Patriot National Bancorp (NASDAQ:PNBK) Releases Quarterly Earnings Results

Patriot National Bancorp (NASDAQ:PNBK) released its earnings results on Friday. The bank reported ($0.03) earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of $7.22 million for the quarter. Patriot National Bancorp had a negative net margin of 76.35% and a negative return on equity of 132.38%.

Patriot National Bancorp Stock Up 1.8%

NASDAQ PNBK traded up $0.02 during mid-day trading on Friday, hitting $1.11. The company’s stock had a trading volume of 231,005 shares, compared to its average volume of 735,939. The firm has a market capitalization of $106.33 million, a price-to-earnings ratio of -0.12 and a beta of -0.44. The company’s 50 day simple moving average is $1.29 and its 200 day simple moving average is $1.88. The company has a current ratio of 0.95, a quick ratio of 0.93 and a debt-to-equity ratio of 0.27. Patriot National Bancorp has a twelve month low of $0.90 and a twelve month high of $7.47.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PNBK. Bank of America Corp DE raised its holdings in shares of Patriot National Bancorp by 56,671,895.7% in the 2nd quarter. Bank of America Corp DE now owns 13,034,559 shares of the bank’s stock worth $19,813,000 after acquiring an additional 13,034,536 shares during the last quarter. Angel Oak Capital Advisors LLC bought a new stake in Patriot National Bancorp during the 1st quarter worth approximately $3,867,000. Vanguard Group Inc. raised its stake in shares of Patriot National Bancorp by 21.2% in the third quarter. Vanguard Group Inc. now owns 1,286,061 shares of the bank’s stock worth $1,672,000 after purchasing an additional 224,943 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Patriot National Bancorp by 3,772.1% in the second quarter. Geode Capital Management LLC now owns 1,046,216 shares of the bank’s stock worth $1,590,000 after purchasing an additional 1,019,197 shares during the last quarter. Finally, Curated Wealth Partners LLC lifted its holdings in shares of Patriot National Bancorp by 39.7% in the third quarter. Curated Wealth Partners LLC now owns 931,297 shares of the bank’s stock valued at $1,211,000 after purchasing an additional 264,630 shares in the last quarter. 39.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Patriot National Bancorp in a report on Friday, October 31st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Patriot National Bancorp has a consensus rating of “Sell”.

Patriot National Bancorp Company Profile

Patriot National Bancorp, Inc operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit, on-line national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry service.