Zacks Research Downgrades Citizens & Northern (NASDAQ:CZNC) to Strong Sell

Citizens & Northern (NASDAQ:CZNC) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other brokerages have also recently commented on CZNC. Piper Sandler upped their target price on Citizens & Northern from $22.50 to $23.50 and gave the company a “neutral” rating in a report on Thursday, January 29th. Wall Street Zen cut shares of Citizens & Northern from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Weiss Ratings lowered shares of Citizens & Northern from a “buy (b)” rating to a “hold (c+)” rating in a research report on Monday. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $23.50.

Citizens & Northern Price Performance

Shares of NASDAQ CZNC opened at $21.00 on Monday. The stock has a market capitalization of $376.32 million, a price-to-earnings ratio of 19.27 and a beta of 0.44. The business has a 50-day moving average of $22.50 and a 200-day moving average of $21.57. Citizens & Northern has a fifty-two week low of $18.02 and a fifty-two week high of $24.11. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.91 and a quick ratio of 0.91.

Citizens & Northern (NASDAQ:CZNC) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.56). Citizens & Northern had a return on equity of 7.47% and a net margin of 9.67%.The firm had revenue of $36.90 million for the quarter, compared to the consensus estimate of $35.60 million. As a group, sell-side analysts predict that Citizens & Northern will post 1.97 earnings per share for the current fiscal year.

Institutional Trading of Citizens & Northern

A number of institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in shares of 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 during the period. Citizens & Northern Corp grew its position in shares of Citizens & Northern by 12.6% in the 4th quarter. Citizens & Northern Corp now owns 361,412 shares of the financial services provider’s stock worth $7,290,000 after buying an additional 40,323 shares during the period. Legato Capital Management LLC purchased a new position in shares of Citizens & Northern during the fourth quarter valued at approximately $647,000. Marshall Wace LLP boosted its holdings in Citizens & Northern by 105.3% in the second quarter. Marshall Wace LLP now owns 57,870 shares of the financial services provider’s stock worth $1,096,000 after acquiring an additional 29,687 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Citizens & Northern by 3.2% in the 4th 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. 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.