Parke Bancorp (NASDAQ:PKBK) Downgraded by BidaskClub

BidaskClub lowered shares of Parke Bancorp (NASDAQ:PKBK) from a hold rating to a sell rating in a research report report published on Saturday morning, BidAskClub reports.

Separately, ValuEngine downgraded Parke Bancorp from a hold rating to a sell rating in a research note on Thursday, August 1st.

Shares of PKBK stock traded up $0.07 during trading hours on Friday, reaching $23.41. 26,000 shares of the company’s stock were exchanged, compared to its average volume of 14,752. The company has a market cap of $247.84 million, a P/E ratio of 8.62 and a beta of 0.66. The company’s 50 day moving average is $23.12 and its two-hundred day moving average is $22.63. Parke Bancorp has a 1 year low of $16.71 and a 1 year high of $24.50. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.17 and a quick ratio of 1.17.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend was Thursday, October 10th.

In other news, Director Edward Infantolino sold 1,500 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $24.02, for a total transaction of $36,030.00. Following the completion of the transaction, the director now directly owns 35,061 shares of the company’s stock, valued at approximately $842,165.22. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 17.82% of the company’s stock.

Hedge funds have recently modified their holdings of the company. First Trust Advisors LP increased its stake in Parke Bancorp by 35.2% in the 3rd quarter. First Trust Advisors LP now owns 20,281 shares of the bank’s stock valued at $451,000 after purchasing an additional 5,279 shares in the last quarter. Rhumbline Advisers increased its stake in Parke Bancorp by 9.6% in the 3rd quarter. Rhumbline Advisers now owns 13,300 shares of the bank’s stock valued at $296,000 after purchasing an additional 1,162 shares in the last quarter. Bowling Portfolio Management LLC purchased a new position in Parke Bancorp in the 3rd quarter valued at approximately $407,000. River & Mercantile Asset Management LLP purchased a new position in Parke Bancorp in the 2nd quarter valued at approximately $936,000. Finally, Vanguard Group Inc. increased its stake in Parke Bancorp by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 352,315 shares of the bank’s stock valued at $8,438,000 after purchasing an additional 12,181 shares in the last quarter. 38.11% of the stock is owned by institutional investors and hedge funds.

Parke Bancorp Company Profile

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, money market, and individual retirement accounts, as well as certificates of deposit.

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