Abacus Global Management, Inc. $ABX Stake Reduced by QTR Family Wealth LLC

QTR Family Wealth LLC lessened its position in shares of Abacus Global Management, Inc. (NYSE:ABX) by 42.8% in the third quarter, HoldingsChannel.com reports. The firm owned 366,932 shares of the company’s stock after selling 274,753 shares during the quarter. Abacus Global Management accounts for approximately 1.1% of QTR Family Wealth LLC’s portfolio, making the stock its 19th biggest holding. QTR Family Wealth LLC’s holdings in Abacus Global Management were worth $2,957,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ashford Capital Management Inc. bought a new position in Abacus Global Management during the 1st quarter worth approximately $6,815,000. Grandeur Peak Global Advisors LLC boosted its stake in shares of Abacus Global Management by 31.6% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock valued at $2,204,000 after purchasing an additional 49,447 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Abacus Global Management by 39.6% in the 1st 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 last quarter. Bank of New York Mellon Corp increased its position in shares of Abacus Global Management by 5.1% during the first quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock worth $1,199,000 after buying an additional 7,444 shares during the period. Finally, Capital Investment Advisory Services LLC acquired a new stake in shares of Abacus Global Management during the second quarter worth $697,000.

Insider Activity at Abacus Global Management

In related news, CFO William Hugh Mccauley, Jr. sold 125,000 shares of the stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $9.10, for a total transaction of $1,137,500.00. Following the transaction, the chief financial officer directly owned 915,260 shares of the company’s stock, valued at $8,328,866. This represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jay Jackson sold 196,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $8.77, for a total transaction of $1,718,920.00. Following the completion of the sale, the chief executive officer owned 10,397,430 shares of the company’s stock, valued at $91,185,461.10. The trade was a 1.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 633,011 shares of company stock worth $5,406,352 over the last ninety days. 46.40% of the stock is owned by corporate insiders.

Abacus Global Management Price Performance

Shares of ABX opened at $8.76 on Friday. Abacus Global Management, Inc. has a 52-week low of $5.17 and a 52-week high of $12.44. 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 business’s 50 day moving average price is $8.65 and its two-hundred day moving average price is $9.18. The firm has a market cap of $856.64 million, a PE ratio of 9.95 and a beta of 0.08.

Abacus Global Management (NYSE:ABX) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $76.88 million during the quarter. Abacus Global Management had a net margin of 10.55% and a return on equity of 21.03%. During the same period last year, the business earned $0.07 EPS. On average, equities analysts anticipate that Abacus Global Management, Inc. will post 1.05 EPS for the current year.

Abacus Global Management announced that its Board of Directors has approved a share repurchase plan on Friday, August 14th that permits the company to repurchase $100 million in shares. This repurchase authorization permits the company to repurchase up to 12.2% of its stock through open market purchases. Share repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ABX shares. Weiss Ratings downgraded shares of Abacus Global Management from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, October 28th. B. Riley Financial reaffirmed a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Finally, Piper Sandler decreased their price target on Abacus Global Management from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Abacus Global Management Profile

Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.

The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.