Citizens & Northern (NASDAQ:CZNC) Announces Quarterly Earnings Results, Misses Expectations By $0.56 EPS

Citizens & Northern (NASDAQ:CZNC) posted its earnings results on Wednesday. The financial services provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.56), FiscalAI reports. The company had revenue of $28.48 million for the quarter, compared to analyst estimates of $35.60 million. Citizens & Northern had a return on equity of 9.79% and a net margin of 13.75%.

Citizens & Northern Price Performance

CZNC stock traded down $0.65 during mid-day trading on Wednesday, reaching $23.00. 25,782 shares of the company’s stock were exchanged, compared to its average volume of 44,985. The company has a market cap of $411.93 million, a price-to-earnings ratio of 15.54 and a beta of 0.50. The stock’s 50 day moving average is $22.73 and its 200 day moving average is $21.43. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.91. Citizens & Northern has a 12-month low of $18.02 and a 12-month high of $24.11.

Citizens & Northern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Monday, May 4th will be given a dividend of $0.28 per share. The ex-dividend date is Monday, May 4th. This represents a $1.12 dividend on an annualized basis and a yield of 4.9%. Citizens & Northern’s dividend payout ratio is currently 75.68%.

Wall Street Analyst Weigh In

Several research firms recently commented on CZNC. Zacks Research lowered Citizens & Northern from a “strong-buy” rating to a “hold” rating in a report on Monday, March 16th. Wall Street Zen raised Citizens & Northern from a “hold” rating to a “buy” rating in a report on Saturday, April 11th. Piper Sandler raised their target price on Citizens & Northern from $22.50 to $23.50 and gave the stock a “neutral” rating in a report on Thursday, January 29th. Finally, Weiss Ratings raised Citizens & Northern from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.50.

Hedge Funds Weigh In On Citizens & Northern

A number of hedge funds have recently bought and sold shares of CZNC. Geode Capital Management LLC boosted its position in Citizens & Northern by 13.8% during the fourth quarter. Geode Capital Management LLC now owns 416,153 shares of the financial services provider’s stock worth $8,396,000 after purchasing an additional 50,343 shares in the last quarter. Marshall Wace LLP boosted its position in Citizens & Northern by 105.3% during the second quarter. Marshall Wace LLP now owns 57,870 shares of the financial services provider’s stock worth $1,096,000 after purchasing an additional 29,687 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Citizens & Northern by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 604,257 shares of the financial services provider’s stock worth $12,188,000 after purchasing an additional 18,510 shares in the last quarter. Vanguard Group Inc. boosted its position in Citizens & Northern by 2.3% during the third quarter. Vanguard Group Inc. now owns 823,059 shares of the financial services provider’s stock worth $16,305,000 after purchasing an additional 18,165 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Citizens & Northern in the first quarter valued at approximately $324,000. Hedge funds and other institutional investors own 30.83% of the company’s stock.

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.