Jeffrey H. Kripitz, a director at Parke Bancorp Inc. (NASDAQ:PKBK), recently sold 5,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $22.91, resulting in a total transaction value of approximately $114,550. Following the sale, Kripitz holds 68,013 shares directly, with additional shares held indirectly through various accounts.
In other recent news, Parke Bancorp, Inc. has declared a cash dividend of $0.18 per share, scheduled for payment in October to shareholders of record by early October. The company emphasized that future dividends are subject to Board approval and may change based on the company's financial health and regulatory constraints. Moreover, Parke Bancorp has initiated a 5% stock repurchase plan, approved by the Board of Directors, allowing for the buyback of up to 5% of the company's common stock over the next year. The company's President and CEO, Vito S. Pantilione, has expressed confidence that this repurchase program will enhance shareholder value. These recent developments come with a note of caution from the company, acknowledging potential risks and uncertainties that could impact its operations and financial results. Shareholders are advised that dividend payments and stock repurchases are not guaranteed and can fluctuate based on various factors, including the company's performance and regulatory requirements. As always, these are recent developments and should be considered in light of the company's overall financial health and strategy.
InvestingPro Insights
The recent insider sale by Jeffrey H. Kripitz comes at a time when Parke Bancorp Inc. (NASDAQ:PKBK) is showing strong market performance. According to InvestingPro data, the stock is trading near its 52-week high, with a price that is 99.7% of its highest point over the past year. This aligns with the InvestingPro Tip indicating a strong return over the last three months, which is further supported by the impressive 19.35% price total return over the same period.
Despite the insider sale, Parke Bancorp's financial health appears robust. The company boasts a P/E ratio of 9.9, suggesting it may be undervalued compared to industry peers. Additionally, an InvestingPro Tip highlights that PKBK has raised its dividend for 10 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the current dividend yield of 3.13%.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Parke Bancorp, providing deeper insights into the company's financial position and market outlook. These additional tips could be valuable for understanding the full context of the insider sale and the company's future prospects.
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