Patriot National Bancorp (NASDAQ:PNBK) Issues Earnings Results

Key Points

• Patriot National Bancorp reported quarterly earnings of ($0.06) per share, with a negative net margin of 70.89% and a negative return on equity of 149.65%.
• Shares of the bank fell by 6.1% to $1.53, with a trading volume of 354,485 shares, just under its average of 356,068 shares.
• Geode Capital Management significantly increased its holdings by 3,772.1%, now owning over 1 million shares worth approximately $1.59 million.

Patriot National Bancorp (NASDAQ:PNBK - Get Free Report) issued its quarterly earnings data on Thursday. The bank reported ($0.06) earnings per share for the quarter, Zacks reports. Patriot National Bancorp had a negative net margin of 76.35% and a negative return on equity of 182.73%. The business had revenue of $6.22 million for the quarter.

Patriot National Bancorp Stock Performance

Shares of NASDAQ PNBK traded down $0.03 during trading on Tuesday, reaching $1.54. The stock had a trading volume of 143,366 shares, compared to its average volume of 919,887. Patriot National Bancorp has a one year low of $0.90 and a one year high of $7.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.92 and a current ratio of 0.94. The stock has a market cap of $117.44 million, a PE ratio of -0.16 and a beta of -0.47. The firm's 50 day moving average price is $1.43 and its two-hundred day moving average price is $2.01.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Patriot National Bancorp from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in Patriot National Bancorp by 56,671,895.7% during the 2nd 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 during the period. Geode Capital Management LLC boosted its position in Patriot National Bancorp by 3,772.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,046,216 shares of the bank's stock valued at $1,590,000 after purchasing an additional 1,019,197 shares during the period. New York State Common Retirement Fund acquired a new position in Patriot National Bancorp during the 2nd quarter valued at approximately $109,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Patriot National Bancorp during the 2nd quarter valued at approximately $36,000. Finally, Invesco Ltd. acquired a new position in Patriot National Bancorp during the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 39.25% of the company's stock.

About Patriot National Bancorp

Patriot National Bancorp, Inc operates as the holding company for Patriot Bank, N.A. that provides community banking services to individuals, small and medium-sized businesses, and professionals. The company accepts consumer and commercial deposit accounts, such as checking, interest-bearing negotiable order of withdrawal, money market, time certificates of deposit, savings, prepaid deposit, on-line national money market, individual retirement accounts, and health savings accounts, as well as certificate of deposit account registry service.