Cutler Group LP Buys 13,700 Shares of Patriot National Inc. (PN)
Cutler Group LP raised its position in shares of Patriot National Inc. (NYSE:PN) by 13,700.0% during the third quarter, Holdings Channel reports. The institutional investor owned 13,800 shares of the company’s stock after buying an additional 13,700 shares during the period. Cutler Group LP’s holdings in Patriot National were worth $124,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd raised its stake in shares of Patriot National by 6.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 15,593 shares of the company’s stock worth $128,000 after buying an additional 993 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Patriot National by 11.5% in the second quarter. Bank of New York Mellon Corp now owns 38,198 shares of the company’s stock worth $312,000 after buying an additional 3,953 shares during the last quarter. Teachers Advisors Inc. raised its stake in shares of Patriot National by 37.4% in the second quarter. Teachers Advisors Inc. now owns 16,783 shares of the company’s stock worth $137,000 after buying an additional 4,566 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Patriot National by 25.4% in the second quarter. California State Teachers Retirement System now owns 22,807 shares of the company’s stock worth $187,000 after buying an additional 4,624 shares during the last quarter. Finally, BlackRock Investment Management LLC raised its stake in shares of Patriot National by 15.6% in the second quarter. BlackRock Investment Management LLC now owns 37,593 shares of the company’s stock worth $308,000 after buying an additional 5,072 shares during the last quarter. Hedge funds and other institutional investors own 21.95% of the company’s stock.
Patriot National Inc. (NYSE:PN) traded up 0.11% during mid-day trading on Tuesday, hitting $8.75. The stock had a trading volume of 53,346 shares. The company has a market cap of $230.90 million, a price-to-earnings ratio of 15.46 and a beta of 2.53. The company has a 50 day moving average price of $9.02 and a 200-day moving average price of $8.39. Patriot National Inc. has a one year low of $3.56 and a one year high of $15.04.
Patriot National (NYSE:PN) last issued its quarterly earnings data on Monday, August 15th. The company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.10. Patriot National had a return on equity of 17.07% and a net margin of 6.65%. The business had revenue of $56.50 million for the quarter, compared to analysts’ expectations of $64.76 million. Equities analysts expect that Patriot National Inc. will post $0.84 earnings per share for the current fiscal year.
Separately, Zacks Investment Research lowered Patriot National from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $10.00.
In other news, insider Paul Halter sold 2,794 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $9.09, for a total transaction of $25,397.46. Following the completion of the transaction, the insider now directly owns 38,530 shares of the company’s stock, valued at approximately $350,237.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 59.90% of the company’s stock.
About Patriot National
Patriot National, Inc is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations. It offers a range of end-to-end insurance related and specialty services. The Company principally offers approximately two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration.
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