Zacks Investment Research lowered shares of Patriot National Inc. (NYSE:PN) from a hold rating to a strong sell rating in a research report released on Tuesday.
According to Zacks, “Patriot National Inc is a provider of comprehensive outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives. It provides general agency services, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients and other clients. Patriot National Inc. is headquartered in Fort Lauderdale, Florida. “
Separately, Compass Point upgraded shares of Patriot National from a neutral rating to a buy rating and set a $10.00 price objective on the stock in a report on Wednesday, November 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $10.00.
Shares of Patriot National (NYSE:PN) opened at 6.74 on Tuesday. The company has a 50-day moving average of $7.14 and a 200-day moving average of $8.07. Patriot National has a one year low of $3.56 and a one year high of $15.04. The company has a market capitalization of $178.52 million, a PE ratio of 14.07 and a beta of 2.77.
Patriot National (NYSE:PN) last announced its quarterly earnings data on Monday, November 14th. The company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.15. Patriot National had a net margin of 5.81% and a return on equity of 13.44%. The business earned $60.20 million during the quarter, compared to analyst estimates of $70.19 million. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, analysts anticipate that Patriot National will post $0.56 earnings per share for the current year.
The company also recently announced a special dividend, which will be paid on Friday, December 9th. Shareholders of record on Monday, November 28th will be issued a $2.50 dividend. The ex-dividend date of this dividend is Monday, December 12th.
In other Patriot National news, insider Paul Halter sold 2,794 shares of the stock in a transaction on Friday, September 16th. The shares were sold at an average price of $9.09, for a total value of $25,397.46. Following the sale, the insider now directly owns 38,530 shares in the company, valued at $350,237.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles H. Walsh bought 30,000 shares of the business’s stock in a transaction on Tuesday, November 15th. The stock was purchased at an average price of $6.22 per share, for a total transaction of $186,600.00. Following the completion of the acquisition, the director now owns 100,894 shares of the company’s stock, valued at approximately $627,560.68. The disclosure for this purchase can be found here. 59.90% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Cutler Group LP raised its stake in Patriot National by 13,700.0% in the third quarter. Cutler Group LP now owns 13,800 shares of the company’s stock valued at $124,000 after buying an additional 13,700 shares during the period. Dynamic Technology Lab Private Ltd raised its stake in shares of Patriot National by 6.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 15,593 shares of the company’s stock worth $128,000 after buying an additional 993 shares during the last quarter. Oakworth Capital Inc. raised its stake in shares of Patriot National by 100.0% in the second quarter. Oakworth Capital Inc. now owns 16,000 shares of the company’s stock worth $121,000 after buying an additional 8,000 shares during the last quarter. Teachers Advisors Inc. raised its stake in shares of Patriot National by 37.4% in the second quarter. Teachers Advisors Inc. now owns 16,783 shares of the company’s stock worth $137,000 after buying an additional 4,566 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Patriot National by 25.4% in the second quarter. California State Teachers Retirement System now owns 22,807 shares of the company’s stock worth $187,000 after buying an additional 4,624 shares during the last quarter. Institutional investors own 22.94% of the company’s stock.
About Patriot National
Patriot National, Inc is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations. It offers a range of end-to-end insurance related and specialty services. The Company principally offers approximately two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration.