CZNC - Citizens & Northern jumping on Piper upgrade

Citizens & Northern ([[CZNC]], +6.4%) is climbing sharply, amid a wider rally in bank stocks, with Piper Sandler noting selling in the last three months looks overdone.Piper ups the stock to Overweight from Neutral, but with a price target down to $20 from $21, highlighting the fact the stock is down 20% over the last three months, compared with a 7% drop in the Nasdaq Bank Index ([[BKX]], +3.8%).“The stock trades at ~1.0x pro forma TBV, which we believe is an attractive entry point for this name that historically has garnered a ~3x multiple on tangible book to peers (versus ~2x today),” Piper analysts say. “We believe a bigger premium is warranted given CZNC's conservative credit history and low levels of legacy deferred loan balances (3% of loans at 7/31)”.The bank’s 7% dividend yield is supported by strong capital levels, they add.

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Citizens & Northern jumping on Piper upgrade