Citizens & Northern (NASDAQ:CZNC) Issues Earnings Results

Key Points

• Citizens & Northern reported quarterly earnings of $0.40 EPS, missing estimates by $0.07, despite having revenue of $29.28 million that surpassed expectations.
• The company declared a quarterly dividend of $0.28 per share, which will be paid on August 15th, with a 6.0% dividend yield.
• An institutional investor, Empowered Funds LLC, recently acquired 11,721 shares of Citizens & Northern, indicating continued interest from hedge funds in the financial services provider.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) announced its quarterly earnings results on Friday. The financial services provider reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.07), Zacks reports. The company had revenue of $29.28 million for 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%.

Citizens & Northern Stock Performance

CZNC traded down $0.45 during trading hours on Thursday, hitting $19.40. The company's stock had a trading volume of 39,845 shares, compared to its average volume of 46,608. Citizens & Northern has a fifty-two week low of $17.85 and a fifty-two week high of $22.68. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $301.09 million, a PE ratio of 11.09 and a beta of 0.55. The company has a 50-day simple moving average of $19.18 and a 200 day simple moving average of $19.66.

Citizens & Northern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, August 4th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 5.8%. The ex-dividend date is Monday, August 4th. Citizens & Northern's dividend payout ratio (DPR) is currently 64.00%.

Institutional Trading of Citizens & Northern

Large investors have recently added to or reduced their stakes in the business. Marshall Wace LLP increased its position in Citizens & Northern by 105.3% in the 2nd quarter. Marshall Wace LLP now owns 57,870 shares of the financial services provider's stock valued at $1,096,000 after acquiring an additional 29,687 shares during the period. Rhumbline Advisers increased its position in Citizens & Northern by 7.5% in the 2nd quarter. Rhumbline Advisers now owns 22,685 shares of the financial services provider's stock valued at $430,000 after acquiring an additional 1,592 shares during the period. Jane Street Group LLC increased its position in Citizens & Northern by 38.6% in the 2nd quarter. Jane Street Group LLC now owns 22,294 shares of the financial services provider's stock valued at $422,000 after acquiring an additional 6,208 shares during the period. Empowered Funds LLC acquired a new stake in Citizens & Northern in the 1st quarter valued at approximately $236,000. Finally, Raymond James Financial Inc. acquired a new stake in Citizens & Northern in the 2nd quarter valued at approximately $58,000. 30.83% of the stock is currently owned by institutional investors and hedge funds.

Citizens & Northern Company Profile

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.