Abacus Life, Inc. $ABL Holdings Increased by Mendon Capital Advisors Corp

Key Points

• Mendon Capital Advisors Corp increased its stake in Abacus Life, Inc. by 9.1% in the first quarter, making it the firm's 4th largest position at 1,422,171 shares.
• Analysts have a consensus rating of "Buy" for Abacus Life, with a target price of $13.13, although Piper Sandler recently lowered its price target from $12.00 to $10.00.
• Abacus Life reported a positive EPS of $0.22 in its latest quarterly earnings, surpassing analysts' expectations of $0.16, with revenue of $56.23 million compared to estimates of $43.38 million.

Mendon Capital Advisors Corp raised its holdings in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 9.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,422,171 shares of the company's stock after purchasing an additional 118,345 shares during the period. Abacus Life accounts for 5.2% of Mendon Capital Advisors Corp's portfolio, making the stock its 4th largest position. Mendon Capital Advisors Corp owned approximately 1.47% of Abacus Life worth $10,652,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Wyoming bought a new stake in shares of Abacus Life during the first quarter valued at approximately $105,000. Squarepoint Ops LLC purchased a new stake in Abacus Life in the fourth quarter worth approximately $113,000. Cubist Systematic Strategies LLC purchased a new stake in Abacus Life in the fourth quarter worth approximately $225,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Abacus Life in the first quarter worth approximately $249,000. Finally, Jane Street Group LLC purchased a new stake in Abacus Life in the fourth quarter worth approximately $282,000.

Abacus Life Price Performance

NASDAQ ABL traded up $0.17 on Monday, reaching $6.72. The company had a trading volume of 216,354 shares, compared to its average volume of 596,207. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $649.78 million, a PE ratio of -111.92 and a beta of 0.03. The firm's 50 day moving average price is $5.94 and its 200 day moving average price is $6.84. Abacus Life, Inc. has a 12 month low of $4.60 and a 12 month high of $10.95.

Abacus Life (NASDAQ:ABL - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.06. The company had revenue of $56.23 million for the quarter, compared to the consensus estimate of $43.38 million. Abacus Life had a negative net margin of 0.72% and a positive return on equity of 17.65%. As a group, equities analysts predict that Abacus Life, Inc. will post 0.62 earnings per share for the current year.

Analyst Ratings Changes

ABL has been the topic of several research reports. Wall Street Zen upgraded shares of Abacus Life from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Piper Sandler decreased their price objective on shares of Abacus Life from $12.00 to $10.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $13.13.

Abacus Life 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.