Patriot National Bancorp (NASDAQ:PNBK) Issues Earnings Results

Patriot National Bancorp (NASDAQ:PNBK) announced its quarterly earnings results on Tuesday. The bank reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.27), Zacks reports. Patriot National Bancorp had a negative return on equity of 37.63% and a negative net margin of 35.17%.The business had revenue of $9.51 million during the quarter, compared to the consensus estimate of $8.30 million.

Patriot National Bancorp Trading Down 1.1%

PNBK stock traded down $0.01 during trading on Wednesday, hitting $1.28. The company had a trading volume of 98,768 shares, compared to its average volume of 309,279. The firm has a market capitalization of $146.73 million, a P/E ratio of -0.48 and a beta of -0.68. The company has a 50 day simple moving average of $1.40 and a 200-day simple moving average of $1.41. Patriot National Bancorp has a 52-week low of $0.90 and a 52-week high of $7.47. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.17.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its holdings in shares of Patriot National Bancorp by 18,696.6% in the 4th quarter. Russell Investments Group Ltd. now owns 684,009 shares of the bank’s stock worth $1,245,000 after buying an additional 680,370 shares during the period. Barclays PLC increased its stake in shares of Patriot National Bancorp by 48.4% during the fourth quarter. Barclays PLC now owns 107,513 shares of the bank’s stock valued at $196,000 after buying an additional 35,052 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Patriot National Bancorp during the fourth quarter valued at $36,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Patriot National Bancorp by 33.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 168,909 shares of the bank’s stock valued at $307,000 after acquiring an additional 42,751 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Patriot National Bancorp by 12.3% in the fourth quarter. State Street Corp now owns 661,454 shares of the bank’s stock valued at $1,204,000 after acquiring an additional 72,458 shares in the last quarter. 39.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Patriot National Bancorp in a research note on Monday, December 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has an average rating of “Sell”.

About Patriot National Bancorp

Patriot National Bancorp, Inc, through its subsidiary Patriot National Bank, operates as a community-oriented bank headquartered in Fort Lauderdale, Florida. The company offers a comprehensive suite of retail and commercial banking products and services to individuals, small- to mid-sized businesses and institutions. Its core deposit offerings include checking and savings accounts, money market accounts and certificates of deposit, all supported by online and mobile banking platforms.

On the lending side, Patriot National Bank provides commercial real estate and business loans, construction and development financing, residential mortgage lending and consumer installment loans.