Citizens Reports Earnings, Surpassing Estimates with Strong Performance
Citizens, Inc. (NYSE:CIA) announced its quarterly earnings on March 7, 2024, reporting a profit of $0.07 per share. This figure exceeded analysts’ expectations, which had predicted earnings of $0.06 per share, according to Zacks. The insurance provider generated revenue of $62.81 million for the quarter, falling short of the consensus estimate of $63.46 million.
The company’s net margin stood at 4.57%, and it achieved a return on equity of 6.42%. These results reflect Citizens’ ability to navigate a challenging market, demonstrating resilience in its operations.
Shares of Citizens stock increased by $0.38 during midday trading on March 8, 2024, reaching $6.13. The trading volume for the day was recorded at 182,111 shares, compared to the average volume of 162,420. Over the past year, Citizens has seen its stock fluctuate between a low of $2.90 and a high of $6.25. The company currently holds a market capitalization of $307.95 million, with a price-to-earnings ratio of 27.86 and a beta of 0.41.
Institutional Investments Reflect Confidence
Recent changes in institutional holdings indicate growing confidence in Citizens. Vanguard Group Inc. increased its stake by 0.9% during the third quarter, now owning 2,441,277 shares valued at $12.82 million after acquiring an additional 21,783 shares. Geode Capital Management LLC significantly raised its position by 118.0% in the second quarter, now holding 1,032,234 shares worth approximately $3.6 million after purchasing an extra 558,840 shares.
Bridgeway Capital Management LLC also lifted its position by 3.7%, bringing its total to 428,533 shares valued at $1.5 million. Goldman Sachs Group Inc. boosted its stake by 142.8% in the first quarter, owning 199,809 shares worth $909,000 after acquiring an additional 117,502 shares. Jane Street Group LLC increased its holdings by 133.6%, now possessing 169,308 shares valued at $770,000.
Institutional investors currently hold 13.73% of Citizens’ stock, reflecting a robust interest in the company’s future prospects.
Company Overview and Future Outlook
Citizens, Inc. specializes in providing life insurance products both in the United States and internationally. The company operates through two segments: Life Insurance and Home Service Insurance. The Life Insurance segment issues ordinary whole life insurance and endowment policies, primarily in U.S. dollar-denominated amounts to non-U.S. citizens.
As the company continues to report solid earnings and attract institutional investment, it appears well-positioned for future growth. Analysts and investors will be closely monitoring Citizens’ performance in the upcoming quarters to assess its ability to sustain this momentum.
