CZNC
Citizens & Northern CorporationFinancial Services·Banks - Regional
$21.06
$377M market cap
Revenue
$84.8M
Free Cash Flow
$17.5M
Rev Growth
+0.0%
FCF Margin
20.6%
P/FCF
21.6x
EV/FCF
29.6x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Citizens & Northern Corporation operates as the bank holding company for Citizens & Northern Bank that provides a range of banking and mortgage services to individual and corporate customers. The company offers lending products include commercial, mortgage, and consumer loans, as well as specialized instruments, such as commercial letters-of-credit; and deposit products, including various types of checking accounts, passbook and statement savings accounts, money market accounts, interest checkin
2-Year Price History
$21.07+38.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 48.8 | 0.3 | 0.3 | 0.3 | 8.7 | 8.5 | -0.2 | 53.5 | 193.1 | 17.7 | 0.4% | 0.0x | -- |
| Act | 2025-Q4 | 36.0 | 5.4 | 5.4 | 4.5 | 10.6 | 9.0 | -1.6 | 337.4 | 193.1 | 17.7 | 5.9% | 0.4x | -- |
Valuation & Metrics
Market Stats
Price$21.06
Market Cap$377M
Enterprise Value$517M
P/S Ratio4.5x
P/FCF21.6x
EV/FCF29.6x
FCF Margin (TTM)20.6%
FCF Yield4.6%
Dividend Yield (TTM)5.3%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$84.8M
Net Income$4.7M
Free Cash Flow$17.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin6.8%
Net Margin5.6%
FCF Margin20.6%
CapEx % of Revenue2.1%
SBC % of Revenue0.4%
ROIC3.1%
WC Change % Rev-0.4%
Interest Coverage0.2x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.3M
Days to Cover8.9
Change (vs Prior)+2.1%
Need at least 2 settlement dates for chart
Employees
Headcount386
Revenue / Employee$219,697
Gross Profit / Employee$116,104
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
11.0%(+1.8% YoY)
84 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
21.5%(+3.3% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.2% YoY)
2 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $26.5M | $17.88 | −$80K | −$917K | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $16.2M | $22.06 | +$16.0M | +$16.2M | — | $4.04T |
| DIMENSIONAL FUND ADVISORS LPPassive | $13.9M | $18.18 | +$354K | +$966K | -0.4% | $480.92B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $9.4M | $18.27 | +$96K | +$1.4M | +2.3% | $1.61T |
| CITIZENS & NORTHERN CORP | $8.0M | $18.22 | −$34K | +$563K | -0.3% | $401M |
| STATE STREET CORPPassive | $7.5M | $18.40 | +$277K | +$425K | -0.2% | $2.89T |
| NORTHERN TRUST CORPPassive | $3.1M | $19.53 | +$212K | +$119K | -0.2% | $755.34B |
| VANGUARD FIDUCIARY TRUST COPassive | $2.7M | $22.06 | +$2.6M | +$2.7M | — | $395.83B |
| Bank of New York Mellon Corp | $2.6M | $19.38 | −$2K | +$1.3M | -0.2% | $543.21B |
| PENNSYLVANIA CAPITAL MANAGEMENT INC /ADV | $2.2M | $19.45 | −$17K | −$54K | -0.3% | $349M |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $2.2M | $22.06 | +$2.2M | +$2.2M | — | $1.91T |
| PNC FINANCIAL SERVICES GROUP, INC. | $1.6M | $19.45 | −$26K | −$27K | +0.3% | $173.16B |
| SEGALL BRYANT & HAMILL, LLC | $1.5M | $22.06 | +$1.5M | +$1.5M | -0.1% | $8.06B |
| Squarepoint Ops LLC | $1.4M | $19.39 | +$568K | +$787K | +0.4% | $46.27B |
| GOLDMAN SACHS GROUP INC | $1.3M | $18.95 | +$332K | +$291K | -0.2% | $760.93B |
| IVC Wealth Advisors LLC | $1.3M | $19.45 | −$36K | −$387K | -0.2% | $223M |
| Stone House Investment Management, LLC | $1.3M | $17.36 | −$162K | −$944K | -3.4% | $558M |
| RENAISSANCE TECHNOLOGIES LLC | $1.2M | $18.01 | +$13K | +$54K | +1.2% | $63.91B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1.1M | $18.66 | −$11K | +$151K | +0.7% | $645.81B |
| AQR CAPITAL MANAGEMENT LLC | $1.1M | $18.72 | −$12K | +$1.1M | -0.2% | $218.19B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.22%
avg per quarter
Holders (ex-self)
-0.20%
excl. this stock
Buyers (this Q)
-0.20%
50 buyers · $0.03B in
Sellers (this Q)
+0.80%
27 sellers · $-0.00B out
alpha coverage: 83% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+8.8%
how holders react when this stock falls
On quiet Qs
-4.0%
−10% to +10% baseline
On rallies (+10%+)
-3.6%
how they react when this stock rises
Holders' portfolio flow this Q
+2.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.1%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.5%
Holder mid (any stock)
-2.4%
Holder rally (any stock)
-4.1%
Biggest decreases this quarter
IFS Group,LLCexited−$1.6MLegato Capital Management LLCexited−$647KJANE STREET GROUP, LLCexited−$507KLPL Financial LLCexited−$309KALLIANCEBERNSTEIN L.P.−$280Kα-0.3Stone House Investment Management, LLC−$162Kα-3.4CANADA PENSION PLAN INVESTMENT BOARDexited−$109KBlackRock, Inc.−$80Kα-0.2IVC Wealth Advisors LLC−$36Kα-0.2CITIZENS & NORTHERN CORP−$34Kα-0.3
New buyers this quarter
Top-5 holders · 60.1%
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
DIMENSIONAL FUND ADVISORS LP--
GEODE CAPITAL MANAGEMENT, LLC--
CITIZENS & NORTHERN CORP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
CITIZENS & NORTHERN CORP360KIVC Wealth Advisors LLC57KPENNSYLVANIA CAPITAL MANAGEMENT INC /ADV100KBank of New York Mellon Corp115KRENAISSANCE TECHNOLOGIES LLC53KPNC FINANCIAL SERVICES GROUP, INC.72KStone House Investment Management, LLC56KIFS Group,LLC—LOGAN CAPITAL MANAGEMENT INC—SEGALL BRYANT & HAMILL, LLC67K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$22.75800.0%
Current Price$21.06
Analyst Ratings
1
Hold: 1Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$40K
9 txns · 3 insiders · 1,844 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-13 | BUY | Lehman Terry L | director | 1,000 | $20.83 | $21K | $631K |
| 2026-05-08 | BUY | Pellegrino Frank G | director | 237 | $21.75 | $5K | $1.08M |
| 2026-05-08 | BUY | Shattuck Katherine W | director | 10 | $21.75 | $217 | $227K |
| 2026-04-06 | BUY | Pellegrino Frank G | director | 180 | $22.55 | $4K | $1.09M |
| 2026-04-06 | BUY | Shattuck Katherine W | director | 20 | $22.55 | $451 | $211K |
| 2026-03-06 | BUY | Pellegrino Frank G | director | 185 | $21.95 | $4K | $1.06M |
| 2026-03-06 | BUY | Shattuck Katherine W | director | 21 | $21.95 | $461 | $205K |
| 2026-02-10 | BUY | Pellegrino Frank G | director | 175 | $23.22 | $4K | $1.11M |
| 2026-02-10 | BUY | Shattuck Katherine W | director | 16 | $23.22 | $372 | $214K |
Order Flow (FINRA, ~3w lag)
12.3%retail-0.9pp
11.4%dark-4.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Citizens & Northern Corporation: Mature entity metadata suggests stability despite limited disclosure content
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
2/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10