during the period. Trexquant Investment LP acquired a new position in shares of Parke Bancorp in the 1st quarter valued at $207,000. Jane Street Group LLC acquired a new position in shares of Parke Bancorp in the 1st quarter valued at $229,000. Rhumbline Advisers grew its position in Parke Bancorp by 7.0% in the 2nd quarter. Rhumbline Advisers now owns 15,969 shares of the bank's stock valued at $325,000 after buying an additional 1,051 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of Parke Bancorp during the 4th quarter worth $413,000. Hedge funds and other 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.