Citizens Inc. (NYSE:CIA) announced its quarterly earnings on October 26, 2023, revealing a profit of $0.07 per share. This figure exceeded analysts’ expectations, which had forecasted earnings of $0.06 per share. Despite the positive earnings, the company reported revenue of $62.81 million, falling short of the anticipated $63.46 million as suggested by analyst estimates, according to Zacks Investment Research.
The insurance provider achieved a net margin of 4.57% and a return on equity of 6.42%. Following the earnings announcement, shares of Citizens saw a midday increase, trading up $0.38 to $6.13. The trading volume reached 182,111 shares, exceeding the average volume of 162,420 shares. Over the past year, Citizens stock has fluctuated between a low of $2.90 and a high of $6.25.
Institutional Investors Adjust Their Holdings
Several institutional investors have recently adjusted their holdings 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. Meanwhile, Geode Capital Management LLC raised its position significantly by 118.0%, acquiring an additional 558,840 shares, bringing their total to 1,032,234 shares worth $3.60 million.
Further adjustments included Bridgeway Capital Management LLC, which lifted its stake by 3.7%, now holding 428,533 shares valued at $1.50 million. Additionally, Goldman Sachs Group Inc. increased its holdings by 142.8%, bringing its total to 199,809 shares worth $909,000. Finally, Jane Street Group LLC boosted its stake by 133.6%, acquiring 169,308 shares valued at $770,000. Institutional investors currently own 13.73% of Citizens’ total shares.
Company Overview
Citizens, Inc. provides life insurance products both in the United States and internationally. The company operates primarily in two segments: Life Insurance and Home Service Insurance. The Life Insurance segment offers ordinary whole life insurance and endowment policies denominated in U.S. dollars for non-U.S. residents.
As Citizens continues to navigate its market and investment landscape, analysts remain focused on its performance and strategic direction. The company’s ability to exceed earnings expectations while managing revenue shortfalls reflects both operational strengths and the challenges inherent in the insurance sector.
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