Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 60% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$259.3m to US$255.7m. EPS estimate also fell from US$0.30 per share to US$0.12 per share. Net income forecast to shrink 28% next year vs 0.2% growth forecast for Insurance industry in the US . Consensus price target down from US$6.00 to US$5.00. Share price fell 15% to US$3.90 over the past week. Recent Insider Transactions • Aug 12
President CEO & Director recently bought US$200k worth of stock On the 10th of August, Jon Stenberg bought around 50k shares on-market at roughly US$3.99 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jon has been a buyer over the last 12 months, purchasing a net total of US$531k worth in shares. Price Target Changed • Aug 11
Price target decreased by 17% to US$5.00 Down from US$6.00, the current price target is provided by 1 analyst. New target price is 34% above last closing price of US$3.72. Stock is down 27% over the past year. The company is forecast to post earnings per share of US$0.12 for next year compared to US$0.29 last year. Reported Earnings • Aug 07
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: US$0.01 loss per share (down from US$0.13 profit in 2Q 2025). Revenue: US$60.4m (down 7.2% from 2Q 2025). Net loss: US$425.0k (down 107% from profit in 2Q 2025). Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • May 11
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: US$0.045 (up from US$0.033 loss in 1Q 2025). Revenue: US$59.7m (up 7.3% from 1Q 2025). Net income: US$2.27m (up US$3.89m from 1Q 2025). Profit margin: 3.8% (up from net loss in 1Q 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Announcement • May 04
Citizens, Inc., Annual General Meeting, Jun 16, 2026 Citizens, Inc., Annual General Meeting, Jun 16, 2026. Location: 11815 alterra parkway, suite 1500, texas 78758, austin United States Reported Earnings • Mar 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$0.29 (down from US$0.30 in FY 2024). Revenue: US$255.6m (up 4.3% from FY 2024). Net income: US$14.6m (down 2.2% from FY 2024). Profit margin: 5.7% (down from 6.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$5.51, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 131% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$5.96, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 161% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$5.05, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 80% over the past three years. Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$0.25 to US$0.22 per share. Revenue forecast steady at US$251.4m. Net income forecast to grow 31% next year vs 6.7% growth forecast for Insurance industry in the US. Consensus price target of US$5.00 unchanged from last update. Share price fell 6.1% to US$5.69 over the past week. Reported Earnings • Nov 07
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: US$0.04 (down from US$0.056 in 3Q 2024). Revenue: US$62.8m (up 1.7% from 3Q 2024). Net income: US$2.42m (down 13% from 3Q 2024). Profit margin: 3.8% (down from 4.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$5.08, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 10
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.13 (up from US$0.08 in 2Q 2024). Revenue: US$65.1m (up 4.8% from 2Q 2024). Net income: US$6.46m (up 63% from 2Q 2024). Profit margin: 9.9% (up from 6.4% in 2Q 2024). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$3.81, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Insurance industry in the US. Total loss to shareholders of 2.8% over the past three years. Recent Insider Transactions • Jun 20
President & CEO recently bought US$66k worth of stock On the 17th of June, Jon Stenberg bought around 20k shares on-market at roughly US$3.33 per share. This transaction amounted to 6.5% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$413k. Jon has been a buyer over the last 12 months, purchasing a net total of US$963k worth in shares. Recent Insider Transactions • Jun 03
President & CEO recently bought US$129k worth of stock On the 29th of May, Jon Stenberg bought around 35k shares on-market at roughly US$3.71 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$413k. Jon has been a buyer over the last 12 months, purchasing a net total of US$897k worth in shares. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: US$0.03 loss per share (down from US$0.092 profit in 1Q 2024). Revenue: US$55.7m (down 3.6% from 1Q 2024). Net loss: US$1.62m (down 136% from profit in 1Q 2024). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 01
Citizens, Inc., Annual General Meeting, Jun 17, 2025 Citizens, Inc., Annual General Meeting, Jun 17, 2025. Location: 11815 alterra parkway, suite 1500, austin, United States Announcement • Apr 13
Citizens, Inc. Announces Resignation of Gerald W. Shields Non-Independent Director ,Effective Date Will Be April 15, 2025 On April 2, 2025, Gerald W. Shields, former Chief Executive Officer and the only non-independent director of the Board of Directors of Citizens, Inc., submitted a written resignation from the Board contingent upon the Board accepting such resignation and selecting an effective date. On April 9, 2025, the Board met and agreed to accept his resignation and on April 10, 2025 resolved that the effective date will be April 15, 2025. As a non-independent director, Mr. Shields does not serve on any standing committees. He did not refuse to stand for re-election to the Board nor resign because of a disagreement with the Company on any matter relating to the Company's operations, policies or practices. Recent Insider Transactions • Apr 11
President & CEO recently bought US$413k worth of stock On the 7th of April, Jon Stenberg bought around 106k shares on-market at roughly US$3.89 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Jon has been a buyer over the last 12 months, purchasing a net total of US$726k worth in shares. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$4.17, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Insurance industry in the US. Total loss to shareholders of 1.9% over the past three years. Recent Insider Transactions Derivative • Mar 21
President & CEO exercised options and sold US$54k worth of stock On the 18th of March, Jon Stenberg exercised options to acquire 11k shares at no cost and sold these for an average price of US$4.88 per share. This trade did not impact their existing holding. Since September 2024, Jon has owned 107.49k shares directly. Company insiders have collectively bought US$142k more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$5.26, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 24% over the past three years. Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$0.38 to US$0.31 per share. Revenue forecast steady at US$256.1m. Net income forecast to grow 4.3% next year vs 7.4% growth forecast for Insurance industry in the US. Consensus price target of US$5.00 unchanged from last update. Share price rose 15% to US$5.15 over the past week. New Risk • Mar 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.1% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$4.57, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Insurance industry in the US. Total returns to shareholders of 7.5% over the past three years. Announcement • Feb 04
Citizens, Inc. Promotes Paula Guerrero as Chief Information Officer Citizens, Inc. announced Paula Guerrero, who serves as the company’s Vice President of Information Technology, is promoted to chief information officer, effective immediately, reporting to Jon Stenberg, President and Chief Executive Officer. Guerrero is an accomplished information technology innovator and leader. Guerrero joined Citizens in 2021 as a Vice President of Information Technology, she drives technology as a crucial enabling function in the insurance sales cycle and to deliver exceptional agent and customer experience through the Company's strategic roadmap. Before joining Citizens, Guerrero served as IT Director-Health Plan Integration and Software Development at Baylor, Scott &White Health. She delivered key projects and change initiatives through the Company's reinvigorated IT strategy. She has served as Assistant Vice President of Application Services at FirstCare Health Plans. Baylor, Scott &White Health acquired FirstCare Health Plans in January 2019. She also served as Senior Manager of Engineering at Accruent, Software Development Manager at Mitratech, and Lead Software Developer at BMC Software. Guerrero holds a Bachelor of Science in Industrial Administration, with a dual major in Information Systems and Finance, cum laude, from Kettering University. Announcement • Jan 30
Citizens, Inc. Promotes Bryon Matthew Lewis to Chief Operating Officer Citizens, Inc. announced Bryon Matthew Lewis, who serves as Citizens' global Vice President of Operations, is promoted to Chief Operating Officer, a newly created global position effective immediately, reporting to Jon Stenberg, President and Chief Executive Officer. This role will oversee Underwriting, New Business, Claims, and Corporate and Policyholder Services, which are critical activities as continue delivering promises to policyholders. Mr. Lewis joined Citizens in 2021 as Vice President of Operations, where he drove business growth and transformation with his expertise in streamlining business processes to deliver on customer value. Mr. Lewis is an experienced growth leader. He previously served as Director of Information Services-Health Plan at Baylor, Scott &White Health, where he led roadmap integration planning. He served as Assistant Vice President IT Operations at First Care Health Plans. Baylor, Scott &White Health acquired First Care Health Plans in January 2019. He served as Project Engineering Director-Professional Services at E2open. He holds a Bachelor of Science in Information Technology from the University of Massachusetts Lowell. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.06 (up from US$0.054 in 3Q 2023). Revenue: US$61.7m (up 3.9% from 3Q 2023). Net income: US$2.79m (up 3.4% from 3Q 2023). Profit margin: 4.5% (in line with 3Q 2023). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 38%. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$4.83, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Insurance industry in the US. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to US$4.52, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Insurance industry in the US. Total loss to shareholders of 29% over the past three years. Recent Insider Transactions • Sep 06
President & CEO recently bought US$158k worth of stock On the 4th of September, Jon Stenberg bought around 53k shares on-market at roughly US$2.99 per share. This transaction increased Jon's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jon has been a buyer over the last 12 months, purchasing a net total of US$239k worth in shares. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Independent Director Mary Taylor was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 07
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.08 (down from US$0.12 in 2Q 2023). Revenue: US$62.1m (up 6.1% from 2Q 2023). Net income: US$3.96m (down 35% from 2Q 2023). Profit margin: 6.4% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions Derivative • Jul 05
Executive Vice-Chairman of the Board exercised options and sold US$78k worth of stock On the 28th of June, Gerald Shields exercised options to acquire 29k shares at no cost and sold these for an average price of US$2.72 per share. This trade did not impact their existing holding. Since September 2023, Gerald's direct individual holding has increased from 144.23k shares to 276.47k. Company insiders have collectively sold US$57k more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$2.55, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Insurance industry in the US. Total loss to shareholders of 54% over the past three years. Reported Earnings • May 08
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.09 (down from US$0.098 in 1Q 2023). Revenue: US$57.7m (up 3.2% from 1Q 2023). Net income: US$4.54m (down 6.8% from 1Q 2023). Profit margin: 7.9% (down from 8.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 50%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Announcement • May 01
Citizens, Inc., Annual General Meeting, Jun 18, 2024 Citizens, Inc., Annual General Meeting, Jun 18, 2024, at 10:00 Central Standard Time. Location: The Company’s principal executive office at 11815 Alterra Parkway, Suite 1500 Austin, Texas 78758 Texas United States Agenda: To approve the Election of Directors ; to Ratify the Appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for 2024; to approve the Advisory Vote to Approve Executive Compensation; and. New Risk • Mar 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.7m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: US$0.49 (vs US$0.13 loss in FY 2022) Full year 2023 results: EPS: US$0.49 (up from US$0.13 loss in FY 2022). Revenue: US$240.7m (up 3.5% from FY 2022). Net income: US$24.4m (up US$31.1m from FY 2022). Profit margin: 10% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: US$0.06 (vs US$0.10 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.06 (up from US$0.10 loss in 3Q 2022). Revenue: US$59.4m (up 5.7% from 3Q 2022). Net income: US$2.70m (up US$7.83m from 3Q 2022). Profit margin: 4.5% (up from net loss in 3Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: US$0.12 (vs US$0.07 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.12 (up from US$0.07 loss in 2Q 2022). Revenue: US$58.5m (up 8.9% from 2Q 2022). Net income: US$6.13m (up US$9.67m from 2Q 2022). Profit margin: 11% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Recent Insider Transactions • May 16
Executive Vice-Chairman of the Board recently bought US$102k worth of stock On the 11th of May, Gerald Shields bought around 55k shares on-market at roughly US$1.86 per share. This transaction amounted to 64% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Gerald has been a buyer over the last 12 months, purchasing a net total of US$296k worth in shares. Announcement • May 10
Citizens, Inc., Annual General Meeting, Jun 06, 2023 Citizens, Inc., Annual General Meeting, Jun 06, 2023, at 10:00 Central Standard Time. Location: citizens, inc. headquarters 11815 alterra parkway, suite 1500, austin, texas 78758 Texas United States Agenda: To elect each of the eight director nominees identified in the accompanying Proxy Statement to serve until the next annual meeting of shareholders or until his or her successor is duly elected and qualified; to ratify the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for 2023; to approve, on a non-binding advisory basis, executive compensation ( Say-on-Pay"); and to transact such other business matter. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: US$0.10 (vs US$0.027 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.10 (up from US$0.027 loss in 1Q 2022). Revenue: US$55.9m (up 1.0% from 1Q 2022). Net income: US$4.87m (up US$6.21m from 1Q 2022). Profit margin: 8.7% (up from net loss in 1Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 12
Full year 2022 earnings released: US$0.13 loss per share (vs US$0.74 profit in FY 2021) Full year 2022 results: US$0.13 loss per share (down from US$0.74 profit in FY 2021). Revenue: US$232.5m (down 7.2% from FY 2021). Net loss: US$6.64m (down 118% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$2.60, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 15x in the Insurance industry in the US. Total loss to shareholders of 64% over the past three years. Recent Insider Transactions • Nov 16
Executive Vice-Chairman of the Board recently bought US$74k worth of stock On the 10th of November, Gerald Shields bought around 25k shares on-market at roughly US$3.00 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Gerald has been a buyer over the last 12 months, purchasing a net total of US$194k worth in shares. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 31% share price gain to US$3.18, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 16x in the Insurance industry in the US. Total loss to shareholders of 53% over the past three years. Reported Earnings • Nov 05
Third quarter 2022 earnings released: US$0.094 loss per share (vs US$0.056 loss in 3Q 2021) Third quarter 2022 results: US$0.094 loss per share (further deteriorated from US$0.056 loss in 3Q 2021). Revenue: US$56.2m (down 8.8% from 3Q 2021). Net loss: US$5.13m (loss widened 83% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$2.85, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 13x in the Insurance industry in the US. Total loss to shareholders of 58% over the past three years. Reported Earnings • Aug 05
Second quarter 2022 earnings released: US$0.071 loss per share (vs US$0.10 profit in 2Q 2021) Second quarter 2022 results: US$0.071 loss per share (down from US$0.10 profit in 2Q 2021). Revenue: US$53.7m (down 16% from 2Q 2021). Net loss: US$3.55m (down 171% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 17% share price gain to US$3.90, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 12x in the Insurance industry in the US. Total loss to shareholders of 44% over the past three years. Recent Insider Transactions • May 25
Executive Vice-Chairman of the Board recently bought US$120k worth of stock On the 24th of May, Gerald Shields bought around 35k shares on-market at roughly US$3.47 per share. This was the largest purchase by an insider in the last 3 months. This was Gerald's only on-market trade for the last 12 months. Reported Earnings • May 06
First quarter 2022 earnings released: US$0.026 loss per share (vs US$0.071 loss in 1Q 2021) First quarter 2022 results: US$0.026 loss per share (up from US$0.071 loss in 1Q 2021). Revenue: US$55.4m (flat on 1Q 2021). Net loss: US$1.33m (loss narrowed 63% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.74 (up from US$0.22 loss in FY 2020). Revenue: US$250.5m (up 4.9% from FY 2020). Net income: US$36.8m (up US$47.8m from FY 2020). Profit margin: 15% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 1.3%. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 05
Third quarter 2021 earnings released The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$61.6m (up 2.9% from 3Q 2020). Net loss: US$2.80m (loss narrowed 65% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Mary Taylor was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.10 (vs US$0.02 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$63.6m (up 8.9% from 2Q 2020). Net income: US$5.02m (up US$6.05m from 2Q 2020). Profit margin: 7.9% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Executive Departure • Jun 09
Director Constance Weaver has left the company On the 1st of June, Constance Weaver's tenure as Director ended after 3.0 years in the role. We don't have any record of a personal shareholding under Constance's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years. Executive Departure • May 11
VP, Chief Legal Officer & Corporate Secretary has left the company On the 30th of April, James Eliasberg's tenure as VP, Chief Legal Officer & Corporate Secretary ended after 3.2 years in the role. We don't have any record of a personal shareholding under James' name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 06
First quarter 2021 earnings released: US$0.07 loss per share (vs US$0.071 loss in 1Q 2020) The company reported a mediocre first quarter result with no improvement to losses, revenues or control over costs. First quarter 2021 results: Revenue: US$55.5m (flat on 1Q 2020). Net loss: US$3.57m (flat on 1Q 2020). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 12
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$238.9m (down 4.7% from FY 2019). Net loss: US$11.0m (loss widened US$9.62m from FY 2019). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 06
New 90-day high: US$6.54 The company is up 3.0% from its price of US$6.33 on 04 December 2020. The American market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 8.0% over the same period. Announcement • Feb 11
Citizens, Inc. Announces Redesignation of Directors Citizens, Inc. announced that pursuant To the terms of the Foundation Settlement Agreement, on February 6, 2021, the Board reduced the size of the Board from thirteen to nine directors and redesignated E. Dean Gage, Robert B. Sloan, Terry S. Maness, and Constance K. Weaver, representing the existing undesignated directors on the Board, as Class B directors to serve on the Board until the next Annual Meeting of Shareholders, in each case, effective immediately. In addition, the Foundation also agreed to withdraw the Foundation Nominees who were previously submitted to the Company’s Nominating and Corporate Governance Committee for review and consideration. Announcement • Feb 10
Harold E. Riley Foundation Dismisses Claims Against Citizens, Inc Citizens, Inc. announced that the Harold E. Riley Foundation has agreed to dismiss all claims against Citizens and the members of its Board of Directors in connection with the Colorado litigation filed by the Foundation's former trustees and to sell all outstanding Class B common stock to Citizens. The purchase of the Class B common stock by Citizens is expected to be consummated in March 2021. The dismissal of the Colorado litigation and sale of the Class B common stock were partially the result of the two sole charitable beneficiaries of the Foundation, Baylor University and Southwestern Theological Seminary, resolving their litigation with the Foundation's trustees in Texas. In such litigation, of which neither the Company nor its Board was a party, the charitable beneficiaries alleged that certain of the Foundation's trustees breached their fiduciary duties to the Foundation and misused Foundation monies for personal benefit, including bringing the Colorado litigation against the company and its Board in an attempt to seat themselves on Citizens' Board. The Texas Attorney General intervened in the case on behalf of Baylor and Southwestern in December 2020. As a result of their settlement, the trustees who filed the lawsuit against Citizens were removed from the Foundation. As a result of the Foundation Settlement Agreement: Citizens, its directors and the Foundation will dismiss all claims in the Colorado litigation; Citizens restored its Board and Bylaws to the form they existed as of August 12, 2020; The Foundation agreed to sell and Citizens agreed to buy 100% of the Citizens Class B Shares that were owned by the Foundation; and Citizens will have one class of voting shares outstanding (Class A common stock)—Class B Shares will remain authorized but will be unissued. Is New 90 Day High Low • Dec 09
New 90-day high: US$6.50 The company is up 8.0% from its price of US$6.00 on 09 September 2020. The American market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: US$6.22 The company is up 5.0% from its price of US$5.93 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Insurance industry, which is also up 5.0% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: US$0.16 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: US$59.8m (down 2.7% from 3Q 2019). Net loss: US$7.92m (down 487% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.