Abacus Life, Inc. (NASDAQ:ABL) Receives Consensus Recommendation of "Buy" from Brokerages

Shares of Abacus Life, Inc. (NASDAQ:ABL - Get Free Report) have been assigned a consensus recommendation of "Buy" from the seven brokerages that are currently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $13.75.

Several equities analysts have issued reports on the stock. Maxim Group assumed coverage on shares of Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 target price on the stock. Piper Sandler lowered their target price on shares of Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd.

Abacus Life Stock Performance

Shares of Abacus Life stock opened at $5.25 on Friday. The stock has a market cap of $508.46 million and a price-to-earnings ratio of -22.83. The firm's 50-day moving average is $6.09 and its 200 day moving average is $7.17. Abacus Life has a 1 year low of $4.60 and a 1 year high of $11.86. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.47 and a quick ratio of 0.47.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.02. The company had revenue of $44.14 million for the quarter, compared to analysts' expectations of $39.51 million. Abacus Life had a negative net margin of 13.35% and a positive return on equity of 16.76%. Sell-side analysts anticipate that Abacus Life will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Abacus Life

Several institutional investors have recently made changes to their positions in ABL. Sei Investments Co. lifted its stake in shares of Abacus Life by 38.8% in the 4th quarter. Sei Investments Co. now owns 81,525 shares of the company's stock worth $638,000 after purchasing an additional 22,783 shares during the period. LPL Financial LLC lifted its stake in shares of Abacus Life by 31.0% in the 4th quarter. LPL Financial LLC now owns 23,288 shares of the company's stock worth $182,000 after purchasing an additional 5,507 shares during the period. JPMorgan Chase & Co. increased its holdings in Abacus Life by 640.9% in the 4th quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company's stock worth $131,000 after acquiring an additional 14,420 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Abacus Life by 24.0% in the 4th quarter. Clearbridge Investments LLC now owns 645,712 shares of the company's stock worth $5,056,000 after acquiring an additional 124,792 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Abacus Life by 32.0% in the 4th quarter. Franklin Resources Inc. now owns 577,768 shares of the company's stock worth $4,524,000 after acquiring an additional 140,035 shares in the last quarter.

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.

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