Abacus Global Management (NYSE:ABX) Major Shareholder Sean Mcnealy Sells 21,100 Shares of Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 21,100 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $8.01, for a total value of $169,011.00. Following the sale, the insider owned 12,529,652 shares in the company, valued at $100,362,512.52. The trade was a 0.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total value of $291,493.02.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Price Performance

NYSE:ABX traded down $0.01 during mid-day trading on Tuesday, hitting $8.04. The company’s stock had a trading volume of 821,523 shares, compared to its average volume of 476,388. Abacus Global Management, Inc. has a fifty-two week low of $5.00 and a fifty-two week high of $12.44. The stock has a fifty day moving average of $9.69 and a 200-day moving average of $9.52. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $785.74 million, a price-to-earnings ratio of 28.70 and a beta of 0.06.

Abacus Global Management declared that its board has initiated a share buyback program on Friday, August 14th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 12.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Abacus Global Management News Summary

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

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

Institutional Trading of Abacus Global Management

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ashford Capital Management Inc. acquired a new position in Abacus Global Management during the 1st quarter worth approximately $6,815,000. Royce & Associates LP purchased a new stake in shares of Abacus Global Management during the fourth quarter worth approximately $16,992,000. Kennedy Capital Management LLC acquired a new position in shares of Abacus Global Management during the fourth quarter worth about $5,342,000. QTR Family Wealth LLC acquired a new stake in shares of Abacus Global Management in the 4th quarter worth approximately $5,110,000. Finally, Sei Investments Co. grew its position in shares of Abacus Global Management by 39.6% in the first 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ABX shares. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. 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 report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. Finally, Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. One 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.00.

About Abacus Global Management

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.