Abacus Global Management, Inc. (NYSE:ABX) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts rate Abacus Global Management “Moderate Buy”, with three holds, one buy and one strong buy; the average 12-month price target is $12.00 versus the stock’s reported $9.58 price.
• Insiders sold 436,000 shares worth approximately $4.04 million over the past 90 days, including sales by major shareholder Matthew Ganovsky and CFO William Hugh Mccauley Jr.
• The company authorized a $100 million share repurchase program, allowing it to buy back up to 12.2% of outstanding shares, potentially signaling management views the stock as undervalued.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) has been given an average recommendation of "Moderate Buy" by the five research firms that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $12.00.

A number of analysts have weighed in on the company. Piper Sandler lowered their target price on Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. Finally, B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a report on Friday, August 7th.

Insider Activity

In other Abacus Global Management news, major shareholder Matthew Ganovsky sold 38,333 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were 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 8,755,260 shares in the company, valued at $90,266,730.60. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William Hugh Mccauley, Jr. sold 125,000 shares of Abacus Global Management stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total transaction of $1,137,500.00. Following the completion of the transaction, the chief financial officer directly owned 915,260 shares in the company, valued at $8,328,866. This represents a 12.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 436,000 shares of company stock worth $4,042,070 over the last 90 days. 46.40% of the stock is currently owned by insiders.

Institutional Trading of Abacus Global Management

Several hedge funds and other institutional investors have recently made changes to their positions in ABX. Russell Investments Group Ltd. purchased a new position in Abacus Global Management during the 4th quarter worth $30,000. New York State Common Retirement Fund purchased a new stake in Abacus Global Management in the fourth quarter valued at about $75,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Abacus Global Management in the fourth quarter valued at about $83,000. Intech Investment Management LLC acquired a new stake in Abacus Global Management in the fourth quarter worth about $96,000. Finally, Axxcess Wealth Management LLC acquired a new stake in Abacus Global Management in the fourth quarter worth about $98,000.

Abacus Global Management Price Performance

NYSE ABX opened at $9.58 on Tuesday. The company has a market cap of $936.83 million, a PE ratio of 34.21 and a beta of 0.07. The firm's 50 day moving average price is $10.24 and its 200-day moving average price is $9.47. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. Abacus Global Management has a 52-week low of $5.00 and a 52-week high of $12.44.

Abacus Global Management declared that its Board of Directors has initiated a share repurchase program on Friday, August 14th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 12.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Abacus Global Management Company 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.

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