Patriot National Inc. (PN) Announces Earnings Results, Misses Expectations By $0.15 EPS
Patriot National Inc. (NYSE:PN) issued its quarterly earnings results on Monday. The company reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by $0.15. The business had revenue of $60.20 million for the quarter, compared to analyst estimates of $70.19 million. Patriot National had a return on equity of 17.07% and a net margin of 6.65%. The company’s quarterly revenue was up 2.9% on a year-over-year basis.
Shares of Patriot National (NYSE:PN) opened at 6.84 on Monday. The stock has a 50 day moving average of $7.72 and a 200 day moving average of $8.18. Patriot National has a 1-year low of $3.56 and a 1-year high of $15.04. The firm has a market cap of $180.50 million, a PE ratio of 12.08 and a beta of 2.77.
A number of analysts recently weighed in on the stock. Compass Point upgraded shares of Patriot National from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Wednesday, November 9th. Zacks Investment Research cut shares of Patriot National from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $10.00.
In related news, insider Paul Halter sold 2,794 shares of Patriot National stock in a transaction on Friday, September 16th. The shares were sold at an average price of $9.09, for a total value of $25,397.46. Following the completion of the sale, the insider now owns 38,530 shares in the company, valued at $350,237.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 59.90% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Patriot National by 5.7% in the second quarter. Vanguard Group Inc. now owns 375,516 shares of the company’s stock worth $3,072,000 after buying an additional 20,287 shares during the period. BlackRock Fund Advisors raised its stake in shares of Patriot National by 31.9% in the second quarter. BlackRock Fund Advisors now owns 283,493 shares of the company’s stock worth $2,319,000 after buying an additional 68,484 shares during the period. A.R.T. Advisors LLC raised its stake in shares of Patriot National by 229.0% in the first quarter. A.R.T. Advisors LLC now owns 142,366 shares of the company’s stock worth $1,096,000 after buying an additional 99,100 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Patriot National by 12.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 127,601 shares of the company’s stock worth $1,044,000 after buying an additional 14,277 shares during the period. Finally, Ameriprise Financial Inc. bought a new stake in shares of Patriot National during the third quarter worth about $1,075,000. Institutional investors and hedge funds own 23.15% of the company’s stock.
About Patriot National
Patriot National, Inc is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations. It offers a range of end-to-end insurance related and specialty services. The Company principally offers approximately two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration.
Receive News & Stock Ratings for Patriot National Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patriot National Inc. and related stocks with our FREE daily email newsletter.