Jeffrey H. Kripitz, a director at Parke Bancorp, Inc. (NASDAQ:PKBK), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Kripitz sold 10,000 shares of common stock on November 20, 2024. The shares were sold at a weighted average price of $22.77, resulting in a total transaction value of $227,700.
Following this sale, Kripitz retains direct ownership of 73,013 shares. Additionally, he holds indirect ownership in various accounts, including 75,543 shares in a PSP, 43,175 shares in an IRA, 28,985 shares in a trust, and 27,602 shares in an ITF.
In other recent news, Parke Bancorp, Inc. has declared a cash dividend of $0.18 per share, planned for distribution on October 18 to shareholders registered by October 4. This dividend is subject to future board approval and may vary depending on the company's financial status and regulatory restrictions. In addition to this, the New Jersey-based bank has initiated a 5% stock repurchase plan, approved by the company's Board of Directors. This program allows the buyback of up to 5% of the company's common stock in the next year, adhering to regulations set by the Securities and Exchange Commission (SEC).
Parke Bancorp's President and CEO, Vito S. Pantilione, has expressed confidence in the repurchase program as a part of the company's capital management strategies, aiming to enhance shareholder value. However, it's important to note that the company's forward-looking statements, including its ability to maintain a strong capital base and continue paying dividends, are subject to risks and uncertainties. These potential risks could lead to results that differ significantly from current expectations and could be influenced by potential regulatory actions.
InvestingPro Insights
As Jeffrey H. Kripitz reduces his stake in Parke Bancorp, Inc. (NASDAQ:PKBK), investors might be curious about the company's current financial standing and market performance. According to InvestingPro data, Parke Bancorp boasts a market capitalization of $271.44 million and trades at a P/E ratio of 9.72, suggesting a potentially attractive valuation for value-oriented investors.
The company's stock has shown impressive momentum, with a 19.78% price total return over the past three months and a substantial 37.52% return over the last six months. This strong performance aligns with an InvestingPro Tip indicating that PKBK is trading near its 52-week high, currently at 97.44% of that peak.
Income-focused investors may find Parke Bancorp's dividend policy appealing. An InvestingPro Tip reveals that the company has raised its dividend for 10 consecutive years and maintained payments for 11 years. With a current dividend yield of 3.15%, PKBK offers a blend of growth and income potential.
While these metrics paint a positive picture, it's worth noting that the company's revenue growth has been negative, with a -16.23% decline in the last twelve months as of Q3 2023. This contrasts with the company's profitability over the same period, highlighting the complexity of Parke Bancorp's financial situation.
For a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 more InvestingPro Tips available for PKBK, providing a deeper understanding of the company's financial health and market position.
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