Abacus Global Management, Inc. (NYSE:ABX) Stock Has Average Price Target of $10.00

Key Points

• Abacus Global Management has a consensus “Moderate Buy” rating from five analysts, with an average 12-month price target of $10.00; the stock recently traded at $8.81.
• The company reported quarterly EPS of $0.29, edging past the $0.28 consensus estimate, on revenue of $76.88 million.
• The board authorized a $100 million share repurchase program, allowing the company to buy back up to 12.2% of its outstanding shares.

Shares of Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) have earned a consensus rating of "Moderate Buy" from the five ratings firms that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $10.00.

A number of research firms have recently weighed in on ABX. B. Riley Financial reissued a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. Piper Sandler decreased their target price on shares of Abacus Global Management from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Monday, October 19th. Finally, Weiss Ratings cut shares of Abacus Global Management from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, October 28th.

Abacus Global Management Price Performance

ABX stock traded up $0.03 during trading on Friday, hitting $8.81. The stock had a trading volume of 496,627 shares, compared to its average volume of 615,015. The company's 50 day moving average price is $8.57 and its two-hundred day moving average price is $9.17. Abacus Global Management has a 1-year low of $5.57 and a 1-year high of $12.44. The stock has a market cap of $861.94 million, a price-to-earnings ratio of 25.18 and a beta of 0.08. 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 (NYSE:ABX - Get Free Report) last released its earnings results on Thursday, November 5th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Abacus Global Management had a net margin of 12.67% and a return on equity of 23.50%. The company had revenue of $76.88 million for the quarter. During the same quarter last year, the company posted $0.07 earnings per share. On average, sell-side analysts forecast that Abacus Global Management will post 1.06 EPS for the current fiscal year.

Abacus Global Management declared that its Board of Directors has authorized a share repurchase program on Friday, August 14th that allows the company to buy back $100 million in outstanding shares. This buyback authorization allows the company to buy up to 12.2% of its stock through open market purchases. Share buyback programs are typically an indication that the company's board believes its shares are undervalued.

Abacus Global Management Dividend Announcement

The firm also recently declared an annual dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Tuesday, December 1st will be issued a $0.22 dividend. The ex-dividend date is Tuesday, December 1st. This represents a yield of 251.0%. Abacus Global Management's payout ratio is 62.86%.

Insider Transactions at Abacus Global Management

In related news, major shareholder Sean Mcnealy sold 22,700 shares of the company's stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $7.74, for a total value of $175,698.00. Following the completion of the transaction, the insider directly owned 12,506,952 shares in the company, valued at approximately $96,803,808.48. This represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Matthew Ganovsky sold 22,800 shares of the company's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value 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. The trade was a 0.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 437,011 shares of company stock worth $3,687,432 over the last quarter. 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 added to or reduced their stakes in the business. Ashford Capital Management Inc. acquired a new position in Abacus Global Management in the first quarter valued at $6,815,000. Capital Investment Advisory Services LLC purchased a new stake in Abacus Global Management during the second quarter valued at about $697,000. Sei Investments Co. grew its position in Abacus Global Management by 39.6% during the first quarter. Sei Investments Co. now owns 204,620 shares of the company's stock valued at $1,612,000 after acquiring an additional 57,993 shares during the period. Jump Financial LLC increased its stake in Abacus Global Management by 207.6% during the third quarter. Jump Financial LLC now owns 78,130 shares of the company's stock worth $630,000 after acquiring an additional 52,730 shares during the last quarter. Finally, Grandeur Peak Global Advisors LLC increased its stake in Abacus Global Management by 31.6% during the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company's stock worth $2,204,000 after acquiring an additional 49,447 shares during the last quarter.

Abacus Global Management Company Profile

Abacus Global Management, Inc. NYSE: ABX is an alternative asset manager focused on longevity-linked assets, particularly life insurance policies. Through its life settlement business, the company helps policyholders sell eligible policies to investors and acquires policies for management in investment portfolios. The company also provides related services, including policy valuation, portfolio management and servicing. Formerly known as Abacus Life, Inc., it has roots in the life settlement industry dating to 2004.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.