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

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

Patriot National Bancorp Stock Performance

NASDAQ:PNBK traded down $0.05 on Friday, reaching $1.07. 204,380 shares of the company’s stock were exchanged, compared to its average volume of 262,039. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.84 and a quick ratio of 0.82. The firm has a market cap of $125.29 million, a price-to-earnings ratio of -3.34 and a beta of -0.64. Patriot National Bancorp has a 52 week low of $0.90 and a 52 week high of $6.20. The stock has a fifty day simple moving average of $1.28 and a 200-day simple moving average of $1.39.

Hedge Funds Weigh In On Patriot National Bancorp

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Patriot National Bancorp from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

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.