Abacus Global Management, Inc. (NYSE:ABX) Stock Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analysts rate ABX a “Moderate Buy”, with three holds, one buy, and one strong buy; the average 12-month price target is $10.00 versus a recent share price of $8.41.
• Abacus Global Management approved a $100 million stock repurchase program, authorizing buybacks of up to 12.2% of outstanding shares.
• Insiders sold 748,011 shares worth approximately $6.6 million over the past 90 days, although company insiders still own 46.4% of the stock.

Shares of Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) have been given an average rating of "Moderate Buy" by the five brokerages that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $10.00.

ABX has been the subject of several research analyst reports. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management 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 Tuesday, September 8th. Finally, Piper Sandler dropped their price objective on shares of Abacus Global Management from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Monday.

Abacus Global Management Stock Performance

Shares of ABX stock opened at $8.41 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $822.92 million, a P/E ratio of 30.05 and a beta of 0.08. The company's 50 day moving average price is $8.83 and its two-hundred day moving average price is $9.36. Abacus Global Management has a 52 week low of $5.00 and a 52 week high of $12.44.

Abacus Global Management announced that its board has approved a stock repurchase plan on Friday, August 14th that authorizes the company to buy back $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 12.2% of its stock through open market purchases. Share repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at Abacus Global Management

In other Abacus Global Management news, CFO William Hugh Mccauley, Jr. sold 125,000 shares of Abacus Global Management stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $9.10, for a total value of $1,137,500.00. Following the sale, the chief financial officer owned 915,260 shares of the company's stock, valued at $8,328,866. This trade represents a 12.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Sean Mcnealy sold 38,333 shares of Abacus Global Management stock in a transaction dated 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 12,610,606 shares in the company, valued at $130,015,347.86. This represents a 0.30% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 748,011 shares of company stock worth $6,592,002. Company insiders own 46.40% of the company's stock.

Institutional Trading of Abacus Global Management

Institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new position in Abacus Global Management during the 3rd quarter worth approximately $31,000. World Investment Advisors bought a new position in shares of Abacus Global Management during the 4th quarter worth approximately $181,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Abacus Global Management during the 2nd quarter worth approximately $221,000. Hsbc Holdings PLC acquired a new stake in shares of Abacus Global Management in the second quarter valued at approximately $285,000. Finally, State of Wyoming raised its holdings in shares of Abacus Global Management by 67.5% in the first quarter. State of Wyoming now owns 59,611 shares of the company's stock valued at $470,000 after purchasing an additional 24,024 shares during the last quarter.

Abacus Global Management Company Profile

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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