Abacus Global Management (NYSE:ABX) Major Shareholder Kevin Scott Kirby Sells 36,400 Shares of Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Kevin Kirby sold 36,400 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $8.13, for a total value of $295,932.00. Following the sale, the insider owned 12,549,905 shares of the company’s stock, valued at approximately $102,030,727.65. This represents a 0.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Kevin Scott Kirby also recently made the following trade(s):

• On Tuesday, September 22nd, Kevin Kirby sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total value of $169,011.00.
• On Friday, September 18th, Kevin Kirby sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total value of $210,960.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total value of $395,223.54.

Abacus Global Management Stock Performance

ABX stock traded down $0.01 during trading hours on Tuesday, hitting $8.04. 821,523 shares of the stock were exchanged, compared to its average volume of 476,388. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $785.74 million, a P/E ratio of 8.85 and a beta of 0.06. The company has a 50-day simple moving average of $9.69 and a two-hundred day simple moving average of $9.52. Abacus Global Management, Inc. has a 12 month low of $5.00 and a 12 month high of $12.44.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ashford Capital Management Inc. acquired a new position in Abacus Global Management in the 1st quarter valued at approximately $6,815,000. Royce & Associates LP bought a new position in shares of Abacus Global Management in the 4th quarter worth about $16,992,000. Kennedy Capital Management LLC bought a new stake in Abacus Global Management in the fourth quarter worth approximately $5,342,000. QTR Family Wealth LLC bought a new stake in shares of Abacus Global Management in the 4th quarter valued at $5,110,000. Finally, Sei Investments Co. raised its holdings in shares of Abacus Global Management by 39.6% during the first quarter. Sei Investments Co. now owns 204,620 shares of the company’s stock valued at $1,612,000 after purchasing an additional 57,993 shares during the period.

Abacus Global Management News Summary

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

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

Analyst Ratings Changes

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

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.