Abacus Global Management (NYSE:ABX) CFO Sells 125,000 Shares

Abacus Global Management, Inc. (NYSE:ABX) CFO William Hugh Mccauley, Jr. sold 125,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer owned 915,260 shares of the company’s stock, valued at approximately $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 is available through this hyperlink.

Abacus Global Management Trading Up 5.3%

NYSE ABX traded up $0.49 on Friday, hitting $9.65. 545,310 shares of the stock were exchanged, compared to its average volume of 609,432. 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 fifty day moving average price of $10.22 and a two-hundred day moving average price of $9.37. The firm has a market capitalization of $925.63 million, a P/E ratio of 34.46 and a beta of 0.07. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44.

Abacus Global Management announced that its Board of Directors has authorized a stock buyback plan on Friday, August 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 12.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Piper Sandler decreased their price objective on shares of 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. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Finally, Wall Street Zen cut Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. One equities research 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 company’s stock. Based on data from MarketBeat, Abacus Global Management presently has an average rating of “Moderate Buy” and an average target price of $12.00.

Institutional Trading of Abacus Global Management

Several institutional investors and hedge funds have recently made changes to their positions in ABX. Ashford Capital Management Inc. purchased a new stake in shares of Abacus Global Management during the first quarter valued at $6,815,000. Royce & Associates LP purchased a new position in Abacus Global Management in the 4th quarter worth about $16,992,000. Citizens Financial Group Inc. RI purchased a new position in Abacus Global Management in the 4th quarter worth about $889,000. Kennedy Capital Management LLC bought a new stake in Abacus Global Management during the 4th quarter valued at about $5,342,000. Finally, QTR Family Wealth LLC bought a new stake in Abacus Global Management during the 4th quarter valued at about $5,110,000.

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.