Patriot National Bancorp (NASDAQ:PNBK) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Patriot National Bancorp (NASDAQ:PNBK - Free Report) from a sell rating to a hold rating in a research note released on Thursday morning.

Patriot National Bancorp Trading Down 35.4%

NASDAQ:PNBK traded down $1.91 on Thursday, reaching $3.49. 665,811 shares of the company's stock were exchanged, compared to its average volume of 392,605. The company has a quick ratio of 0.97, a current ratio of 0.99 and a debt-to-equity ratio of 6.83. The firm has a market capitalization of $266.15 million, a price-to-earnings ratio of -0.47 and a beta of -0.22. The business has a fifty day moving average of $3.15 and a 200-day moving average of $2.21. Patriot National Bancorp has a 52-week low of $0.99 and a 52-week high of $7.47.

Patriot National Bancorp (NASDAQ:PNBK - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The bank reported ($0.21) earnings per share (EPS) for the quarter. The business had revenue of $6.68 million for the quarter. Patriot National Bancorp had a negative return on equity of 81.22% and a negative net margin of 45.58%.

Insider Transactions at Patriot National Bancorp

In related news, President Steven Sugarman acquired 7,019,978 shares of the stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $0.75 per share, with a total value of $5,264,983.50. Following the completion of the transaction, the president now owns 7,019,978 shares in the company, valued at $5,264,983.50. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 13.60% of the company's stock.

Hedge Funds Weigh In On Patriot National Bancorp

A hedge fund recently bought a new stake in Patriot National Bancorp stock. Angel Oak Capital Advisors LLC acquired a new position in shares of Patriot National Bancorp, Inc. (NASDAQ:PNBK - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,333,386 shares of the bank's stock, valued at approximately $3,867,000. Patriot National Bancorp makes up approximately 5.2% of Angel Oak Capital Advisors LLC's holdings, making the stock its 3rd biggest position. Angel Oak Capital Advisors LLC owned approximately 4.52% of Patriot National Bancorp at the end of the most recent reporting period. 39.25% of the stock is currently owned by hedge funds and other institutional investors.

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.