Abacus Global Management (NYSE:ABX) Announces Earnings Results

Abacus Global Management (NYSE:ABX) issued its earnings results on Thursday. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03, FiscalAI reports. Abacus Global Management had a return on equity of 16.90% and a net margin of 5.62%.The company had revenue of $71.90 million for the quarter.

Abacus Global Management Stock Performance

NYSE:ABX traded down $0.11 during midday trading on Friday, reaching $9.75. The stock had a trading volume of 260,521 shares, compared to its average volume of 549,272. The firm has a market capitalization of $952.57 million, a PE ratio of 121.89 and a beta of -0.14. Abacus Global Management has a 1-year low of $4.60 and a 1-year high of $10.50. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.67.

Institutional Investors Weigh In On Abacus Global Management

A number of hedge funds have recently bought and sold shares of the company. Alyeska Investment Group L.P. acquired a new stake in shares of Abacus Global Management in the fourth quarter valued at about $17,554,000. Mendon Capital Advisors Corp acquired a new position in shares of Abacus Global Management during the 4th quarter worth about $17,207,000. Royce & Associates LP bought a new stake in Abacus Global Management during the 4th quarter valued at approximately $16,992,000. Goldman Sachs Group Inc. acquired a new stake in Abacus Global Management in the 4th quarter valued at approximately $10,409,000. Finally, Alta Fundamental Advisers LLC acquired a new stake in Abacus Global Management in the 4th quarter valued at approximately $9,385,000.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Piper Sandler lowered Abacus Global Management from an “overweight” rating to a “neutral” rating and set a $11.00 price target for the company. in a report on Friday. Weiss Ratings initiated coverage on Abacus Global Management in a report on Thursday, January 29th. They issued a “hold (c-)” rating on the stock. Finally, Zacks Research lowered shares of Abacus Global Management from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $11.00.

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.