WASHINGTON TOWNSHIP - Parke Bancorp, Inc. (NASDAQ:PKBK) has declared a cash dividend of $0.18 per share, scheduled for payment on January 17, 2025, to shareholders recorded by January 3, 2025. The dividend represents a 3.25% yield, reflecting the company's impressive track record of raising dividends for 10 consecutive years. The company's board expressed intent to continue quarterly dividends, contingent upon various factors, including Parke Bancorp's financial health and regulatory constraints. InvestingPro analysis reveals several more dividend-related insights available to subscribers.
Since its inception in January 2005, Parke Bancorp has grown alongside Parke Bank, which began operations in 1999. The bank, currently valued at $252 million in market capitalization, has shown strong momentum with a 47.58% price return over the past six months. The bank serves primarily the regions of Gloucester, Atlantic, and Cape May counties in New Jersey, as well as Philadelphia and its surrounding counties in Pennsylvania. Parke Bank operates through several branch offices located in New Jersey and Philadelphia, offering a range of financial services to individual and small business clients. According to InvestingPro's Fair Value analysis, the stock appears fairly valued at current levels.
The bank's deposits are insured by the FDIC up to the maximum legal limit, providing an element of security to its depositors. Trading at 9.1 times earnings and maintaining a FAIR financial health score, Parke Bancorp's common stock is publicly traded on the NASDAQ Capital Market.
The announcement also contained forward-looking statements regarding Parke Bancorp's capital base, dividend payments, shareholder value, earnings, and equity. However, these statements were qualified with a cautionary note that actual results could vary due to numerous factors, and the company does not commit to updating any forward-looking statements.
Investors should note that this information is based on a press release statement and that future dividends are not guaranteed, as they are subject to board approval and may be adjusted or not issued at all depending on the company's circumstances and regulatory requirements.
In other recent news, Parke Bancorp, Inc., a New Jersey-based bank, has declared a cash dividend of $0.18 per share, set for payment in October. This announcement was made with a reminder that the company's financial health and regulatory constraints may influence future dividends. Alongside this, Parke Bancorp has initiated a 5% stock repurchase plan, approved by the Board of Directors, which will allow 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 stated that this repurchase program is a significant part of the company's capital management strategies. He expressed confidence in the company's stock as a valuable investment at current prices and believes that repurchasing shares will enhance shareholder value. However, this announcement also underscores potential risks and uncertainties, including the company's ability to maintain a robust capital base, pay dividends, and potential regulatory actions.
These recent developments reflect Parke Bancorp's ongoing efforts to provide returns to its shareholders. However, it is important to note that these forward-looking statements, such as the ability to continue paying dividends and maintain a strong capital base, are subject to risks and uncertainties. The payment of dividends is not guaranteed and can fluctuate or cease depending on various factors, including the company's performance and regulatory requirements.
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