Abacus Global Management, Inc. (NYSE:ABX) Stock Has Average Target Price of $12.00 According to Brokerages

Shares of Abacus Global Management, Inc. (NYSE:ABX) have been assigned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $12.00.

A number of research analysts have recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. Piper Sandler lowered 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. B. Riley Financial reaffirmed a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Finally, Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th.

Abacus Global Management Stock Performance

Shares of ABX opened at $8.26 on Friday. The company has a 50-day simple moving average of $9.33 and a two-hundred day simple moving average of $9.42. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $807.27 million, a PE ratio of 29.48 and a beta of 0.08. Abacus Global Management has a one year low of $5.00 and a one year high of $12.44.

Abacus Global Management declared that its Board of Directors has authorized a share buyback plan on Friday, August 14th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 12.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, major shareholder Sean Mcnealy sold 38,333 shares of the business’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 value of $395,213.23. Following the sale, the insider directly owned 12,610,606 shares of the company’s stock, valued at $130,015,347.86. The trade was a 0.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Kevin Kirby sold 38,334 shares of the company’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 value of $395,223.54. Following the completion of the sale, the insider owned 12,610,305 shares in the company, valued at $130,012,244.55. The trade was a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 748,011 shares of company stock valued at $6,592,002. 46.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Abacus Global Management

Several institutional investors and hedge funds have recently modified their holdings of the stock. Axxcess Wealth Management LLC purchased a new position in Abacus Global Management in the fourth quarter worth about $98,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Abacus Global Management during the second quarter valued at approximately $221,000. World Investment Advisors bought a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $181,000. Oasis Management Co Ltd. bought a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $197,000. Finally, Hsbc Holdings PLC purchased a new position in Abacus Global Management in the 2nd quarter worth approximately $285,000.

About Abacus Global Management

Abacus Global Management, Inc is an alternative asset manager focused on the life insurance secondary market. Through its operating businesses, the company acquires life insurance policies from policyholders who no longer need or want them, providing liquidity while managing the policies as investment assets until maturity or another exit event.

The company also provides policy servicing, portfolio management, data and analytics, and related asset-management services. Its business supports institutional investors and other capital partners seeking exposure to life insurance-linked assets, with a focus on underwriting, valuation, longevity analysis, and ongoing policy administration.

Abacus Global Management traces its origins to Abacus Life, which was founded in 2004.