Citizens & Northern (NASDAQ:CZNC) Releases Earnings Results

Key Points

• Citizens & Northern missed estimates, reporting $0.02 EPS versus $0.58 expected and revenue of $28.48M versus $35.6M consensus, which pressured the stock.
• The company announced a $0.28 quarterly dividend (annualized $1.12) for a 4.9% yield and a 75.7% payout ratio; the ex-dividend date is May 4 and payment is May 15.
• Analyst sentiment is mixed—several recent upgrades to Buy but an overall consensus rating of "Hold" with a $23.50 target—while the share price traded down to $23.00 after the results.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) released its quarterly earnings data on Wednesday. The financial services provider reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.58 by ($0.56), FiscalAI reports. The company had revenue of $28.48 million for the quarter, compared to analysts' expectations of $35.60 million. Citizens & Northern had a net margin of 13.75% and a return on equity of 9.79%.

Citizens & Northern Price Performance

Shares of Citizens & Northern stock traded down $0.65 during mid-day trading on Wednesday, reaching $23.00. 25,780 shares of the stock traded hands, compared to its average volume of 44,985. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average of $22.73 and a 200 day moving average of $21.43. The stock has a market capitalization of $411.93 million, a PE ratio of 15.54 and a beta of 0.50. Citizens & Northern has a fifty-two week low of $18.02 and a fifty-two week high of $24.11.

Citizens & Northern Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Monday, May 4th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.9%. Citizens & Northern's dividend payout ratio is presently 75.68%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CZNC. Weiss Ratings upgraded Citizens & Northern from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, January 15th. Wall Street Zen upgraded Citizens & Northern from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Piper Sandler raised their target price on Citizens & Northern from $22.50 to $23.50 and gave the company a "neutral" rating in a research report on Thursday, January 29th. Finally, Zacks Research cut Citizens & Northern from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 16th. One research 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, the stock presently has an average rating of "Hold" and a consensus target price of $23.50.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CZNC. Russell Investments Group Ltd. raised its stake in Citizens & Northern by 521.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,708 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 1,433 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in Citizens & Northern by 71.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,798 shares of the financial services provider's stock worth $36,000 after acquiring an additional 749 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Citizens & Northern during the 2nd quarter valued at about $58,000. Tower Research Capital LLC TRC grew its stake in Citizens & Northern by 596.1% during 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 acquiring an additional 2,939 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Citizens & Northern by 62.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 3,604 shares of the financial services provider's stock valued at $71,000 after acquiring an additional 1,391 shares in the last quarter. 30.83% of the stock is owned by institutional investors and hedge funds.

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.

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