Citizens & Northern (NASDAQ:CZNC) Releases Earnings Results, Beats Expectations By $0.16 EPS

Citizens & Northern (NASDAQ:CZNC) issued its quarterly earnings results on Friday. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.63 by $0.16, Zacks reports. The business had revenue of $39.65 million for the quarter, compared to analysts’ expectations of $38.60 million. Citizens & Northern had a net margin of 9.67% and a return on equity of 7.47%.

Citizens & Northern Stock Performance

CZNC stock traded up $0.09 during midday trading on Friday, reaching $25.36. The company had a trading volume of 53,784 shares, compared to its average volume of 66,405. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average price of $23.05 and a 200 day moving average price of $22.62. Citizens & Northern has a fifty-two week low of $18.49 and a fifty-two week high of $25.84. The firm has a market capitalization of $454.45 million, a PE ratio of 23.27 and a beta of 0.40.

Citizens & Northern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be issued a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 4.4%. Citizens & Northern’s dividend payout ratio (DPR) is currently 102.75%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in Citizens & Northern by 521.1% in the third quarter. Russell Investments Group Ltd. now owns 1,708 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,433 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of 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 valued at $36,000 after acquiring an additional 749 shares during the period. Raymond James Financial Inc. bought a new position in shares of Citizens & Northern during the second quarter worth about $58,000. Tower Research Capital LLC TRC increased its holdings in shares of Citizens & Northern by 596.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,432 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 2,939 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Citizens & Northern by 62.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,604 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 1,391 shares during the period. Institutional investors and hedge funds own 30.83% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CZNC. Wall Street Zen raised Citizens & Northern from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings upgraded Citizens & Northern from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 24th. Finally, Zacks Research upgraded Citizens & Northern from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Four analysts have rated the stock with a Hold rating, According to MarketBeat.com, Citizens & Northern currently has an average rating of “Hold” and a consensus target price of $23.50.

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.