Share Repurchase Plan Declared by Abacus Global Management (NYSE:ABX) Board of Directors

Abacus Global Management (NYSE:ABX) announced that its Board of Directors has initiated a share buyback program on Friday, August 14th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 12.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ABX has been the subject of several analyst reports. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Piper Sandler reduced their target price on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Wall Street Zen lowered Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. One investment 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.00.

Abacus Global Management Stock Performance

NYSE ABX opened at $9.28 on Monday. The stock has a market capitalization of $890.14 million, a P/E ratio of 33.14 and a beta of 0.07. 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 has a 52-week low of $5.00 and a 52-week high of $12.44. The stock’s 50-day moving average is $10.21.

Insider Activity at Abacus Global Management

In other news, CEO Jay J. Jackson sold 196,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 10,397,430 shares of the company’s stock, valued at $91,185,461.10. This represents a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Matthew Ganovsky sold 38,333 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23. Following the sale, the insider owned 8,755,260 shares of the company’s stock, valued at approximately $90,266,730.60. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 311,000 shares of company stock valued at $2,904,570 over the last quarter. 46.40% of the stock is currently owned by insiders.

Abacus Global Management Company Profile

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.