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StockNews.com starts covering Parke Bancorp (NASDAQ:PKBK)

By on March 2, 2022 0

StockNews.com assumed hedging on the shares of Parke Bancorp (NASDAQ: PKBK – Get a rating) in a report released Wednesday. The brokerage has placed a “buy” rating on the bank’s shares.

Shares of PKBK opened at $23.10 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a leverage ratio of 0.59. The company has a 50-day simple moving average of $23.29 and a 200-day simple moving average of $22.11. Parke Bancorp has a 52-week low of $18.06 and a 52-week high of $24.57. The company has a market capitalization of $274.75 million, a PE ratio of 6.85 and a beta of 0.83.

In other Parke Bancorp news, Director Celestino R. Pennoni sold 10,000 shares of the company in a trade dated Wednesday, February 2. The shares were sold at an average price of $24.00, for a total value of $240,000.00. The sale was disclosed in a legal filing with the SEC, which is available via the SEC website. Additionally, director Daniel J. Dalton sold 5,000 shares of the company in a trade dated Tuesday, January 25. The stock was sold at an average price of $23.54, for a total value of $117,700.00. Disclosure of this sale can be found here. In the past three months, insiders have sold 53,836 shares of the company valued at $1,287,831. Company insiders own 18.20% of the company’s shares.

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Several institutional investors and hedge funds have recently changed their holdings in PKBK. Millennium Management LLC purchased a new stake in Parke Bancorp during the second quarter worth approximately $3,728,000. Siena Capital Partners GP LLC purchased a new equity stake in Parke Bancorp in the third quarter valued at approximately $1,723,000. Renaissance Technologies LLC increased its position in shares of Parke Bancorp by 25.7% in the second quarter. Renaissance Technologies LLC now owns 191,534 shares of the bank valued at $3,746,000 after acquiring an additional 39,100 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Parke Bancorp by 184.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 55,516 shares of the bank valued at $1,181,000 after buying an additional 36,022 shares last quarter. Finally, Gator Capital Management LLC acquired a new position in shares of Parke Bancorp in the fourth quarter worth $435,000. Institutional investors hold 36.72% of the company’s shares.

About Parke Bancorp (Get a rating)

Parke Bancorp, Inc operates as a bank holding company for Parke Bank. Parke Bank is a commercial services bank, which provides personal and commercial financial services to individuals and small businesses. Its commercial lending products include residential and commercial building construction loans, working capital loans and lines of credit, demand, term and term loans, equipment, inventory and accounts receivable, fixed rate second mortgages, new and used auto loans and overdraft protection.

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