Abacus Global Management (NYSE:ABX) CFO William Hugh Mccauley, Jr. Sells 125,000 Shares

Abacus Global Management, Inc. (NYSE:ABX) CFO William Hugh Mccauley, Jr. sold 125,000 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total value of $1,137,500.00. Following the sale, the chief financial officer directly owned 915,260 shares in the company, valued at $8,328,866. This trade represents a 12.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Abacus Global Management Stock Performance

ABX opened at $9.65 on Friday. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The stock has a market cap of $943.67 million, a P/E ratio of 34.46 and a beta of 0.07. The stock’s 50 day simple moving average is $10.22 and its 200 day simple moving average is $9.37. 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 declared that its Board of Directors has initiated a stock repurchase program on Friday, August 14th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 12.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

ABX has been the topic of several research reports. Piper Sandler lowered their target price on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a research note on Thursday, June 11th. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen downgraded shares of Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ABX. Russell Investments Group Ltd. acquired a new stake in shares of Abacus Global Management during the 4th quarter worth about $30,000. New York State Common Retirement Fund acquired a new position in shares of Abacus Global Management in the fourth quarter valued at approximately $75,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Abacus Global Management in the fourth quarter valued at approximately $83,000. Summit Wealth & Retirement Planning Inc. purchased a new position in shares of Abacus Global Management during the fourth quarter valued at approximately $86,000. Finally, Intech Investment Management LLC purchased a new position in shares of Abacus Global Management during the fourth quarter valued at approximately $96,000.

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.