Bank of New York Mellon Corp Invests $2.86 Million in Citizens & Northern Corp $CZNC

Key Points

• Bank of New York Mellon purchased 122,662 shares of Citizens & Northern, valued at approximately $2.86 million, giving it a 0.68% stake. Institutional investors and hedge funds collectively own 30.83% of the company.
• Citizens & Northern reported quarterly EPS of $0.79, exceeding the $0.63 consensus estimate, while revenue reached $39.65 million versus expectations of $38.60 million.
• Analyst sentiment remains mixed, with an overall “Hold” consensus and a $23.50 target price, despite recent rating upgrades. The company pays a quarterly dividend of $0.28 per share, equivalent to a 4.3% annual yield.

Bank of New York Mellon Corp purchased a new stake in Citizens & Northern Corp (NASDAQ:CZNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 122,662 shares of the financial services provider's stock, valued at approximately $2,859,000. Bank of New York Mellon Corp owned 0.68% of Citizens & Northern as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC lifted its stake in shares of Citizens & Northern by 1.1% during the first quarter. Renaissance Technologies LLC now owns 53,441 shares of the financial services provider's stock worth $1,194,000 after purchasing an additional 586 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Citizens & Northern by 2.8% in the fourth quarter. Jane Street Group LLC now owns 25,127 shares of the financial services provider's stock valued at $507,000 after buying an additional 673 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Citizens & Northern by 71.4% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,798 shares of the financial services provider's stock valued at $36,000 after buying an additional 749 shares in the last quarter. Barclays PLC raised its holdings in shares of Citizens & Northern by 3.0% during the 4th quarter. Barclays PLC now owns 26,947 shares of the financial services provider's stock valued at $544,000 after buying an additional 774 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Citizens & Northern by 6.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 14,504 shares of the financial services provider's stock valued at $287,000 after buying an additional 892 shares during the period. 30.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CZNC has been the topic of a number of recent research reports. Weiss Ratings raised shares of Citizens & Northern from a "hold (c+)" rating to a "buy (b)" rating in a research 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 raised shares of Citizens & Northern from a "buy" rating to a "strong-buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $23.50.

Citizens & Northern Price Performance

CZNC stock opened at $26.11 on Monday. The stock's 50 day moving average is $24.67 and its two-hundred day moving average is $23.05. Citizens & Northern Corp has a 52-week low of $18.87 and a 52-week high of $26.26. The company has a market capitalization of $468.15 million, a PE ratio of 17.64 and a beta of 0.40. 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 released its earnings results on Friday, August 7th. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.63 by $0.16. The company had revenue of $39.65 million during the quarter, compared to analysts' expectations of $38.60 million. Citizens & Northern had a return on equity of 9.54% and a net margin of 13.28%. Analysts predict that Citizens & Northern Corp will post 2.17 earnings per share for the current fiscal year.

Citizens & Northern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Monday, August 3rd. Citizens & Northern's dividend payout ratio is 75.68%.

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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