Parke Bancorp (NASDAQ:PKBK) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Parke Bancorp, Inc. (NASDAQ:PKBK) shares crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $19.66 and traded as high as $22.75. Parke Bancorp shares last traded at $22.67, with a volume of 47,576 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Parke Bancorp from a “hold” rating to a “buy” rating in a report on Monday, October 21st.

Parke Bancorp Price Performance

The company has a market cap of $265.51 million, a P/E ratio of 9.59 and a beta of 0.71. The business’s fifty day moving average is $22.13 and its 200 day moving average is $19.70. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.64.

Parke Bancorp (NASDAQ:PKBK) last issued its earnings results on Friday, October 18th. The bank reported $0.62 earnings per share for the quarter. Parke Bancorp had a net margin of 22.32% and a return on equity of 9.75%. The firm had revenue of $15.62 million during the quarter.

Parke Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, October 4th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Friday, October 4th. Parke Bancorp’s dividend payout ratio is currently 30.90%.

Insider Activity at Parke Bancorp

In related news, Director Jeffrey H. Kripitz sold 10,000 shares of Parke Bancorp stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $22.77, for a total value of $227,700.00. Following the transaction, the director now owns 73,013 shares in the company, valued at $1,662,506.01. This trade represents a 12.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Daniel J. Dalton sold 5,000 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $20.96, for a total value of $104,800.00. Following the sale, the chairman now owns 71,319 shares of the company’s stock, valued at $1,494,846.24. This represents a 6.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Parke Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC raised its position in Parke Bancorp by 1,990.2% during the 3rd quarter. International Assets Investment Management LLC now owns 2,550 shares of the bank’s stock valued at $53,000 after purchasing an additional 2,428 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Parke Bancorp by 56.3% during the third quarter. BNP Paribas Financial Markets now owns 3,427 shares of the bank’s stock valued at $72,000 after buying an additional 1,235 shares during the period. Private Advisor Group LLC bought a new position in shares of Parke Bancorp during the third quarter valued at approximately $211,000. Squarepoint Ops LLC purchased a new stake in Parke Bancorp in the second quarter worth $186,000. Finally, Lakewood Asset Management LLC boosted its holdings in Parke Bancorp by 8.2% in the third quarter. Lakewood Asset Management LLC now owns 13,130 shares of the bank’s stock valued at $274,000 after acquiring an additional 997 shares in the last quarter. 49.69% of the stock is owned by 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.