Citizens & Northern (NASDAQ:CZNC) Cut to Hold at Zacks Research

Key Points

• Citizens & Northern (NADSAQ:CZNC) was downgraded from a "strong-buy" to a "hold" rating by Zacks Research in a recent report.
• The company reported $0.40 earnings per share for the last quarter, which was below analyst expectations of $0.47.
• Institutional investors hold 30.83% of Citizens & Northern's stock, with notable increases in holdings from several funds in the second quarter.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Citizens & Northern Stock Performance

CZNC opened at $19.76 on Monday. The stock has a market cap of $306.68 million, a P/E ratio of 11.29 and a beta of 0.58. 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 stock's 50 day simple moving average is $19.64 and its 200 day simple moving average is $19.41. Citizens & Northern has a 1-year low of $17.85 and a 1-year high of $22.68.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The financial services provider reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.07). The firm had revenue of $29.28 million during the quarter, compared to analyst estimates of $27.70 million. Citizens & Northern had a return on equity of 9.60% and a net margin of 16.77%. As a group, equities analysts anticipate that Citizens & Northern will post 1.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Citizens & Northern

A number of institutional investors and hedge funds have recently modified their holdings of the company. Squarepoint Ops LLC grew its holdings in shares of Citizens & Northern by 21.4% in the 2nd quarter. Squarepoint Ops LLC now owns 30,626 shares of the financial services provider's stock worth $580,000 after acquiring an additional 5,401 shares during the period. Tower Research Capital LLC TRC grew 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 worth $65,000 after acquiring an additional 2,939 shares during the period. Bridgeway Capital Management LLC grew its holdings in Citizens & Northern by 4.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 28,498 shares of the financial services provider's stock valued at $540,000 after buying an additional 1,277 shares during the last quarter. Jane Street Group LLC grew its holdings in Citizens & Northern by 38.6% during the 2nd quarter. Jane Street Group LLC now owns 22,294 shares of the financial services provider's stock valued at $422,000 after buying an additional 6,208 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Citizens & Northern during the 2nd quarter valued at $58,000. Institutional investors and hedge funds 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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