Abacus Global Management, Inc. (NYSE:ABX) Stock Rated “Moderate Buy” by Wall Street Brokerages

Shares of Abacus Global Management, Inc. (NYSE:ABX) have earned an average recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $10.00.

A number of research analysts recently commented on the company. Piper Sandler lowered their price objective on Abacus Global Management from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. B. Riley Financial reaffirmed a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Abacus Global Management in a research report on Tuesday, September 8th.

Abacus Global Management Trading Up 1.5%

Shares of ABX opened at $8.33 on Wednesday. Abacus Global Management has a 52 week low of $5.00 and a 52 week high of $12.44. The stock has a fifty day moving average of $8.76 and a 200-day moving average of $9.20.

Abacus Global Management announced that its Board of Directors has approved a stock repurchase plan on Friday, August 14th that permits the company to buy back $100 million in outstanding shares. This repurchase authorization permits the company to purchase up to 12.2% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Abacus Global Management

In other Abacus Global Management news, CFO William Hugh Mccauley, Jr. sold 125,000 shares of Abacus Global Management stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total transaction of $1,137,500.00. Following the sale, the chief financial officer owned 915,260 shares of the company’s stock, valued at $8,328,866. The trade was a 12.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kevin Kirby sold 38,334 shares of the stock in a transaction 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 transaction, the insider directly owned 12,610,305 shares of the company’s stock, valued at approximately $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 90 days, insiders sold 748,011 shares of company stock valued at $6,592,002. 46.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Abacus Global Management

Several institutional investors have recently bought and sold shares of ABX. Ashford Capital Management Inc. bought a new position in shares of Abacus Global Management in the first quarter valued at approximately $6,815,000. Grandeur Peak Global Advisors LLC raised its position in Abacus Global Management by 31.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock worth $2,204,000 after acquiring an additional 49,447 shares in the last quarter. Sei Investments Co. lifted its holdings in Abacus Global Management by 39.6% in the 1st 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 during the last quarter. Bank of New York Mellon Corp lifted its holdings in Abacus Global Management by 5.1% in 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 acquiring an additional 7,444 shares during the last quarter. Finally, Capital Investment Advisory Services LLC acquired a new stake in Abacus Global Management in the 2nd quarter valued at about $697,000.

Abacus Global Management Company Profile

Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.

The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.