The chairman of Parke Bancorp sells $104,789 worth of stock Via Investing.com
Daniel J. Dalton, Chairman of the Board at Parke Bancorp, Inc. (NASDAQ:PKBK), recently sold 5,000 shares of the company's common stock. The shares were traded at an average price of $20.958 each, which equates to a total transaction value of $104,789. After this sale, Dalton directly owns 71,319 shares. Additionally, he maintains indirect ownership of 56,729 shares through the Grantor Charitable Remainder Trust and 1,367 shares under the Uniform Transfers to Minors Act (UTMA).
In other recent news, Parke Bancorp, Inc. announced a dividend of $0.18 per share, scheduled to be paid in October, and a new stock repurchase program. The plan, approved by the company's Board of Directors, authorizes the purchase of up to 5% of the company's common stock over the next twelve months. The repurchase will take place in the open market and will comply with the rules set by the Securities and Exchange Commission (SEC).
President and CEO of Parke Bancorp, Vito S. Pantilione, said the repurchase program is an important part of the company's capital management strategy. He noted that the company views its stock as an attractive investment at current prices and believes that share repurchases will enhance shareholder value.
These recent developments underscore the company's commitment to returning capital to shareholders while maintaining a strong cash base. However, the company also highlighted potential risks and uncertainties that could result in actual results differing significantly from expectations. Such risks include the company's ability to maintain a strong capital base, pay dividends, improve shareholder value, and potential regulatory actions.
InvestingPro Insights
While Daniel J. Dalton's recent sale of Parke Bancorp shares may raise eyebrows, it's important to consider the company's broader financial context. According to InvestingPro data, Parke Bancorp stock has shown impressive momentum, with a total price return of 30.31% over the past six months. This is in line with InvestingPro's tip that highlights “big price increases in the last six months.”
Despite the recent insider auction, Parke Bancorp maintains a strong dividend profile. InvestingPro Tip notes that the company has “increased its profits for 10 consecutive years,” indicating a commitment to shareholder returns. Currently, the stock offers a dividend yield of 3.42%, which may be attractive to income-oriented investors.
From a valuation perspective, Parke Bancorp appears to be fairly valued with a P/E ratio of 8.79, well below many of its peers in the banking sector. This may suggest that the stock may be strong, especially considering the company's earnings over the past twelve months, as noted in another InvestingPro Tip.
For investors looking for a comprehensive analysis, InvestingPro offers additional tips and insights, with 6 more tips available for Parke Bancorp on the platform.
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