Patriot National Bancorp (NASDAQ:PNBK) Posts Quarterly Earnings Results, Misses Expectations 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 during the quarter, compared to analysts’ expectations of $8.30 million. Patriot National Bancorp had a negative return on equity of 16.78% and a negative net margin of 21.77%.

Patriot National Bancorp Stock Performance

Patriot National Bancorp stock traded down $0.05 during midday trading on Friday, reaching $1.07. 204,380 shares of the company traded hands, compared to its average volume of 290,766. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.84 and a quick ratio of 0.82. Patriot National Bancorp has a 12 month low of $0.90 and a 12 month high of $6.20. The firm has a market capitalization of $125.29 million, a price-to-earnings ratio of -3.34 and a beta of -0.64. The business has a 50 day moving average of $1.29 and a two-hundred day moving average of $1.39.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its position 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 worth $19,813,000 after acquiring an additional 13,034,536 shares during the period. Geode Capital Management LLC raised its position in shares of Patriot National Bancorp by 34.1% during 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 period. Vanguard Group Inc. raised its position in shares of Patriot National Bancorp by 21.2% during 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. Russell Investments Group Ltd. raised its position in shares of Patriot National Bancorp by 18,696.6% during 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. Finally, State Street Corp raised its position in shares of Patriot National Bancorp by 12.3% during the 4th quarter. State Street Corp now owns 661,454 shares of the bank’s stock valued at $1,204,000 after purchasing an additional 72,458 shares during the period. 39.25% of the stock is currently owned by institutional investors.

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.