Patriot National Bancorp (NASDAQ:PNBK) Sees Significant Drop in Short Interest

Patriot National Bancorp (NASDAQ:PNBK) was the target of a significant drop in short interest during the month of June. As of June 30th, there was short interest totalling 100 shares, a drop of 83.3% from the May 30th total of 600 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily volume of 1,100 shares, the days-to-cover ratio is presently 0.1 days.

A hedge fund recently bought a new stake in Patriot National Bancorp stock. Kessler Investment Group LLC bought a new position in Patriot National Bancorp (NASDAQ:PNBK) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 15,000 shares of the bank’s stock, valued at approximately $227,000. Kessler Investment Group LLC owned about 0.38% of Patriot National Bancorp at the end of the most recent quarter. Institutional investors own 5.49% of the company’s stock.

PNBK stock traded down $0.02 during trading on Thursday, hitting $14.80. 651 shares of the company’s stock traded hands, compared to its average volume of 2,284. Patriot National Bancorp has a 52 week low of $13.80 and a 52 week high of $25.50. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a fifty day simple moving average of $15.38. The firm has a market capitalization of $58.02 million, a PE ratio of 25.55 and a beta of 0.26.

Patriot National Bancorp (NASDAQ:PNBK) last released its quarterly earnings data on Friday, May 24th. The bank reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.25). Patriot National Bancorp had a net margin of 5.26% and a return on equity of 3.33%. The business had revenue of $7.17 million for the quarter.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Tuesday, June 4th were issued a $0.01 dividend. The ex-dividend date was Monday, June 3rd. This represents a $0.04 annualized dividend and a dividend yield of 0.27%.

Separately, Brean Capital reiterated a “buy” rating on shares of Community Bankers Trust in a research report on Monday, March 18th.

About Patriot National Bancorp

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

Further Reading: Fundamental Analysis – How It Helps Investors

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