Pinnacle Holdings LLC Makes New Investment in Parke Bancorp, Inc. $PKBK

Pinnacle Holdings LLC purchased a new position in Parke Bancorp, Inc. (NASDAQ:PKBK) during the second quarter, HoldingsChannel.com reports. The fund purchased 49,941 shares of the bank’s stock, valued at approximately $1,656,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Russell Investments Group Ltd. lifted its holdings in Parke Bancorp by 66.2% in the third quarter. Russell Investments Group Ltd. now owns 2,147 shares of the bank’s stock worth $46,000 after acquiring an additional 855 shares during the last quarter. Byrne Asset Management LLC boosted its stake in Parke Bancorp by 14.3% in the second quarter. Byrne Asset Management LLC now owns 3,200 shares of the bank’s stock valued at $106,000 after acquiring an additional 400 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Parke Bancorp by 44.4% during the second quarter. BNP Paribas Financial Markets now owns 3,251 shares of the bank’s stock valued at $66,000 after purchasing an additional 999 shares during the last quarter. Ieq Capital LLC bought a new position in shares of Parke Bancorp during the second quarter valued at approximately $268,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Parke Bancorp during the 4th quarter worth approximately $204,000. 49.69% of the stock is owned by institutional investors and hedge funds.

Parke Bancorp Price Performance

PKBK opened at $34.15 on Monday. The stock’s 50 day moving average price is $33.35 and its 200 day moving average price is $30.75. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.25 and a quick ratio of 1.25. The stock has a market cap of $401.60 million, a P/E ratio of 8.89 and a beta of 0.47. Parke Bancorp, Inc. has a 12 month low of $19.71 and a 12 month high of $35.70.

Parke Bancorp (NASDAQ:PKBK) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.03 earnings per share (EPS) for the quarter. Parke Bancorp had a return on equity of 13.88% and a net margin of 29.99%.The company had revenue of $23.89 million during the quarter.

Parke Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were paid a dividend of $0.20 per share. This is an increase from Parke Bancorp’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Thursday, July 2nd. Parke Bancorp’s dividend payout ratio (DPR) is presently 20.83%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PKBK shares. Weiss Ratings restated a “buy (b)” rating on shares of Parke Bancorp in a research report on Wednesday, June 24th. Wall Street Zen raised Parke Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy”.

Insider Activity

In related news, CFO Jonathan D. Hill sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $34.96, for a total value of $69,920.00. Following the completion of the sale, the chief financial officer owned 30 shares of the company’s stock, valued at $1,048.80. This represents a 98.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Vito S. Pantilione bought 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was bought at an average price of $33.68 per share, with a total value of $43,784.00. Following the transaction, the chief executive officer directly owned 237,829 shares in the company, valued at $8,010,080.72. This represents a 0.55% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 12.97% of the company’s stock.

Parke Bancorp 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.