Patriot National Bancorp Inc. (NASDAQ: PNBK) stock jumped 4.10% on Wednesday to $10.15 against a previous-day closing price of $9.75. With 0.14 million shares changed hands, the volume of the stock remained heavier than its average volume of 6150.0 shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $10.15 whereas the lowest price it dropped to was $9.75. The 52-week range on PNBK shows that it touched its highest point at $18.00 and its lowest point at $9.75 during that stretch. Beta for the stock currently stands at 0.58.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of PNBK was up-trending over the past week, with a rise of 4.10%, but this was down by -4.65% over a month. Three-month performance dropped to -16.46% while six-month performance fell -36.56%. The stock gained 4.10% in the past year, while it has lost -34.73% so far this year.
Float and Shares Shorts:
At present, 3.96 million PNBK shares are outstanding with a float of 1.94 million shares on hand for trading. On Oct 13, 2022, short shares totaled 11530.0, which was 0.29% higher than short shares on Sep 14, 2022. In addition to Mr. Robert Glenn Russell Jr. as the firm’s Pres, CEO & Director, Mr. Joseph D. Perillo serves as its Exec. VP & CFO.
Through their ownership of 34.68% of PNBK’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 71.19% of PNBK, in contrast to 7.31% held by mutual funds. Shares owned by individuals account for 19.75%. As the largest shareholder in PNBK with 10.00% of the stake, AllianceBernstein LP holds 395,701 shares worth 395,701. A second-largest stockholder of PNBK, AQR Arbitrage LLC, holds 189,455 shares, controlling over 4.79% of the firm’s shares. Boothbay Fund Management LLC is the third largest shareholder in PNBK, holding 162,922 shares or 4.12% stake. With a 3.05% stake in PNBK, the AQR Diversified Arbitrage Fund is the largest stakeholder. A total of 120,629 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.57% of PNBK stock, is the second-largest Mutual Fund holder. It holds 101,605 shares valued at 1.03 million. Bridgeway Omni Small Cap Value Fu holds 0.47% of the stake in PNBK, owning 18,500 shares worth 0.19 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for PNBK since 1 analysts follow the stock currently. There are 0 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 1 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With PNBK analysts setting a high price target of $24.00 and a low target of $24.00, the average target price over the next 12 months is $24.00. Based on these targets, PNBK could surge 136.45% to reach the target high and rise by 136.45% to reach the target low. Reaching the average price target will result in a growth of 136.45% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. PNBK will report FY 2019 earnings on 03/21/2023. Analysts have provided yearly estimates in a range of $0.64 being high and $0.64 being low. For PNBK, this leads to a yearly average estimate of $0.64. Based on analyst estimates, the high estimate for the next quarter is $0.13 and the low estimate is $0.13. The average estimate for the next quarter is thus $0.13.
Summary of Insider Activity:
Insiders traded PNBK stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 3 while that of sell transactions has remained unmoved to 0 over the past year. The total number of shares bought during that period was 2,496 while 0 shares were sold.