Blackstone Inc. Takes Position in Abacus Life, Inc. (NASDAQ:ABL)

Blackstone Inc. bought a new stake in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 219,900 shares of the company's stock, valued at approximately $1,722,000. Blackstone Inc. owned 0.23% of Abacus Life as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new stake in Abacus Life during the fourth quarter valued at about $110,000. JPMorgan Chase & Co. lifted its stake in shares of Abacus Life by 640.9% during the 4th quarter. JPMorgan Chase & Co. now owns 16,670 shares of the company's stock valued at $131,000 after buying an additional 14,420 shares in the last quarter. LPL Financial LLC boosted its holdings in 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 buying an additional 5,507 shares during the period. XTX Topco Ltd purchased a new position in Abacus Life in the 4th quarter valued at approximately $193,000. Finally, Jane Street Group LLC bought a new stake in Abacus Life during the 4th quarter valued at $282,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ABL shares. Maxim Group started coverage on Abacus Life in a report on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price target for the company. Piper Sandler raised their target price on Abacus Life from $11.50 to $12.00 and gave the stock an "overweight" rating in a research note on Friday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $14.08.

Abacus Life Price Performance

NASDAQ:ABL traded up $0.45 during trading hours on Friday, hitting $8.83. 765,578 shares of the company's stock traded hands, compared to its average volume of 190,631. The firm has a market cap of $855.21 million, a P/E ratio of -49.05 and a beta of 0.14. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The business's fifty day simple moving average is $7.73 and its two-hundred day simple moving average is $7.86. Abacus Life, Inc. has a 52 week low of $6.34 and a 52 week high of $12.40.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $44.14 million during the quarter, compared to analysts' expectations of $39.51 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. On average, research analysts anticipate that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Abacus Life 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.