Patriot National Bancorp Inc. (NASDAQ:PNBK) Sees Significant Decline in Short Interest

Patriot National Bancorp Inc. (NASDAQ:PNBK) saw a significant decline in short interest in February. As of February 27th, there was short interest totaling 1,938,477 shares, a decline of 14.0% from the February 12th total of 2,255,347 shares. Currently, 1.9% of the shares of the stock are sold short. Based on an average daily volume of 154,625 shares, the days-to-cover ratio is currently 12.5 days. Based on an average daily volume of 154,625 shares, the days-to-cover ratio is currently 12.5 days. Currently, 1.9% of the shares of the stock are sold short.

Patriot National Bancorp Stock Down 0.8%

PNBK opened at $1.32 on Thursday. The firm has a market cap of $151.79 million, a price-to-earnings ratio of -0.49 and a beta of -0.68. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.96. The firm’s 50-day simple moving average is $1.44 and its 200-day simple moving average is $1.42. Patriot National Bancorp has a twelve month low of $0.90 and a twelve month high of $7.47.

Patriot National Bancorp (NASDAQ:PNBK) last announced its quarterly earnings results on Tuesday, March 10th. The bank reported $0.01 earnings per share (EPS) for the quarter. The firm had revenue of $9.82 million during the quarter. Patriot National Bancorp had a negative net margin of 35.17% and a negative return on equity of 37.63%.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Patriot National Bancorp in a report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Patriot National Bancorp currently has a consensus rating of “Sell”.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PNBK. Geode Capital Management LLC grew its holdings 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 worth $1,590,000 after acquiring an additional 1,019,197 shares during the period. Intech Investment Management LLC acquired a new position in shares of Patriot National Bancorp in the 2nd quarter valued at $34,000. JPMorgan Chase & Co. bought a new position in shares of Patriot National Bancorp in the 2nd quarter worth $32,000. Rinkey Investments bought a new position in shares of Patriot National Bancorp in the 2nd quarter worth $231,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Patriot National Bancorp during the second quarter worth $109,000. 39.25% of the stock is currently owned by institutional investors.

About Patriot National Bancorp

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.