Wells Fargo & Company MN continued to hold its position in Patriot National, Inc. (NYSE:PN) during the third quarter, Holdings Channel reports. The firm owned 12,188 shares of the company’s stock at the end of the third quarter. Wells Fargo & Company MN’s holdings in Patriot National were worth $110,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in shares of Patriot National by 11.5% in the second quarter. Bank of New York Mellon Corp now owns 38,198 shares of the company’s stock worth $312,000 after buying an additional 3,953 shares in the last quarter. 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of Patriot National by 5.7% in the second quarter. Vanguard Group Inc. now owns 375,516 shares of the company’s stock worth $3,072,000 after buying an additional 20,287 shares in the last quarter. 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 in the last quarter. Finally, BlackRock Investment Management LLC raised its stake in shares of Patriot National by 15.6% in the second quarter. BlackRock Investment Management LLC now owns 37,593 shares of the company’s stock worth $308,000 after buying an additional 5,072 shares in the last quarter. Institutional investors and hedge funds own 20.67% of the company’s stock.
Patriot National, Inc. (NYSE:PN) traded up 4.382% during midday trading on Wednesday, hitting $4.645. The company had a trading volume of 46,960 shares. Patriot National, Inc. has a 52 week low of $3.56 and a 52 week high of $9.95. The stock has a 50 day moving average price of $5.06 and a 200 day moving average price of $7.34. The company has a market capitalization of $123.03 million, a P/E ratio of 9.697 and a beta of 2.70.
Patriot National (NYSE:PN) last announced its quarterly earnings data on Monday, November 14th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.15. Patriot National had a return on equity of 13.44% and a net margin of 5.81%. The firm earned $60.20 million during the quarter, compared to the consensus estimate of $70.19 million. Patriot National’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities analysts forecast that Patriot National, Inc. will post $0.56 earnings per share for the current fiscal year.
A number of equities research analysts have recently weighed in on PN shares. Zacks Investment Research upgraded Patriot National from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 17th. JMP Securities dropped their price target on Patriot National from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Compass Point upgraded Patriot National from a “neutral” rating to a “buy” rating and set a $10.00 price target on the stock in a research report on Wednesday, November 9th.
In other Patriot National news, insider Steven M. Mariano sold 7,377 shares of the stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $5.01, for a total transaction of $36,958.77. Following the sale, the insider now owns 12,019,485 shares of the company’s stock, valued at approximately $60,217,619.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Walsh bought 30,000 shares of the company’s stock in a transaction on Tuesday, November 15th. The shares were bought at an average cost of $6.22 per share, for a total transaction of $186,600.00. Following the transaction, the director now directly owns 100,894 shares in the company, valued at approximately $627,560.68. The disclosure for this purchase can be found here. 59.90% of the stock is owned by corporate insiders.
Patriot National Company Profile
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.
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