Patriot National Bancorp (NASDAQ:PNBK) Announces Quarterly Earnings Results

Patriot National Bancorp (NASDAQ:PNBK) posted its quarterly earnings data on Thursday. The bank reported $0.01 earnings per share (EPS) for the quarter, FiscalAI reports. Patriot National Bancorp had a negative return on equity of 7.09% and a negative net margin of 9.76%. The company had revenue of $16.69 million for the quarter.

Patriot National Bancorp Price Performance

Shares of NASDAQ PNBK traded up $0.00 during mid-day trading on Thursday, reaching $0.86. The company’s stock had a trading volume of 48,134 shares, compared to its average volume of 313,190. The stock has a 50-day moving average of $0.91 and a two-hundred day moving average of $1.14. The stock has a market capitalization of $102.24 million, a P/E ratio of -12.30 and a beta of -0.60. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.83 and a current ratio of 0.85. Patriot National Bancorp has a 1-year low of $0.80 and a 1-year high of $2.00.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Patriot National Bancorp from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, September 1st. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Patriot National Bancorp currently has an average rating of “Sell”.

Hedge Funds 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 raised its holdings in Patriot National Bancorp by 42.8% in the 1st quarter. Bank of America Corp DE now owns 61,864 shares of the bank’s stock valued at $80,000 after acquiring an additional 18,538 shares during the last quarter. HighTower Advisors LLC lifted its stake in Patriot National Bancorp by 4.3% in the 3rd quarter. HighTower Advisors LLC now owns 337,734 shares of the bank’s stock worth $311,000 after purchasing an additional 13,868 shares in the last quarter. Finally, Curated Wealth Partners LLC acquired a new position in shares of Patriot National Bancorp during the 3rd quarter worth approximately $394,000. 39.25% of the stock is currently owned by institutional investors and hedge funds.

Patriot National Bancorp Company Profile

Patriot National Bancorp, Inc. is the bank holding company for Patriot Bank, N.A., a community-oriented financial institution headquartered in Stamford, Connecticut. The bank serves individuals, families and businesses in its local markets, with a focus on relationship-based banking and personalized service. Patriot Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts. Its lending activities include commercial real estate loans, commercial and industrial financing, residential mortgage loans, home equity products and consumer loans.