Abacus Global Management, Inc. $ABX Stock: QTR Family Wealth LLC Trims Holdings

Key Points

• QTR Family Wealth cut its Abacus Global Management stake by 42.8% in the third quarter, selling 274,753 shares and retaining 366,932 shares valued at about $2.96 million.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $10. Piper Sandler lowered its target to $10 and kept a neutral rating; the stock opened at $8.76.
• Abacus reported quarterly EPS of $0.29, slightly above the $0.28 consensus, and has authorized a $100 million share repurchase—up to 12.2% of outstanding shares.

QTR Family Wealth LLC cut its stake in shares of Abacus Global Management, Inc. (NYSE:ABX - Free Report) by 42.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 366,932 shares of the company's stock after selling 274,753 shares during the quarter. Abacus Global Management accounts for about 1.1% of QTR Family Wealth LLC's portfolio, making the stock its 19th largest position. QTR Family Wealth LLC owned about 0.38% of Abacus Global Management worth $2,957,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new position in Abacus Global Management in the 3rd quarter valued at approximately $31,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Abacus Global Management during the second quarter worth $221,000. Hsbc Holdings PLC bought a new stake in shares of Abacus Global Management during the second quarter worth $285,000. World Investment Advisors grew its stake in shares of Abacus Global Management by 89.7% during the first quarter. World Investment Advisors now owns 40,137 shares of the company's stock worth $316,000 after buying an additional 18,975 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of Abacus Global Management by 20.8% during the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company's stock worth $595,000 after buying an additional 9,580 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler dropped their price target on Abacus Global Management from $12.00 to $10.00 and set a "neutral" rating for the company in a research note on Monday, October 19th. Weiss Ratings downgraded Abacus Global Management from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, October 28th. Finally, B. Riley Financial restated a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Abacus Global Management presently has a consensus rating of "Moderate Buy" and an average target price of $10.00.

Abacus Global Management Stock Performance

NYSE:ABX opened at $8.76 on Friday. The stock's 50-day moving average is $8.65 and its 200-day moving average is $9.18. Abacus Global Management, Inc. has a 1-year low of $5.17 and a 1-year high of $12.44. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The stock has a market cap of $856.64 million, a P/E ratio of 9.95 and a beta of 0.08.

Abacus Global Management (NYSE:ABX - Get Free Report) last issued its quarterly earnings data 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 10.55% and a return on equity of 21.03%. The business had revenue of $76.88 million during the quarter. During the same quarter last year, the business earned $0.07 EPS. Equities research analysts anticipate that Abacus Global Management, Inc. will post 1.05 earnings per share for the current year.

Abacus Global Management announced that its board has approved a share repurchase plan on Friday, August 14th that authorizes the company to buy back $100 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 12.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other Abacus Global Management news, major shareholder Matthew Ganovsky sold 22,800 shares of the company's stock in a transaction that occurred 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 directly owned 8,651,148 shares in the company, valued at approximately $66,959,885.52. This represents a 0.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Kevin Kirby sold 22,745 shares of the firm'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 $176,046.30. Following the transaction, the insider directly owned 12,506,060 shares of the company's stock, valued at $96,796,904.40. The trade was a 0.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 633,011 shares of company stock valued at $5,406,352 in the last ninety days. 46.40% of the stock is currently owned by insiders.

Abacus Global Management Company Profile

Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.

The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.

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