Abacus Global Management (NYSE:ABX) Stock: Insider Sean Mcnealy Sells 22,700 Shares

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 22,700 shares of Abacus Global Management stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value of $175,698.00. Following the transaction, the insider owned 12,506,952 shares in the company, valued at $96,803,808.48. This trade represents a 0.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Sean Mcnealy also recently made the following trade(s):

• On Friday, September 18th, Sean Mcnealy sold 24,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.79, for a total value of $210,960.00.
• On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total transaction of $291,493.02.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Stock Up 5.2%

Abacus Global Management stock opened at $8.22 on Friday. The stock has a market capitalization of $804.13 million, a PE ratio of 29.37 and a beta of 0.06. Abacus Global Management, Inc. has a twelve month low of $5.00 and a twelve month high of $12.44. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67. The company has a 50 day moving average of $9.59 and a 200-day moving average of $9.49.

Abacus Global Management announced that its Board of Directors has approved a share repurchase program on Friday, August 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 12.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Key Stories Impacting Abacus Global Management

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

• Positive Sentiment: Abacus completed a landmark $400 million securitization. The transaction could strengthen liquidity, expand financing capacity and support growth in the company’s longevity-based asset management platform. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: Founders Sean McNealy, Matthew Ganovsky and Kevin “Scott” Kirby elected to terminate their pre-arranged Rule 10b5-1 trading plans while retaining substantial ownership. Ending the plans may reduce recurring selling pressure and signal continued long-term commitment. Abacus Founders Elect to Retain Substantial Ownership, Terminate 10b5-1 Trading Plans
• Neutral Sentiment: Abacus will participate in a virtual fireside chat hosted by Autonomous Research. The event could give investors additional insight into strategy and operating trends, although no new financial guidance was disclosed. Abacus Global Management to Participate in Virtual Fireside Chat Hosted by Autonomous Research
• Negative Sentiment: Major shareholders sold additional shares: McNealy sold 22,700, Kirby 22,745 and Ganovsky 22,800, for combined proceeds of approximately $528,000. The sales were made under pre-arranged plans and represented less than 0.3% of each holder’s stake, limiting their fundamental significance but adding near-term supply. Abacus Global Management Insider Trading Alert
• Negative Sentiment: The latest transactions follow more than $1.8 million of combined founder sales earlier in September. Repeated insider selling may weigh on sentiment despite the founders continuing to own large positions.

Analysts Set New Price Targets

A number of research firms have issued reports on ABX. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Piper Sandler reduced their price objective on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 7th. Finally, Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. One 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 stock. Based on data from MarketBeat.com, Abacus Global Management currently has an average rating of “Moderate Buy” and an average price target of $12.00.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ABX. Royce & Associates LP bought a new position in Abacus Global Management in the fourth quarter valued at $16,992,000. Alta Fundamental Advisers LLC acquired a new position in shares of Abacus Global Management during the 4th quarter worth about $9,385,000. Ashford Capital Management Inc. acquired a new position in shares of Abacus Global Management during the 1st quarter worth about $6,815,000. QTR Family Wealth LLC bought a new position in shares of Abacus Global Management in the 4th quarter valued at about $5,110,000. Finally, Kennedy Capital Management LLC acquired a new stake in shares of Abacus Global Management in the fourth quarter valued at about $5,342,000.

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.