Citizens Community Bancorp
CZWI on Nasdaq. Citizens Community Bancorp sells banking to businesses, farmers, and consumers in Wisconsin and Minnesota. Market value $206m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 8 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.08.
Profit per $100 you pay: $6.19.
Quality score: 66 of 100. Price score: 86 of 100. Our list needs 70 on quality and 60 on price.
$21.46 a share, 47% above its 1-year low
Over the past year the price has ranged from $14.61 to $24.43.
Dividend: 1.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 8% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $1 million, down 66% on a year ago.
- Spare cash over the past 12 months: $19 million, up from $7 million.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $3m |
| March 2025 | $3m |
| June 2025 | $3m |
| September 2025 | $4m |
| December 2025 | $4m |
| March 2026 | $4m |
| June 2026 | $1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 94 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $7m | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $1m | <0.1% | Cut |
Largest holders overall
- BlackRock$15mAdded
- Manufacturers Life Insurance Company, the$11m
- Vanguard Capital Management$10mCut
- Dimensional Fund Advisors LP$9mAdded
- Boston Partners$7mAdded
- Acadian Asset Management$7mAdded
- Gendell Jeffrey L$6m
- Geode Capital Management$5mAdded
- Banc Funds$5mCut
- TWO Sigma Investments, LP$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%; 1 of them is pushing for change.
- Gale HoeseActivistWants board seatsat least 9.1%0.0 pts(filed with 8 related holders)Since 27 July 2026
What they said
Item 4 of the Statement is hereby amended and restated in its entirety as follows: The Reporting Persons acquired their shares of Common Stock for investment purposes. The Reporting Persons believe the shares are undervalued relative to the Issuer's intrinsic value, long-term…
Read the filing - Wellington Management Company LLPPassive investor7.2%Since 31 December 2025
- BlackRock, Inc.Passive investor6.4%Since 30 June 2026
- Martin FriedmanPassive investorat least 4.9%−1.6 pts(filed with 3 related holders)Since 30 June 2025
- Fourthstone LLCPassive investorat least 1.7%−3.6 pts(filed with 5 related holders)Since 31 December 2025
- Manulife Investment Management (US) LLCPassive investorSold down below 5%Since 30 June 2026
- Vanguard Capital ManagementPassive investorSold down below 5%Since 30 June 2026
- Banc Fund X L.P.Passive investorSold down below 5%Since 31 December 2025
- AllianceBernstein L.P.Passive investorSold down below 5%Since 31 March 2026
- Wellington Management Group LLPPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Gale Hoese Activist Wants board seats | at least 9.1%0.0 pts (filed with 8 related holders) | 27 July 2026 | What they saidItem 4 of the Statement is hereby amended and restated in its entirety as follows: The Reporting Persons acquired their shares of Common Stock for investment purposes. The Reporting Persons believe the shares are undervalued relative to the Issuer's intrinsic value, long-term… Read the filing |
Wellington Management Company LLP Passive investor | 7.2% | 31 December 2025 | |
BlackRock, Inc. Passive investor | 6.4% | 30 June 2026 | |
Martin Friedman Passive investor | at least 4.9%−1.6 pts (filed with 3 related holders) | 30 June 2025 | |
Fourthstone LLC Passive investor | at least 1.7%−3.6 pts (filed with 5 related holders) | 31 December 2025 | |
Manulife Investment Management (US) LLC Passive investor | Sold down below 5% | 30 June 2026 | |
Vanguard Capital Management Passive investor | Sold down below 5% | 30 June 2026 | |
Banc Fund X L.P. Passive investor | Sold down below 5% | 31 December 2025 | |
AllianceBernstein L.P. Passive investor | Sold down below 5% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $121,389 of shares on the open market. 1 sold $104,176.
- FELBER FRANCIS EDirectorBought
- Date
- 10 August 2026
- Shares
- 500
- Price
- $20.25
- Value
- $10,125
- Bianchi Stephen MCEO and President, DirectorBought
- Date
- 10 August 2026
- Shares
- 1,000
- Price
- $20.50
- Value
- $20,500
- FELBER FRANCIS EDirectorBought
- Date
- 18 May 2026
- Shares
- 500
- Price
- $20.60
- Value
- $10,300
- MOLL JAMES DDirectorSold
- Date
- 18 May 2026
- Shares
- 2,000
- Price
- $20.59
- Value
- $41,170
- MOLL JAMES DDirectorSold
- Date
- 14 May 2026
- Shares
- 3,000
- Price
- $21.00
- Value
- $63,006
- SKARVAN KATHLEENDirectorBought
- Date
- 8 May 2026
- Shares
- 750
- Price
- $21.16
- Value
- $15,869
- Olson Timothy LDirectorBought
- Date
- 5 May 2026
- Shares
- 1,000
- Price
- $20.95
- Value
- $20,950
- FELBER FRANCIS EDirectorBought
- Date
- 4 May 2026
- Shares
- 1,000
- Price
- $20.60
- Value
- $20,600
- Conner Michael RDirectorBought
- Date
- 30 April 2026
- Shares
- 1,100
- Price
- $20.95
- Value
- $23,045
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 August 2026 | FELBER FRANCIS E Director | Bought | 500 | $20.25 | $10,125 |
| 10 August 2026 | Bianchi Stephen M CEO and President, Director | Bought | 1,000 | $20.50 | $20,500 |
| 18 May 2026 | FELBER FRANCIS E Director | Bought | 500 | $20.60 | $10,300 |
| 18 May 2026 | MOLL JAMES D Director | Sold | 2,000 | $20.59 | $41,170 |
| 14 May 2026 | MOLL JAMES D Director | Sold | 3,000 | $21.00 | $63,006 |
| 8 May 2026 | SKARVAN KATHLEEN Director | Bought | 750 | $21.16 | $15,869 |
| 5 May 2026 | Olson Timothy L Director | Bought | 1,000 | $20.95 | $20,950 |
| 4 May 2026 | FELBER FRANCIS E Director | Bought | 1,000 | $20.60 | $20,600 |
| 30 April 2026 | Conner Michael R Director | Bought | 1,100 | $20.95 | $23,045 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.