Patriot National Bancorp (NASDAQ:PNBK) Announces Quarterly 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) announced its quarterly earnings results on Thursday. The bank reported ($0.06) earnings per share for the quarter, Zacks reports. Patriot National Bancorp had a negative net margin of 70.89% and a negative return on equity of 149.65%.

Patriot National Bancorp Trading Down 6.1%

Shares of NASDAQ PNBK traded down $0.10 during midday trading on Thursday, hitting $1.53. The stock had a trading volume of 354,485 shares, compared to its average volume of 356,068. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.31. Patriot National Bancorp has a 1-year low of $0.90 and a 1-year high of $7.47. The company has a market capitalization of $116.68 million, a price-to-earnings ratio of -0.15 and a beta of -0.47. The company has a fifty day moving average price of $1.42 and a 200 day moving average price of $2.00.

Analyst Upgrades and Downgrades

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

Institutional Trading of Patriot National Bancorp

A number of institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in Patriot National Bancorp by 3,772.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,046,216 shares of the bank's stock worth $1,590,000 after buying an additional 1,019,197 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Patriot National Bancorp in the second quarter worth about $109,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Patriot National Bancorp in the second quarter valued at about $36,000. Invesco Ltd. acquired a new stake in Patriot National Bancorp during the 2nd quarter valued at approximately $35,000. Finally, JPMorgan Chase & Co. purchased a new stake in Patriot National Bancorp during the 2nd quarter worth approximately $32,000. 39.25% of the stock is owned by hedge funds and other institutional investors.

Patriot National Bancorp Company Profile

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.

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