Parke Bancorp, Inc. (NASDAQ:PKBK) President and CEO Vito S. Pantilione has recently increased his holdings in the company's stock, according to a new SEC filing. The executive purchased a total of 1,600 shares at a price of $16.56 per share, amounting to an investment of approximately $26,496.
The transaction, which took place on April 25, 2024, was disclosed through a Form 4 filing with the Securities and Exchange Commission. The purchase is a show of confidence by Pantilione in the financial institution, as it adds to his already substantial stake in the company. Following the acquisition, the CEO directly owns 216,760 shares of Parke Bancorp's common stock.
Investors often look to insider buying as a positive signal that company executives believe in the firm's future prospects. The purchase by Pantilione aligns with this perspective and may be seen as a bullish indicator by the market.
It's notable that the CEO's purchase was made at a uniform price of $16.56 for all shares acquired. The consistency in pricing suggests a straightforward transaction without the influence of market volatility on the day of purchase.
Parke Bancorp, based in Washington Township, New Jersey, operates as a commercial bank serving customers through various financial services. The bank's commitment to growth and stability is reflected in the actions of its President and CEO, as demonstrated by this latest stock purchase.
The filing did not indicate any sales of stock by Pantilione, focusing solely on the acquisition of shares. This further emphasizes the CEO's vested interest in the growth and success of Parke Bancorp.
Investors and market watchers will be keeping a close eye on the company's performance and any future transactions by insiders, as these can provide valuable insights into the health and direction of the firm.
InvestingPro Insights
In the context of Parke Bancorp, Inc. (NASDAQ:PKBK) President and CEO Vito S. Pantilione's recent investment in the company's stock, several metrics and InvestingPro Tips can provide additional insight into the company's financial health and future prospects.
The current Market Cap of Parke Bancorp stands at 197.31M USD, which gives investors a sense of the company's size relative to its peers. With a Price to Earnings (P/E) Ratio of 8.42, the stock appears to be valued reasonably in the market, considering its earnings over the past twelve months. This is further supported by a consistent P/E Ratio (Adjusted) of 8.41 for the last twelve months as of Q1 2024. Additionally, the Price to Book (P/B) Ratio of 0.68 suggests that the stock may be undervalued against the company's book value, potentially offering an attractive entry point for value investors.
An InvestingPro Tip worth noting is that Parke Bancorp has raised its dividend for 10 consecutive years, indicating a commitment to returning value to shareholders. This is coupled with the fact that the company has maintained dividend payments for 11 consecutive years. For investors seeking income through dividends, this track record may be particularly appealing. Moreover, the company has been profitable over the last twelve months, which is a fundamental indicator of financial health.
While the company has shown a strong operating income margin of 50.97% for the last twelve months as of Q1 2024, an area of concern highlighted by an InvestingPro Tip is the weak gross profit margins. Investors may want to consider this point when evaluating the company's overall profitability and operational efficiency.
For those interested in gaining more insights and tips, InvestingPro offers additional analysis and metrics for Parke Bancorp. To enrich your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are many more InvestingPro Tips available for Parke Bancorp, which can be accessed through the dedicated page for the company.
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