PNC Financial Services Group Inc. Trims Stock Position in Parke Bancorp, Inc. $PKBK

PNC Financial Services Group Inc. trimmed its stake in Parke Bancorp, Inc. (NASDAQ:PKBK) by 16.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,946 shares of the bank’s stock after selling 22,000 shares during the period. PNC Financial Services Group Inc.’s holdings in Parke Bancorp were worth $2,369,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PKBK. Fourthstone LLC boosted its stake in Parke Bancorp by 243.3% in the second quarter. Fourthstone LLC now owns 200,838 shares of the bank’s stock valued at $4,091,000 after acquiring an additional 142,334 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Parke Bancorp by 228.3% during the first quarter. Goldman Sachs Group Inc. now owns 105,700 shares of the bank’s stock worth $1,991,000 after purchasing an additional 73,505 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Parke Bancorp by 46.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 64,420 shares of the bank’s stock valued at $1,312,000 after purchasing an additional 20,347 shares during the last quarter. Empirical Finance LLC boosted its position in shares of Parke Bancorp by 58.3% in the 2nd quarter. Empirical Finance LLC now owns 35,407 shares of the bank’s stock valued at $721,000 after purchasing an additional 13,036 shares during the period. Finally, Jane Street Group LLC purchased a new position in Parke Bancorp during the 1st quarter worth approximately $229,000. 49.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Parke Bancorp news, Director Daniel J. Dalton sold 7,500 shares of the company’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $25.12, for a total transaction of $188,400.00. Following the completion of the transaction, the director owned 10,000 shares in the company, valued at approximately $251,200. This represents a 42.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas J. Pantilione sold 14,675 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $28.29, for a total transaction of $415,155.75. Following the completion of the sale, the insider owned 1,850 shares of the company’s stock, valued at $52,336.50. This trade represents a 88.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 60,656 shares of company stock worth $1,620,921 in the last ninety days. Insiders own 15.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (b-)” rating on shares of Parke Bancorp in a research note on Monday, December 22nd. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, Parke Bancorp presently has an average rating of “Buy”.

Parke Bancorp Stock Performance

NASDAQ PKBK opened at $28.50 on Friday. The firm has a market cap of $330.49 million, a P/E ratio of 9.02 and a beta of 0.53. Parke Bancorp, Inc. has a 52-week low of $16.94 and a 52-week high of $29.50. The business’s 50-day moving average price is $26.40 and its 200 day moving average price is $23.52. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.27.

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

Parke Bancorp Dividend Announcement

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

About Parke Bancorp

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.