Citizens & Northern (NASDAQ:CZNC) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Citizens & Northern (NASDAQ:CZNC) released its quarterly earnings results on Wednesday. The financial services provider reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01), FiscalAI reports. The firm had revenue of $36.87 million for the quarter, compared to analyst estimates of $35.40 million. Citizens & Northern had a net margin of 16.81% and a return on equity of 9.75%.

Citizens & Northern Stock Performance

Shares of NASDAQ CZNC traded down $0.27 during midday trading on Wednesday, reaching $21.39. 42,940 shares of the company traded hands, compared to its average volume of 45,702. The company has a market cap of $380.78 million, a price-to-earnings ratio of 12.15 and a beta of 0.56. The stock has a 50-day moving average price of $20.74 and a 200 day moving average price of $19.97. Citizens & Northern has a 52 week low of $18.02 and a 52 week high of $22.68. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.93.

Citizens & Northern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Monday, February 2nd will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Monday, February 2nd. Citizens & Northern’s payout ratio is 63.64%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CZNC shares. Weiss Ratings upgraded Citizens & Northern from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 15th. Janney Montgomery Scott raised shares of Citizens & Northern to a “hold” rating in a research report on Wednesday, October 22nd. Finally, Piper Sandler boosted their price target on Citizens & Northern from $21.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, October 24th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Citizens & Northern presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its holdings in shares of Citizens & Northern by 521.1% during the third quarter. Russell Investments Group Ltd. now owns 1,708 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,433 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Citizens & Northern during the 2nd quarter valued at about $58,000. Tower Research Capital LLC TRC increased its holdings in shares of Citizens & Northern by 596.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,432 shares of the financial services provider’s stock valued at $65,000 after purchasing an additional 2,939 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Citizens & Northern by 62.9% in the third quarter. BNP Paribas Financial Markets now owns 3,604 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 1,391 shares in the last quarter. Finally, Focus Partners Wealth acquired a new stake in shares of Citizens & Northern during the third quarter worth approximately $116,000. Institutional investors and hedge funds own 30.83% of the company’s stock.

About Citizens & Northern

Citizens & Northern Corporation is the bank holding company for Citizens & Northern Bank, a community-oriented financial institution headquartered in Wellsboro, Pennsylvania. Chartered in 1888, the company has cultivated deep roots in north central Pennsylvania and selected counties in upstate New York, offering a broad spectrum of banking services tailored to individuals, families and local businesses.

Through its flagship banking subsidiary, Citizens & Northern provides personal deposit products such as checking and savings accounts, certificates of deposit and money market accounts.