Abacus Global Management (NYSE:ABX) Given New $9.50 Price Target at Piper Sandler

Key Points

• Piper Sandler cut its price target on Abacus Global Management from $11.00 to $9.50 and maintained a "neutral" rating, with that $9.50 target implying roughly a 16.7% upside; the stock's consensus rating is "Hold" with an average target of $9.50.
• Shares traded at $8.14 (up 1.6%) with a market cap of about $795.7M and a P/E of 22.04, trading below the analyst target and inside a 12‑month range of $4.60–$10.53.
• The company recently beat estimates, reporting Q earnings of $0.23 per share vs. $0.20 expected on $71.9M revenue, with a 15.53% net margin and 19.20% ROE, and saw notable institutional buying including Mendon Capital's ~$17.2M stake.

Abacus Global Management (NYSE:ABX - Get Free Report) had its price target cut by Piper Sandler from $11.00 to $9.50 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's target price would suggest a potential upside of 16.71% from the company's previous close.

ABX has been the subject of a number of other reports. Weiss Ratings assumed coverage on shares of Abacus Global Management in a report on Thursday, January 29th. They issued a "hold (c-)" rating for the company. Zacks Research cut shares of Abacus Global Management from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 28th. Finally, Wall Street Zen cut shares of Abacus Global Management from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $9.50.

Abacus Global Management Stock Up 1.6%

Shares of Abacus Global Management stock traded up $0.13 on Tuesday, hitting $8.14. 641,840 shares of the company traded hands, compared to its average volume of 622,056. The company has a market cap of $795.69 million, a P/E ratio of 22.04 and a beta of -0.04. Abacus Global Management has a 12-month low of $4.60 and a 12-month high of $10.53. The stock's 50-day moving average is $8.75. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.47 and a current ratio of 0.47.

Abacus Global Management (NYSE:ABX - Get Free Report) last issued its quarterly earnings data on Thursday, March 12th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.03. The firm had revenue of $71.90 million during the quarter. Abacus Global Management had a net margin of 15.53% and a return on equity of 19.20%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. World Investment Advisors acquired a new position in Abacus Global Management during the 4th quarter worth $181,000. Invesco Ltd. acquired a new position in Abacus Global Management during the 4th quarter worth $194,000. Axxcess Wealth Management LLC acquired a new position in Abacus Global Management during the 4th quarter worth $98,000. Mendon Capital Advisors Corp acquired a new position in Abacus Global Management during the 4th quarter worth $17,207,000. Finally, Zacks Investment Management acquired a new position in Abacus Global Management during the 4th quarter worth $184,000.

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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