Short Interest in Patriot National Bancorp Inc. (NASDAQ:PNBK) Decreases By 67.4%

Patriot National Bancorp Inc. (NASDAQ:PNBK) was the recipient of a significant decrease in short interest in the month of June. As of June 30th, there was short interest totaling 1,156,391 shares, a decrease of 67.4% from the June 15th total of 3,549,071 shares. Based on an average daily trading volume, of 1,126,783 shares, the short-interest ratio is presently 1.0 days. Approximately 1.1% of the company’s stock are short sold.

Institutional Investors Weigh In On Patriot National Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of PNBK. Bank of America Corp DE boosted its stake in Patriot National Bancorp by 56,671,895.7% in the second quarter. Bank of America Corp DE now owns 13,034,559 shares of the bank’s stock valued at $19,813,000 after acquiring an additional 13,034,536 shares in the last quarter. Angel Oak Capital Advisors LLC lifted its holdings in shares of Patriot National Bancorp by 2,098.6% in the 4th quarter. Angel Oak Capital Advisors LLC now owns 3,292,840 shares of the bank’s stock valued at $5,993,000 after purchasing an additional 3,143,069 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Patriot National Bancorp by 34.1% in the 4th quarter. Geode Capital Management LLC now owns 1,621,452 shares of the bank’s stock valued at $2,951,000 after purchasing an additional 412,624 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Patriot National Bancorp by 21.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,286,061 shares of the bank’s stock valued at $1,672,000 after purchasing an additional 224,943 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Patriot National Bancorp by 18,696.6% in the 4th 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. 39.25% of the stock is owned by hedge funds and other institutional investors.

Patriot National Bancorp Stock Performance

Shares of PNBK opened at $1.18 on Monday. The company has a market capitalization of $138.85 million, a price-to-earnings ratio of -9.08 and a beta of -0.64. Patriot National Bancorp has a 52-week low of $0.86 and a 52-week high of $2.00. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $1.09 and a 200 day moving average price of $1.32.

Patriot National Bancorp (NASDAQ:PNBK) last released its quarterly earnings data on Friday, May 15th. The bank reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.27). Patriot National Bancorp had a negative return on equity of 13.71% and a negative net margin of 19.14%.The company had revenue of $10.32 million for the quarter, compared to analyst estimates of $8.30 million.

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 Thursday, June 4th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Patriot National Bancorp presently has a consensus rating of “Sell”.

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.