Citizens & Northern (NASDAQ:CZNC) Announces Quarterly Earnings Results

Key Points

• Citizens & Northern reported quarterly earnings of $0.47 per share, missing the expected $0.53, indicating potential challenges in financial performance.
• The company experienced a 4.7% increase in holdings from Bridgeway Capital Management, while institutional investors collectively own 30.83% of the stock.
• Analysts have downgraded the stock from a "strong-buy" to a "hold" rating, reflecting a cautious outlook on its future performance.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) issued its earnings results on Thursday. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.06), Zacks reports. Citizens & Northern had a return on equity of 9.60% and a net margin of 16.77%.

Citizens & Northern Price Performance

NASDAQ:CZNC traded down $0.24 during trading hours on Thursday, hitting $19.24. 26,990 shares of the stock traded hands, compared to its average volume of 36,049. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.64. The stock has a 50 day moving average price of $19.80 and a 200 day moving average price of $19.33. Citizens & Northern has a 1 year low of $17.85 and a 1 year high of $22.68. The company has a market cap of $298.60 million, a price-to-earnings ratio of 10.99 and a beta of 0.56.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Zacks Research lowered shares of Citizens & Northern from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Citizens & Northern in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Citizens & Northern presently has a consensus rating of "Hold".

Hedge Funds Weigh In On Citizens & Northern

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bridgeway Capital Management LLC boosted 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 during the last quarter. Rhumbline Advisers lifted its position in Citizens & Northern by 7.5% during the second quarter. Rhumbline Advisers now owns 22,685 shares of the financial services provider's stock valued at $430,000 after purchasing an additional 1,592 shares during the last quarter. Tower Research Capital LLC TRC lifted its position 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 valued at $65,000 after purchasing an additional 2,939 shares during the last quarter. Raymond James Financial Inc. bought a new position in Citizens & Northern during the second quarter valued at $58,000. Finally, Jane Street Group LLC lifted its position 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 valued at $422,000 after purchasing an additional 6,208 shares during the last quarter. Institutional investors own 30.83% of the company's stock.

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.

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