Abacus Global Management (NYSE:ABX) Major Shareholder Sells $175,698.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 22,700 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value of $175,698.00. Following the completion of the sale, the insider directly owned 12,506,952 shares of the company’s stock, valued at $96,803,808.48. The trade was a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Sean Mcnealy also recently made the following trade(s):

• On Friday, September 18th, Sean Mcnealy sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total transaction of $210,960.00.
• On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total transaction of $291,493.02.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Stock Performance

Abacus Global Management stock traded down $0.23 during midday trading on Wednesday, hitting $7.79. 1,117,314 shares of the company’s stock were exchanged, compared to its average volume of 601,294. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market cap of $761.31 million, a price-to-earnings ratio of 27.80 and a beta of 0.06. Abacus Global Management, Inc. has a 12-month low of $5.00 and a 12-month high of $12.44. The firm’s 50 day simple moving average is $9.69 and its 200 day simple moving average is $9.52.

Abacus Global Management announced that its Board of Directors has approved a share repurchase plan on Friday, August 14th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

ABX has been the topic of several recent research reports. Piper Sandler dropped their price target on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. Finally, Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Abacus Global Management currently has an average rating of “Moderate Buy” and an average target price of $12.00.

Trending Headlines about Abacus Global Management

Here are the key news stories impacting Abacus Global Management this week:

• Positive Sentiment: Abacus Global Management completed a $400 million securitization, a significant capital-markets transaction that could strengthen funding capacity and support the company’s life-settlement asset acquisition and portfolio-growth strategy. The deal is the most important new potential catalyst for ABX in the provided news. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: The company’s previously announced $100 million share-repurchase authorization, covering up to approximately 12.2% of outstanding shares, may provide support for the stock if management views the shares as undervalued. This could help offset some insider-selling pressure.
• Neutral Sentiment: Several large shareholders sold shares under pre-arranged Rule 10b5-1 trading plans, which reduces the likelihood that the transactions represent a newly formed negative view of the business. However, the repeated sales may still weigh on investor sentiment.
• Negative Sentiment: Major shareholders collectively sold approximately 219,766 shares worth about $1.81 million across September 18–22. Matthew Ganovsky sold 81,312 shares, Kevin Scott Kirby sold 81,500 shares, and Sean McNealy sold 56,954 shares. Each retained a substantial ownership position, so the sales represent relatively small percentage reductions, but the cluster of transactions creates a near-term overhang. SEC filing for Matthew Ganovsky transactions SEC filing for Kevin Scott Kirby transactions SEC filing for Sean McNealy transactions

Hedge Funds Weigh In On Abacus Global Management

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP acquired a new stake in shares of Abacus Global Management in the 4th quarter valued at approximately $16,992,000. Alta Fundamental Advisers LLC purchased a new stake in shares of Abacus Global Management in the fourth quarter valued at approximately $9,385,000. Ashford Capital Management Inc. acquired a new position in Abacus Global Management during the first quarter worth $6,815,000. QTR Family Wealth LLC acquired a new position in Abacus Global Management during the fourth quarter worth $5,110,000. Finally, Kennedy Capital Management LLC purchased a new position in Abacus Global Management in the fourth quarter worth $5,342,000.

Abacus Global Management Company Profile

Abacus Global Management, Inc (NYSE: ABX) is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company’s activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.