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

Patriot National Bancorp (NASDAQ:PNBK) posted its quarterly earnings data on Tuesday. The bank reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.27), Zacks reports. Patriot National Bancorp had a negative net margin of 35.17% and a negative return on equity of 37.63%. The business had revenue of $9.51 million during the quarter, compared to analyst estimates of $8.30 million.

Patriot National Bancorp Trading Up 1.9%

PNBK stock traded up $0.03 during midday trading on Wednesday, hitting $1.32. The company had a trading volume of 96,856 shares, compared to its average volume of 309,204. The stock has a market cap of $151.21 million, a price-to-earnings 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 company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average price is $1.40 and its 200 day moving average price is $1.41.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patriot National Bancorp in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Patriot National Bancorp has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Patriot National Bancorp by 3,772.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,046,216 shares of the bank’s stock worth $1,590,000 after acquiring an additional 1,019,197 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Patriot National Bancorp during the second quarter worth about $32,000. New York State Common Retirement Fund purchased a new stake in shares of Patriot National Bancorp during the second quarter worth about $109,000. Invesco Ltd. bought a new stake in shares of Patriot National Bancorp in the second quarter worth about $35,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Patriot National Bancorp during the 2nd quarter valued at about $36,000. 39.25% of the stock is owned by hedge funds and other institutional investors.

Patriot National Bancorp Company Profile

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.