Patriot National Bancorp Inc. (NASDAQ:PNBK) Short Interest Update

Patriot National Bancorp Inc. (NASDAQ:PNBK) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totaling 1,156,391 shares, a drop of 67.4% from the June 15th total of 3,549,071 shares. Based on an average daily volume of 1,126,783 shares, the days-to-cover ratio is presently 1.0 days. Currently, 1.1% of the shares of the stock are sold short.

Patriot National Bancorp Price Performance

Shares of PNBK stock traded up $0.06 on Tuesday, reaching $1.20. The company’s stock had a trading volume of 464,044 shares, compared to its average volume of 403,015. The company has a market capitalization of $141.20 million, a P/E ratio of -9.23 and a beta of -0.64. Patriot National Bancorp has a 12-month low of $0.86 and a 12-month high of $2.00. The stock’s 50 day simple moving average is $1.09 and its 200-day simple moving average is $1.31. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 0.29.

Patriot National Bancorp (NASDAQ:PNBK) last posted its earnings results on Friday, May 15th. The bank reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.25 by ($0.27). The business had revenue of $10.32 million for the quarter, compared to analysts’ expectations of $8.30 million. Patriot National Bancorp had a negative return on equity of 13.71% and a negative net margin of 19.14%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE raised 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 purchasing an additional 13,034,536 shares in the last quarter. Angel Oak Capital Advisors LLC grew its stake in 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 worth $5,993,000 after buying an additional 3,143,069 shares in the last quarter. Geode Capital Management LLC increased 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 worth $2,951,000 after buying an additional 412,624 shares during the last quarter. Vanguard Group Inc. increased its holdings 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 worth $1,672,000 after buying an additional 224,943 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings 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 worth $1,245,000 after buying an additional 680,370 shares during the last quarter. Hedge funds and other institutional investors own 39.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Patriot National Bancorp from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock 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.