Patriot National Bancorp (NASDAQ:PNBK) Announces Earnings Results

Patriot National Bancorp (NASDAQ:PNBK) issued its quarterly earnings results on Thursday. The bank reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.25), FiscalAI reports. Patriot National Bancorp had a negative return on equity of 7.09% and a negative net margin of 9.76%. The company had revenue of $16.69 million for the quarter, compared to analyst estimates of $8.50 million.

Patriot National Bancorp Trading Up 0.6%

Shares of PNBK stock traded up $0.01 on Friday, reaching $0.88. 69,509 shares of the stock were exchanged, compared to its average volume of 312,132. The stock has a 50 day moving average price of $0.91 and a 200 day moving average price of $1.13. The stock has a market cap of $103.90 million, a PE ratio of -12.50 and a beta of -0.60. Patriot National Bancorp has a one year low of $0.80 and a one year high of $2.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.85 and a quick ratio of 0.83.

Institutional Trading of Patriot National Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its stake in shares of Patriot National Bancorp by 4.3% in the 3rd quarter. HighTower Advisors LLC now owns 337,734 shares of the bank’s stock valued at $311,000 after purchasing an additional 13,868 shares during the last quarter. Bank of America Corp DE grew its position in shares of Patriot National Bancorp by 42.8% during the 1st quarter. Bank of America Corp DE now owns 61,864 shares of the bank’s stock worth $80,000 after buying an additional 18,538 shares during the period. Finally, Curated Wealth Partners LLC bought a new stake in shares of Patriot National Bancorp during the third quarter worth approximately $394,000. 39.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Patriot National Bancorp from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 1st. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Patriot National Bancorp presently has an average rating of “Sell”.

Patriot National Bancorp Company Profile

Patriot National Bancorp, Inc. is the bank holding company for Patriot Bank, N.A., a community bank headquartered in Stamford, Connecticut. The company was established in 1994 and focuses on serving consumers, businesses and professionals. Through its bank subsidiary, Patriot National Bancorp offers deposit accounts and banking services, along with commercial and consumer lending. Its lending activities include financing for businesses and commercial real estate, as well as residential and other consumer loans.