Abacus Life, Inc. (NASDAQ:ABL) Receives $13.13 Consensus Price Target from Brokerages

Key Points

• Abacus Life, Inc. has received a consensus recommendation of "Buy" from five research firms, with an average twelve-month target price of $13.1250.
• The company recently reported earnings of $0.22 EPS, exceeding analysts' estimates of $0.16, along with a revenue of $56.23 million for the quarter.
• Large institutional investors, including Goldman Sachs and Royce & Associates, have increased their holdings significantly in Abacus Life over recent quarters, indicating growing confidence in the company.

Shares of Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) have been given an average recommendation of "Buy" by the five research firms that are covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $13.1250.

A number of analysts recently issued reports on the company. Piper Sandler reduced their price objective on Abacus Life from $12.00 to $10.00 and set an "overweight" rating for the company in a research report on Wednesday, July 2nd. Wall Street Zen raised Abacus Life from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th.

Institutional Trading of Abacus Life

A number of institutional investors have recently bought and sold shares of the company. Northern Trust Corp lifted its position in shares of Abacus Life by 116.3% in the fourth quarter. Northern Trust Corp now owns 50,626 shares of the company's stock worth $396,000 after buying an additional 27,217 shares during the last quarter. Bison Wealth LLC lifted its position in shares of Abacus Life by 492.0% in the fourth quarter. Bison Wealth LLC now owns 61,125 shares of the company's stock worth $479,000 after buying an additional 50,800 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Abacus Life in the fourth quarter worth about $282,000. Bank of America Corp DE lifted its position in shares of Abacus Life by 2.6% in the fourth quarter. Bank of America Corp DE now owns 161,458 shares of the company's stock worth $1,264,000 after buying an additional 4,162 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Abacus Life in the fourth quarter worth about $225,000.

Abacus Life Stock Down 2.4%

Shares of Abacus Life stock traded down $0.16 during midday trading on Friday, hitting $6.49. The company's stock had a trading volume of 588,549 shares, compared to its average volume of 493,115. The firm has a market capitalization of $627.97 million, a P/E ratio of -108.17 and a beta of 0.03. Abacus Life has a 1-year low of $4.60 and a 1-year high of $10.95. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.57. The stock has a 50-day simple moving average of $6.04 and a 200-day simple moving average of $6.82.

Abacus Life (NASDAQ:ABL - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.06. The firm had revenue of $56.23 million during the quarter, compared to analysts' expectations of $43.38 million. Abacus Life had a positive return on equity of 17.65% and a negative net margin of 0.72%. As a group, sell-side analysts expect that Abacus Life will post 0.62 earnings per share for the current year.

About Abacus Life

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.