Abacus Global Management (NYSE:ABX) CFO William Hugh Mccauley Jr Sells 125,000 Shares of Stock

Key Points

• CFO William Hugh Mccauley Jr. sold 125,000 ABX shares at an average price of $9.10, generating $1.14 million. He retains 915,260 shares, a 12.02% reduction in his direct ownership.
• Abacus Global Management authorized a $100 million share-repurchase program, allowing buybacks of up to 12.2% of outstanding shares—typically signaling that management believes the stock is undervalued.
• ABX traded at $9.65, below analysts’ consensus price target of $12.00. Analyst sentiment remains moderately positive, with one Strong Buy, one Buy, and three Hold ratings.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) CFO William Hugh Mccauley, Jr. sold 125,000 shares of the business's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total value of $1,137,500.00. Following the completion of the transaction, the chief financial officer directly owned 915,260 shares in the company, valued at approximately $8,328,866. This represents a 12.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Abacus Global Management Price Performance

ABX traded up $0.49 during trading on Friday, reaching $9.65. 545,310 shares of the company traded hands, compared to its average volume of 609,432. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. Abacus Global Management, Inc. has a 12-month low of $5.00 and a 12-month high of $12.44. The firm has a fifty day simple moving average of $10.22 and a 200 day simple moving average of $9.37. The company has a market cap of $925.63 million, a P/E ratio of 34.46 and a beta of 0.07.

Abacus Global Management declared that its board has approved a stock repurchase program on Friday, August 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 12.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ABX shares. B. Riley Financial reaffirmed a "buy" rating on shares of Abacus Global Management in a research note on Friday, August 7th. Wall Street Zen cut shares of Abacus Global Management from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Piper Sandler dropped 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. Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a research report on Tuesday, June 9th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Abacus Global Management in a report on Thursday, June 11th. One investment 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, Abacus Global Management presently has an average rating of "Moderate Buy" and a consensus target price of $12.00.

Institutional Trading of Abacus Global Management

A number of large investors have recently made changes to their positions in ABX. Ashford Capital Management Inc. purchased a new position in Abacus Global Management in the first quarter worth about $6,815,000. Royce & Associates LP purchased a new stake in Abacus Global Management during the fourth quarter valued at approximately $16,992,000. Citizens Financial Group Inc. RI purchased a new stake in Abacus Global Management during the fourth quarter valued at approximately $889,000. Kennedy Capital Management LLC bought a new stake in shares of Abacus Global Management in the 4th quarter valued at approximately $5,342,000. Finally, QTR Family Wealth LLC bought a new stake in shares of Abacus Global Management in the 4th quarter valued at approximately $5,110,000.

Abacus Global Management Company Profile

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.

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