Citizens & Northern (NASDAQ:CZNC) Posts Quarterly Earnings Results, Misses Estimates By $0.06 EPS

Citizens & Northern (NASDAQ:CZNC) posted its earnings results on Thursday. The financial services provider reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.06), Zacks reports. The business had revenue of $29.57 million during the quarter, compared to the consensus estimate of $28.50 million. Citizens & Northern had a net margin of 16.81% and a return on equity of 9.86%.

Citizens & Northern Trading Up 1.2%

CZNC opened at $19.47 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $302.17 million, a price-to-earnings ratio of 11.06 and a beta of 0.56. The firm has a 50 day simple moving average of $19.80 and a 200 day simple moving average of $19.33. Citizens & Northern has a fifty-two week low of $17.85 and a fifty-two week high of $22.68.

Citizens & Northern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Monday, November 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend is Monday, November 3rd. Citizens & Northern’s payout ratio is 64.00%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CZNC shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Citizens & Northern in a research note on Friday. Zacks Research lowered shares of Citizens & Northern from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 22nd. Finally, Piper Sandler upped their target price on shares of Citizens & Northern from $21.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Citizens & Northern currently has a consensus rating of “Hold” and an average target price of $22.00.

Institutional Investors Weigh In On Citizens & Northern

A number of institutional investors and hedge funds have recently modified their holdings of CZNC. Bridgeway Capital Management LLC increased its position in shares of Citizens & Northern by 4.7% during the second quarter. Bridgeway Capital Management LLC now owns 28,498 shares of the financial services provider’s stock worth $540,000 after acquiring an additional 1,277 shares in the last quarter. Rhumbline Advisers boosted its holdings in Citizens & Northern by 7.5% during the second quarter. Rhumbline Advisers now owns 22,685 shares of the financial services provider’s stock worth $430,000 after purchasing an additional 1,592 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Citizens & Northern by 596.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,432 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 2,939 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Citizens & Northern during the second quarter worth $58,000. Finally, Jane Street Group LLC boosted its holdings in Citizens & Northern by 38.6% during the second quarter. Jane Street Group LLC now owns 22,294 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 6,208 shares during the last quarter. 30.83% of the stock is owned by institutional investors.

About Citizens & Northern

Citizens & Northern Corp. is a holding company, which engages in community banking. It provides a full range of banking and mortgage services to individual and corporate customers in North Central Pennsylvania and Southern New York State. The firm’s lending products include mortgage loans, commercial loans, and consumer loans.