Patriot National Inc. (PN) Trading Down 9.9% on Disappointing Earnings
Shares of Patriot National Inc. (NYSE:PN) dropped 9.9% on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $5.76 and last traded at $6.16, with a volume of 834,504 shares changing hands. The stock had previously closed at $6.84.
The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.15. Patriot National had a net margin of 6.65% and a return on equity of 17.07%. The firm had revenue of $60.20 million for the quarter, compared to analyst estimates of $70.19 million. Patriot National’s revenue for the quarter was up 2.9% compared to the same quarter last year.
PN has been the subject of several analyst reports. Compass Point raised shares of Patriot National from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Wednesday, November 9th. Zacks Investment Research downgraded shares of Patriot National from a “hold” rating to a “strong sell” rating in a report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $10.00.
In related news, insider Paul Halter sold 2,794 shares of Patriot National stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $9.09, for a total transaction of $25,397.46. Following the sale, the insider now directly owns 38,530 shares in the company, valued at $350,237.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 59.90% of the company’s stock.
Large investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd boosted its stake in shares of Patriot National by 6.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 15,593 shares of the company’s stock worth $128,000 after buying an additional 993 shares in the last quarter. Cutler Group LP boosted its stake in shares of Patriot National by 13,700.0% in the third quarter. Cutler Group LP now owns 13,800 shares of the company’s stock valued at $124,000 after buying an additional 13,700 shares during the period. GSA Capital Partners LLP boosted its stake in shares of Patriot National by 612.5% in the second quarter. GSA Capital Partners LLP now owns 83,000 shares of the company’s stock valued at $679,000 after buying an additional 71,351 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Patriot National by 11.5% in the second quarter. Bank of New York Mellon Corp now owns 38,198 shares of the company’s stock valued at $312,000 after buying an additional 3,953 shares during the period. Finally, Teachers Advisors Inc. boosted its stake in shares of Patriot National by 37.4% in the second quarter. Teachers Advisors Inc. now owns 16,783 shares of the company’s stock valued at $137,000 after buying an additional 4,566 shares during the period. Institutional investors and hedge funds own 23.15% of the company’s stock.
The company has a 50 day moving average of $7.64 and a 200 day moving average of $8.16. The firm has a market cap of $162.56 million, a PE ratio of 10.88 and a beta of 2.77.
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.
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