PNC Financial Services Group Inc. Sells 27,072 Shares of Parke Bancorp, Inc. (NASDAQ:PKBK)

PNC Financial Services Group Inc. trimmed its stake in shares of Parke Bancorp, Inc. (NASDAQ:PKBK - Free Report) by 17.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 131,608 shares of the bank's stock after selling 27,072 shares during the period. PNC Financial Services Group Inc. owned approximately 1.11% of Parke Bancorp worth $2,699,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Empowered Funds LLC grew its position in Parke Bancorp by 5.3% during the third quarter. Empowered Funds LLC now owns 45,466 shares of the bank's stock valued at $950,000 after buying an additional 2,278 shares during the period. BNP Paribas Financial Markets grew its position in 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. Fourthstone LLC grew its position in Parke Bancorp by 11.8% during the third quarter. Fourthstone LLC now owns 26,957 shares of the bank's stock valued at $563,000 after buying an additional 2,844 shares during the period. Jane Street Group LLC grew its position in Parke Bancorp by 6.7% during the third quarter. Jane Street Group LLC now owns 14,037 shares of the bank's stock valued at $293,000 after buying an additional 880 shares during the period. Finally, Barclays PLC grew its position in Parke Bancorp by 306.7% during the third quarter. Barclays PLC now owns 13,575 shares of the bank's stock valued at $284,000 after buying an additional 10,237 shares during the period. 49.69% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Parke Bancorp from a "buy" rating to a "hold" rating in a research report on Monday, January 27th.

Parke Bancorp Price Performance

Shares of PKBK traded down $0.15 during mid-day trading on Tuesday, reaching $18.45. The stock had a trading volume of 25,390 shares, compared to its average volume of 22,930. The firm has a market cap of $218.50 million, a price-to-earnings ratio of 8.13 and a beta of 0.73. Parke Bancorp, Inc. has a 12 month low of $15.24 and a 12 month high of $24.29. The business has a fifty day moving average of $19.58 and a 200 day moving average of $20.82. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.27.

Parke Bancorp (NASDAQ:PKBK - Get Free Report) last issued its earnings results on Friday, January 24th. The bank reported $0.61 earnings per share for the quarter. Parke Bancorp had a net margin of 21.25% and a return on equity of 9.41%.

Insider Buying and Selling

In related news, Director Jeffrey H. Kripitz sold 6,101 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $20.12, for a total transaction of $122,752.12. Following the completion of the transaction, the director now owns 54,353 shares in the company, valued at approximately $1,093,582.36. This represents a 10.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 7,160 shares of company stock worth $143,947. 15.33% of the stock is owned by insiders.

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