Patriot National Bancorp (NASDAQ:PNBK) Releases Earnings Results, Misses Estimates By $0.27 EPS

Patriot National Bancorp (NASDAQ:PNBK) posted its earnings results on Tuesday. The bank reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.27), Zacks reports. The company had revenue of $9.51 million for the quarter, compared to analysts’ expectations of $8.30 million. Patriot National Bancorp had a negative net margin of 35.17% and a negative return on equity of 37.63%.

Patriot National Bancorp Price Performance

Shares of PNBK traded up $0.02 during mid-day trading on Wednesday, hitting $1.31. 98,334 shares of the stock were exchanged, compared to its average volume of 309,221. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.96. The company has a market cap of $150.75 million, a PE ratio of -0.49 and a beta of -0.68. Patriot National Bancorp has a 52-week low of $0.90 and a 52-week high of $7.47. The firm has a 50-day moving average of $1.40 and a two-hundred day moving average of $1.41.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Patriot National Bancorp in a report on Monday, December 29th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Sell”.

Institutional Investors Weigh In On Patriot National Bancorp

A number of hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company bought a new position in Patriot National Bancorp during the 4th quarter valued at about $36,000. JPMorgan Chase & Co. purchased a new position in shares of Patriot National Bancorp during the second quarter valued at approximately $32,000. Invesco Ltd. bought a new position in shares of Patriot National Bancorp during the second quarter valued at approximately $35,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Patriot National Bancorp in the second quarter worth approximately $36,000. Finally, Deutsche Bank AG raised its holdings in shares of Patriot National Bancorp by 35.5% in the fourth quarter. Deutsche Bank AG now owns 59,272 shares of the bank’s stock worth $108,000 after buying an additional 15,516 shares during the period. Hedge funds and other institutional investors own 39.25% of the company’s stock.

About Patriot National Bancorp

Patriot National Bancorp, Inc, through its subsidiary Patriot National Bank, operates as a community-oriented bank headquartered in Fort Lauderdale, Florida. The company offers a comprehensive suite of retail and commercial banking products and services to individuals, small- to mid-sized businesses and institutions. Its core deposit offerings include checking and savings accounts, money market accounts and certificates of deposit, all supported by online and mobile banking platforms.

On the lending side, Patriot National Bank provides commercial real estate and business loans, construction and development financing, residential mortgage lending and consumer installment loans.