Abacus Global Management (NYSE:ABX) Stock Price Target Cut by Piper Sandler

Abacus Global Management (NYSE:ABX) had its price objective lowered by research analysts at Piper Sandler from $12.00 to $10.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential upside of 26.98% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. One 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $10.00.

Abacus Global Management Stock Performance

Shares of Abacus Global Management stock traded up $0.07 on Monday, reaching $7.88. 115,814 shares of the company traded hands, compared to its average volume of 598,144. The company has a 50 day moving average of $8.87 and a 200 day moving average of $9.36. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70. Abacus Global Management has a 52 week low of $5.00 and a 52 week high of $12.44. The firm has a market capitalization of $770.10 million, a PE ratio of 28.12 and a beta of 0.08.

Abacus Global Management declared that its board has approved a stock buyback plan on Friday, August 14th that allows the company to buy back $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 12.2% of its stock through open market purchases. Share buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Abacus Global Management news, major shareholder Sean Mcnealy sold 38,333 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,213.23. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Kevin Kirby sold 38,334 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total transaction of $395,223.54. Following the completion of the sale, the insider directly owned 12,610,305 shares of the company’s stock, valued at $130,012,244.55. This represents a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 748,011 shares of company stock worth $6,592,002 over the last 90 days. Insiders own 46.40% of the company’s stock.

Institutional Investors Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ashford Capital Management Inc. bought a new position in shares of Abacus Global Management during the first quarter valued at about $6,815,000. Grandeur Peak Global Advisors LLC grew its stake in shares of Abacus Global Management by 31.6% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock worth $2,204,000 after buying an additional 49,447 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Abacus Global Management by 39.6% during the first quarter. Sei Investments Co. now owns 204,620 shares of the company’s stock valued at $1,612,000 after acquiring an additional 57,993 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Abacus Global Management by 5.1% during the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock valued at $1,199,000 after purchasing an additional 7,444 shares in the last quarter. Finally, Capital Investment Advisory Services LLC purchased a new position in Abacus Global Management in the 2nd quarter worth approximately $697,000.

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.