Citizens (NYSE:CIA) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded Citizens to “strong sell” from “hold.” However, analyst views remain mixed, with two Buy and two Sell ratings, producing a consensus “Hold” rating and a $5.50 target price.
• Citizens shares opened at $3.54, near their 52-week low of $3.38, while the company’s latest quarterly results missed expectations. Earnings were $0.01 per share versus the $0.07 consensus, and revenue was $61.9 million versus $63.85 million expected.
• Insiders purchased 27,376 shares worth approximately $102,390 over the past 90 days, and institutional investors own 13.73% of the company. CEO Jon Stenberg and director Michael Philip Harwood were among the recent buyers.

Citizens (NYSE:CIA - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Wednesday, Zacks reports.

Other research analysts have also recently issued research reports about the company. Freedom Broker began coverage on Citizens in a research report on Monday, August 24th. They issued a "buy" rating and a $5.50 price objective on the stock. Weiss Ratings lowered Citizens from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, October 2nd. Wall Street Zen cut Citizens from a "sell" rating to a "strong sell" rating in a research note on Saturday, October 3rd. Finally, Citigroup began coverage on shares of Citizens in a report on Monday, August 24th. They issued a "buy" rating on the stock. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Citizens presently has a consensus rating of "Hold" and a consensus target price of $5.50.

Citizens Stock Up 1.9%

Citizens stock opened at $3.54 on Wednesday. Citizens has a 52 week low of $3.38 and a 52 week high of $6.54. The company's 50 day moving average price is $3.81 and its two-hundred day moving average price is $4.81. The stock has a market cap of $197.97 million, a P/E ratio of 16.84 and a beta of 0.47.

Citizens (NYSE:CIA - Get Free Report) last announced its earnings results on Thursday, August 6th. The insurance provider reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.06). The business had revenue of $61.90 million during the quarter, compared to analysts' expectations of $63.85 million. Citizens had a return on equity of 4.73% and a net margin of 4.55%. On average, equities analysts anticipate that Citizens will post 0.12 EPS for the current year.

Insider Buying and Selling

In other news, CEO Jon Stenberg acquired 12,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were acquired at an average price of $3.65 per share, for a total transaction of $43,800.00. Following the completion of the purchase, the chief executive officer owned 389,574 shares in the company, valued at approximately $1,421,945.10. This trade represents a 3.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael Philip Harwood acquired 10,000 shares of Citizens stock in a transaction on Monday, August 31st. The shares were purchased at an average cost of $3.80 per share, with a total value of $38,000.00. Following the completion of the acquisition, the director owned 11,096 shares of the company's stock, valued at $42,164.80. This trade represents a 912.41% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 27,376 shares of company stock worth $102,390 in the last ninety days. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CIA. Squarepoint Ops LLC grew its stake in shares of Citizens by 25.0% during the 2nd quarter. Squarepoint Ops LLC now owns 66,456 shares of the insurance provider's stock worth $381,000 after acquiring an additional 13,300 shares during the period. Bank of America Corp DE raised its stake in Citizens by 15.7% in the 1st quarter. Bank of America Corp DE now owns 42,405 shares of the insurance provider's stock valued at $213,000 after acquiring an additional 5,746 shares during the period. Finally, Empowered Funds LLC lifted its holdings in Citizens by 8.3% during the first quarter. Empowered Funds LLC now owns 238,487 shares of the insurance provider's stock valued at $1,200,000 after purchasing an additional 18,244 shares during the last quarter. Hedge funds and other institutional investors own 13.73% of the company's stock.

Citizens Company Profile

Citizens, Inc NYSE: CIA is an insurance holding company headquartered in Austin, Texas. Through its subsidiaries, the company primarily provides life insurance and related products to individuals and families in the United States and selected international markets.

Its product offerings include final-expense and burial insurance, ordinary whole-life and term-life policies, endowment products, and certain accident and health insurance coverage. These products are designed to provide financial protection, death benefits, and other forms of insurance support for policyholders and their beneficiaries.

Citizens has historically served customers in the United States as well as markets in Latin America and Asia.

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