Patriot National Announces Third Quarter 2016 Financial Results
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UPDATE: UBS Downgrades Patriot National (PN) to Neutral
November 16, 2016 6:58 AM EST(Updated - November 16, 2016 9:04 AM EST)
UBS downgraded Patriot National (NYSE: PN) from Buy to Neutral with a price target of $6.50 (from $12.00). Analyst Brian Meredith thinks its credit facility will be a drag on earnings.
"We estimate that the new term loan will... More
Patriot National (PN) Declares $2.50 Special Dividend; Adds $25M to Stock Buyback Authorization
November 14, 2016 6:50 AM ESTPatriot National (NYSE: PN) declared a special dividend of $2.50 per share.
The dividend will be payable on December 9, 2016, to stockholders of record on November 28, 2016, with an ex-dividend date of November 30, 2016.
The annual yield on the dividend is 36.5 percent.
The Board has... More
Patriot National (PN) Closes New Credit Facility; Announces Special Dividend, Stock Buyback Hike; Updates on Growth Plan
November 14, 2016 6:49 AM ESTPatriot National, Inc. (NYSE: PN) announced that it has closed a new credit facility with Cerberus Business Finance, LLC to recapitalize the Company. The Company also announced a significant capital distribution to shareholders, and an expansion of its share repurchase program.
Highlights
Company closes new $250 million term loan and $30 million revolving credit line with Cerberus Business Finance, an affiliate of Cerberus Capital Management, L.P.Board of Directors approves a special dividend of $2.50 per share of common... MorePatriot National (PN) Misses Q3 EPS by 15c; Previous FY16 Guidance Withdrawn
November 14, 2016 6:46 AM ESTPatriot National (NYSE: PN) reported Q3 EPS of $0.12, $0.15 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $60.2 million versus the consensus estimate of $70.19 million.
Outlook
The Company has withdrawn its previously issued financial guidance for 2016 and... More
