Citizens & Northern (NASDAQ:CZNC) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Citizens & Northern (NASDAQ:CZNC) from a "buy" to a "hold"; the stock's consensus rating is "Hold" with a consensus target price of $23.50.
• Q1 results missed expectations—EPS $0.02 vs. $0.58 estimate and revenue $28.48M vs. $35.6M—while analysts still project about 2.5 EPS for the year.
• Institutional ownership is about 30.8%, with recent buying and position increases from firms including Empowered Funds, Jane Street, Marshall Wace and Rhumbline Advisers.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

CZNC has been the subject of several other reports. Weiss Ratings upgraded shares of Citizens & Northern from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 15th. Piper Sandler increased their price target on shares of Citizens & Northern from $22.50 to $23.50 and gave the stock a "neutral" rating in a research note on Thursday, January 29th. Finally, Zacks Research lowered shares of Citizens & Northern from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 16th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Citizens & Northern has an average rating of "Hold" and a consensus target price of $23.50.

Citizens & Northern Stock Up 1.8%

Shares of NASDAQ CZNC opened at $22.48 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47. Citizens & Northern has a 12 month low of $18.02 and a 12 month high of $24.11. The firm has a market capitalization of $402.62 million, a PE ratio of 15.19 and a beta of 0.44. The firm has a fifty day simple moving average of $22.69 and a two-hundred day simple moving average of $21.45.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.56). Citizens & Northern had a return on equity of 9.79% and a net margin of 13.75%.The company had revenue of $28.48 million during the quarter, compared to the consensus estimate of $35.60 million. Equities analysts expect that Citizens & Northern will post 2.5 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Empowered Funds LLC purchased a new stake in Citizens & Northern during the 1st quarter valued at about $236,000. Jane Street Group LLC purchased a new stake in Citizens & Northern during the 1st quarter valued at about $324,000. Rhumbline Advisers grew its position in Citizens & Northern by 7.5% during the 2nd 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. Marshall Wace LLP grew its position in Citizens & Northern by 105.3% during the 2nd quarter. Marshall Wace LLP now owns 57,870 shares of the financial services provider's stock valued at $1,096,000 after purchasing an additional 29,687 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Citizens & Northern during the 2nd quarter valued at about $58,000. 30.83% of the stock is currently owned by institutional investors.

Citizens & Northern Company Profile

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.

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