Abacus Global Management (NYSE:ABX) to Repurchase $100.00 million in Outstanding Stock

Key Points

• Abacus Global Management authorized a $100 million share repurchase plan, allowing it to buy back up to 12.2% of its outstanding stock through open-market purchases.
• ABX shares traded at $9.28, with a market capitalization of approximately $890 million and a 12-month range of $5.00 to $12.44. Analysts’ consensus rating is “Moderate Buy,” with a $12.00 target price.
• Major shareholders Matthew Ganovsky and Sean Mcnealy each sold 38,333 shares at an average price of $10.31; insiders have sold 311,000 shares worth about $2.9 million over the past three months.

Abacus Global Management (NYSE:ABX - Get Free Report) declared that its Board of Directors has initiated a share repurchase plan on Friday, August 14th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 12.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Abacus Global Management Stock Performance

ABX traded up $0.76 during midday trading on Friday, reaching $9.28. The company had a trading volume of 1,071,540 shares, compared to its average volume of 581,691. Abacus Global Management has a 12-month low of $5.00 and a 12-month high of $12.44. The business's 50-day moving average price is $10.21. The company has a market capitalization of $890.14 million, a PE ratio of 33.14 and a beta of 0.07. The company has a current ratio of 0.70, a quick ratio of 1.91 and a debt-to-equity ratio of 0.67.

Analysts Set New Price Targets

Several research firms have recently commented on ABX. B. Riley Financial reissued a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a report on Thursday, June 11th. Wall Street Zen cut Abacus Global Management from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Piper Sandler lowered their price target 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. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $12.00.

Insider Transactions at Abacus Global Management

In other Abacus Global Management news, major shareholder Matthew Ganovsky sold 38,333 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 value of $395,213.23. Following the sale, the insider directly owned 8,755,260 shares in the company, valued at $90,266,730.60. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Sean Mcnealy sold 38,333 shares of Abacus Global Management stock in a transaction dated Monday, August 3rd. The stock was 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 approximately $130,015,347.86. This trade represents a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 311,000 shares of company stock valued at $2,904,570 in the last three months. 46.40% of the stock is currently owned by company insiders.

About Abacus Global Management

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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