1,359,308 Shares in Citizens & Northern Corp $CZNC Bought by BlackRock Inc.

Key Points

• BlackRock acquired 1.36 million shares of Citizens & Northern, worth approximately $31.7 million, giving it a 7.59% stake. Institutional investors collectively own 30.83% of the company.
• Citizens & Northern exceeded quarterly expectations, reporting $0.79 EPS versus the $0.63 consensus estimate and revenue of $39.65 million. The company also maintains a $0.28 quarterly dividend, equivalent to a 4.4% annual yield.
• Shares recently traded at $25.32, near their 52-week high, while analysts’ consensus rating remains “Hold” with an average price target of $23.50.

BlackRock Inc. acquired a new position in Citizens & Northern Corp (NASDAQ:CZNC - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,359,308 shares of the financial services provider's stock, valued at approximately $31,685,000. BlackRock Inc. owned approximately 7.59% of Citizens & Northern at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its stake in Citizens & Northern by 521.1% during 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 in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Citizens & Northern by 71.4% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,798 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 749 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Citizens & Northern during the 2nd quarter valued at approximately $58,000. Tower Research Capital LLC TRC boosted its stake in shares of 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 buying an additional 2,939 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Citizens & Northern by 62.9% during the third quarter. BNP Paribas Financial Markets now owns 3,604 shares of the financial services provider's stock worth $71,000 after buying an additional 1,391 shares in the last quarter. 30.83% of the stock is owned by hedge funds and other institutional investors.

Citizens & Northern Stock Performance

Shares of CZNC stock opened at $25.32 on Wednesday. The company has a market cap of $453.99 million, a P/E ratio of 17.11 and a beta of 0.40. The business has a 50 day moving average of $24.48 and a two-hundred day moving average of $23.00. Citizens & Northern Corp has a 52 week low of $18.87 and a 52 week high of $26.26. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.45.

Citizens & Northern (NASDAQ:CZNC - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The financial services provider reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.16. Citizens & Northern had a return on equity of 9.54% and a net margin of 13.28%.The firm had revenue of $39.65 million during the quarter, compared to the consensus estimate of $38.60 million. As a group, analysts anticipate that Citizens & Northern Corp will post 2.17 EPS for the current year.

Citizens & Northern Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a dividend of $0.28 per share. The ex-dividend date was Monday, August 3rd. This represents a $1.12 annualized dividend and a dividend yield of 4.4%. Citizens & Northern's dividend payout ratio is currently 75.68%.

Analysts Set New Price Targets

CZNC has been the topic of several recent analyst reports. Weiss Ratings raised shares of Citizens & Northern from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Zacks Research raised shares of Citizens & Northern from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Finally, Wall Street Zen downgraded shares of Citizens & Northern from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 23rd. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $23.50.

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.

Want to see what other hedge funds are holding CZNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citizens & Northern Corp (NASDAQ:CZNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source