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

Patriot National Bancorp (NASDAQ:PNBK) posted its quarterly earnings data on Friday. The bank reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.25 by ($0.27), FiscalAI reports. Patriot National Bancorp had a negative return on equity of 16.78% and a negative net margin of 21.77%.The company had revenue of $10.32 million for the quarter, compared to analyst estimates of $8.30 million.

Patriot National Bancorp Trading Down 4.5%

NASDAQ PNBK opened at $1.07 on Friday. The company has a market capitalization of $125.29 million, a PE ratio of -8.23 and a beta of -0.64. The company has a fifty day moving average of $1.28 and a 200 day moving average of $1.39. Patriot National Bancorp has a 1 year low of $0.90 and a 1 year high of $6.20. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.84 and a quick ratio of 0.82.

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 Monday, May 11th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Patriot National Bancorp presently has an average rating of “Sell”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its position in Patriot National Bancorp by 18,696.6% during the fourth quarter. Russell Investments Group Ltd. now owns 684,009 shares of the bank’s stock valued at $1,245,000 after purchasing an additional 680,370 shares during the period. Barclays PLC raised its position in shares of Patriot National Bancorp by 48.4% in the fourth quarter. Barclays PLC now owns 107,513 shares of the bank’s stock worth $196,000 after acquiring an additional 35,052 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Patriot National Bancorp in the fourth quarter worth about $36,000. Charles Schwab Investment Management Inc. raised its position in shares of Patriot National Bancorp by 33.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 168,909 shares of the bank’s stock worth $307,000 after acquiring an additional 42,751 shares during the period. Finally, State Street Corp raised its position in shares of Patriot National Bancorp by 12.3% in the fourth quarter. State Street Corp now owns 661,454 shares of the bank’s stock worth $1,204,000 after acquiring an additional 72,458 shares during the period. 39.25% of the stock is currently owned by institutional investors and hedge funds.

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.