Abacus Global Management (NYSE:ABX) Stock Price Target Cut by Piper Sandler

Key Points

• Piper Sandler cut Abacus Global Management’s price target from $12 to $10 while maintaining a “neutral” rating. The new target implies approximately 27% upside from the stock’s reported price of $7.88.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $10 average price target based on ratings from five analysts.
• Abacus authorized a $100 million share buyback, allowing repurchases of up to 12.2% of outstanding shares, although insiders have sold about 748,000 shares worth $6.6 million over the past 90 days.

Abacus Global Management (NYSE:ABX - Get Free Report) had its price target dropped by analysts at Piper Sandler from $12.00 to $10.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price target indicates a potential upside of 26.98% from the stock's current price.

Several other research firms have also recently weighed in on ABX. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a report on Tuesday, September 8th. 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 company's stock. Based on data from MarketBeat.com, Abacus Global Management currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.00.

Abacus Global Management Stock Performance

Shares of NYSE ABX traded up $0.07 during midday trading on Monday, hitting $7.88. 115,814 shares of the company's stock were exchanged, compared to its average volume of 598,144. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67. The company's 50 day moving average price is $8.87 and its 200 day moving average price is $9.36. Abacus Global Management has a 12 month low of $5.00 and a 12 month high of $12.44. The firm has a market capitalization of $770.10 million, a PE ratio of 28.12 and a beta of 0.08.

Abacus Global Management declared that its Board of Directors has initiated a stock buyback program on Friday, August 14th that authorizes the company to repurchase $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 12.2% of its stock through open market purchases. Share buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Abacus Global Management

In related news, major shareholder Matthew Ganovsky sold 22,800 shares of Abacus Global Management stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total transaction of $176,472.00. Following the completion of the transaction, the insider owned 8,651,148 shares of the company's stock, valued at $66,959,885.52. This trade represents a 0.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Sean Mcnealy sold 22,700 shares of the business's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total transaction of $175,698.00. Following the completion of the transaction, the insider owned 12,506,952 shares in the company, valued at approximately $96,803,808.48. The trade was a 0.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 748,011 shares of company stock worth $6,592,002 over the last ninety days. Insiders own 46.40% of the company's stock.

Institutional Investors Weigh In On Abacus Global Management

Large investors have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue bought a new stake in shares of Abacus Global Management in the 3rd quarter valued at $31,000. Bank of New York Mellon Corp lifted its position in Abacus Global Management by 5.1% in the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company's stock valued at $1,199,000 after acquiring an additional 7,444 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Abacus Global Management by 20.8% in the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company's stock valued at $595,000 after purchasing an additional 9,580 shares in the last quarter. World Investment Advisors boosted its holdings in Abacus Global Management by 89.7% during the 1st quarter. World Investment Advisors now owns 40,137 shares of the company's stock worth $316,000 after acquiring an additional 18,975 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Abacus Global Management during the second quarter valued at about $221,000.

About Abacus Global Management

Abacus Global Management, Inc is an alternative asset manager focused on the life insurance secondary market. Through its operating businesses, the company acquires life insurance policies from policyholders who no longer need or want them, providing liquidity while managing the policies as investment assets until maturity or another exit event.

The company also provides policy servicing, portfolio management, data and analytics, and related asset-management services. Its business supports institutional investors and other capital partners seeking exposure to life insurance-linked assets, with a focus on underwriting, valuation, longevity analysis, and ongoing policy administration.

Abacus Global Management traces its origins to Abacus Life, which was founded in 2004.

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