Analysts Set Abacus Global Management, Inc. (NYSE:ABX) Price Target at $12.00

Shares of Abacus Global Management, Inc. (NYSE:ABX) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $12.00.

Several equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. Piper Sandler cut their price objective on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Finally, Texas Capital raised Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th.

Abacus Global Management Price Performance

Shares of ABX stock opened at $9.61 on Tuesday. The firm has a fifty day moving average of $10.22 and a two-hundred day moving average of $9.51. The firm has a market cap of $939.76 million, a P/E ratio of 34.32 and a beta of 0.06. Abacus Global Management has a 1-year low of $5.00 and a 1-year high of $12.44. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70.

Abacus Global Management announced that its Board of Directors has authorized a share buyback plan on Friday, August 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 12.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Abacus Global Management

In other Abacus Global Management news, major shareholder Sean Mcnealy sold 38,333 shares of Abacus Global Management stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,213.23. Following the completion of the transaction, the insider owned 12,610,606 shares of the company’s stock, valued at $130,015,347.86. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jay J. Jackson sold 196,000 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $8.77, for a total transaction of $1,718,920.00. Following the sale, the chief executive officer owned 10,397,430 shares of the company’s stock, valued at approximately $91,185,461.10. The trade was a 1.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 436,000 shares of company stock worth $4,042,070. 46.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. California State Teachers Retirement System grew its position in shares of Abacus Global Management by 1,016.9% during the 2nd quarter. California State Teachers Retirement System now owns 398,733 shares of the company’s stock valued at $4,270,000 after buying an additional 363,033 shares during the last quarter. Grandeur Peak Global Advisors LLC raised its stake in Abacus Global Management by 31.6% during the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock worth $2,204,000 after acquiring an additional 49,447 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Abacus Global Management in the second quarter worth about $221,000. Hsbc Holdings PLC bought a new position in Abacus Global Management in the second quarter worth about $285,000. Finally, Capital Investment Advisory Services LLC acquired a new position in Abacus Global Management in the second quarter valued at approximately $697,000.

About Abacus Global Management

Abacus Life, Inc operates as an alternative asset manager specializing in life insurance products. It purchases life insurance policies from consumers seeking liquidity and manages policies over time via trading, holding, and/or servicing. The company was founded in 2004 and is based in Orlando, Florida.