41,932 Shares in Citizens & Northern Corp $CZNC Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 41,932 shares of Citizens & Northern, valued at approximately $977,000, giving it a 0.23% stake. Institutional investors and hedge funds collectively own 30.83% of the company.
• Analyst sentiment remains cautious, with Citizens & Northern receiving an average “Hold” rating and a consensus price target of $23.50, despite recent rating upgrades from some research firms.
• The company exceeded quarterly expectations, reporting $0.79 in earnings per share versus a $0.63 estimate and $39.65 million in revenue. It also maintains a quarterly dividend of $0.28, equivalent to a 4.4% annual yield.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Citizens & Northern Corp (NASDAQ:CZNC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 41,932 shares of the financial services provider's stock, valued at approximately $977,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.23% of Citizens & Northern as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CZNC. BlackRock Inc. acquired a new position in Citizens & Northern in the second quarter valued at approximately $31,685,000. Deutsche Bank AG purchased a new stake in shares of Citizens & Northern during the 2nd quarter worth approximately $399,000. Bank of New York Mellon Corp purchased a new stake in shares of Citizens & Northern during the 2nd quarter worth approximately $2,859,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Citizens & Northern during the 1st quarter worth approximately $1,498,000. Finally, Royal Bank of Canada boosted its holdings in shares of Citizens & Northern by 932.6% in the 1st quarter. Royal Bank of Canada now owns 6,753 shares of the financial services provider's stock valued at $151,000 after buying an additional 6,099 shares in the last quarter. 30.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CZNC shares. Zacks Research upgraded shares of Citizens & Northern from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Weiss Ratings upgraded shares of Citizens & Northern from a "hold (c+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut shares of Citizens & Northern from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 23rd. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Citizens & Northern has an average rating of "Hold" and an average price target of $23.50.

Citizens & Northern Price Performance

Shares of NASDAQ CZNC opened at $25.54 on Monday. The stock has a market capitalization of $457.93 million, a price-to-earnings ratio of 17.26 and a beta of 0.40. Citizens & Northern Corp has a 52 week low of $18.87 and a 52 week high of $26.26. The firm has a 50-day moving average price of $24.34 and a 200 day moving average price of $22.97. 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 earnings results on Friday, August 7th. The financial services provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.16. Citizens & Northern had a net margin of 13.28% and a return on equity of 9.54%. The company had revenue of $39.65 million for the quarter, compared to analyst estimates of $38.60 million. Equities research analysts anticipate that Citizens & Northern Corp will post 2.17 EPS for the current fiscal year.

Citizens & Northern Dividend Announcement

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

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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