Parke Bancorp (NASDAQ:PKBK) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Parke Bancorp from “Hold” to “Buy,” while Weiss Ratings reaffirmed a “Buy” rating; MarketBeat reports an average rating of “Buy.”
• Parke Bancorp reported quarterly earnings of $1.03 per share on $23.89 million in revenue, with a 14.11% return on equity and a 29.99% net margin.
• CEO Vito S. Pantilione purchased 1,300 shares, while institutional investors own 49.69% of the company; shares opened at $34.40, near the 12-month high of $34.78.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

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

Parke Bancorp Stock Performance

PKBK opened at $34.40 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.46. Parke Bancorp has a 12-month low of $19.71 and a 12-month high of $34.78. The business has a 50 day moving average of $32.70 and a 200-day moving average of $30.18. The stock has a market cap of $404.54 million, a price-to-earnings ratio of 8.96 and a beta of 0.47.

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

Insiders Place Their Bets

In other Parke Bancorp news, CEO Vito S. Pantilione bought 1,300 shares of the firm's stock in a transaction on Wednesday, July 29th. The shares were purchased at an average price 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 approximately $8,010,080.72. This trade represents a 0.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 12.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Parke Bancorp

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

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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