PNC Financial Services Group Inc. Lowers Stock Holdings in Parke Bancorp, Inc. $PKBK

PNC Financial Services Group Inc. cut its position in Parke Bancorp, Inc. (NASDAQ:PKBK) by 16.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,946 shares of the bank’s stock after selling 22,000 shares during the quarter. PNC Financial Services Group Inc. owned 0.93% of Parke Bancorp worth $2,369,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its holdings in Parke Bancorp by 44.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank’s stock valued at $66,000 after acquiring an additional 999 shares during the period. CWM LLC lifted its position in shares of Parke Bancorp by 251.5% during the third quarter. CWM LLC now owns 3,367 shares of the bank’s stock worth $73,000 after purchasing an additional 2,409 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of Parke Bancorp in the third quarter valued at approximately $214,000. Jane Street Group LLC acquired a new position in shares of Parke Bancorp in the first quarter valued at approximately $229,000. Finally, Rhumbline Advisers increased its stake in 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 buying an additional 1,051 shares during the period. Institutional investors and hedge funds own 49.69% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of Parke Bancorp in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

Insider Transactions at Parke Bancorp

In other news, Director Elizabeth A. Milavsky sold 10,981 shares of the stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $24.71, for a total value of $271,340.51. Following the transaction, the director owned 35,278 shares in the company, valued at approximately $871,719.38. This represents a 23.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel J. Dalton sold 7,500 shares of the firm’s stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $25.12, for a total value of $188,400.00. Following the sale, the director directly owned 10,000 shares in the company, valued at $251,200. This trade represents a 42.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 60,656 shares of company stock valued at $1,620,921 over the last ninety days. Company insiders own 15.33% of the company’s stock.

Parke Bancorp Stock Performance

Shares of Parke Bancorp stock opened at $28.50 on Friday. The business has a 50-day simple moving average of $26.40 and a 200-day simple moving average of $23.52. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.19 and a current ratio of 1.19. Parke Bancorp, Inc. has a one year low of $16.94 and a one year high of $29.50. The company has a market cap of $330.49 million, a PE ratio of 9.02 and a beta of 0.53.

Parke Bancorp (NASDAQ:PKBK) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $0.93 earnings per share (EPS) for the quarter. Parke Bancorp had a net margin of 25.86% and a return on equity of 12.16%. The company had revenue of $22.74 million during the quarter.

Parke Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, January 2nd were paid a dividend of $0.18 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.5%. Parke Bancorp’s payout ratio is presently 22.78%.

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.