Zacks Investment Research Downgrades Patriot National Inc. (PN) to Strong Sell
Patriot National Inc. (NYSE:PN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday.
According to Zacks, “Patriot National Inc is a provider of comprehensive outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives. It provides general agency services, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients. Patriot National Inc. is headquartered in Fort Lauderdale, Florida. “
Separately, Compass Point raised shares of Patriot National from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Wednesday, November 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $10.00.
Patriot National (NYSE:PN) opened at 6.74 on Tuesday. The stock has a market capitalization of $178.52 million, a PE ratio of 14.07 and a beta of 2.77. The company’s 50-day moving average is $7.14 and its 200 day moving average is $8.07. Patriot National has a 12-month low of $3.56 and a 12-month high of $15.04.
Patriot National (NYSE:PN) last announced its quarterly earnings results on Monday, November 14th. The company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.15. The firm had revenue of $60.20 million for the quarter, compared to analysts’ expectations of $70.19 million. Patriot National had a net margin of 5.81% and a return on equity of 13.44%. Patriot National’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities research analysts expect that Patriot National will post $0.56 earnings per share for the current fiscal year.
The business also recently announced a special dividend, which will be paid on Friday, December 9th. Stockholders of record on Monday, November 28th will be given a $2.50 dividend. The ex-dividend date is Monday, December 12th.
In related news, insider Paul Halter sold 2,794 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 38,530 shares in the company, valued at approximately $350,237.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Walsh purchased 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The stock was acquired at an average price of $6.22 per share, with a total value of $186,600.00. Following the completion of the purchase, the director now owns 100,894 shares in the company, valued at $627,560.68. The disclosure for this purchase can be found here. 59.90% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Cutler Group LP raised its stake in Patriot National by 13,700.0% in the third quarter. Cutler Group LP now owns 13,800 shares of the company’s stock worth $124,000 after buying an additional 13,700 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its stake in 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. Oakworth Capital Inc. raised its stake in Patriot National by 100.0% in the second quarter. Oakworth Capital Inc. now owns 16,000 shares of the company’s stock worth $121,000 after buying an additional 8,000 shares in the last quarter. Teachers Advisors Inc. raised its stake in Patriot National by 37.4% in the second quarter. Teachers Advisors Inc. now owns 16,783 shares of the company’s stock worth $137,000 after buying an additional 4,566 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in Patriot National by 25.4% in the second quarter. California State Teachers Retirement System now owns 22,807 shares of the company’s stock worth $187,000 after buying an additional 4,624 shares in the last quarter. Institutional investors and hedge funds own 22.94% 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.
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