Abacus Life, Inc. $ABL is Mendon Capital Advisors Corp's 4th Largest Position

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 position in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 9.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,422,171 shares of the company's stock after buying an additional 118,345 shares during the quarter. 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 about 1.47% of Abacus Life worth $10,652,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its stake in Abacus Life by 13.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,928,293 shares of the company's stock valued at $14,443,000 after buying an additional 221,712 shares in the last quarter. Royce & Associates LP lifted its stake in Abacus Life by 39.6% during the first quarter. Royce & Associates LP now owns 1,824,253 shares of the company's stock valued at $13,664,000 after buying an additional 517,822 shares in the last quarter. Curi RMB Capital LLC lifted its stake in Abacus Life by 10.0% during the first quarter. Curi RMB Capital LLC now owns 1,275,000 shares of the company's stock valued at $9,550,000 after buying an additional 116,000 shares in the last quarter. Foundry Partners LLC lifted its stake in Abacus Life by 10.5% during the first quarter. Foundry Partners LLC now owns 756,957 shares of the company's stock valued at $5,670,000 after buying an additional 71,957 shares in the last quarter. Finally, AWM Investment Company Inc. lifted its stake in Abacus Life by 9.2% during the first quarter. AWM Investment Company Inc. now owns 680,536 shares of the company's stock valued at $5,097,000 after buying an additional 57,524 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts have commented on ABL shares. Piper Sandler reduced their price objective on shares of Abacus Life from $12.00 to $10.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Wall Street Zen upgraded Abacus Life from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $13.13.

Abacus Life Trading Down 4.5%

NASDAQ:ABL opened at $6.37 on Wednesday. The stock's 50 day moving average price is $5.87 and its 200 day moving average price is $6.86. Abacus Life, Inc. has a 52 week low of $4.60 and a 52 week high of $10.95. The company has a market capitalization of $616.36 million, a P/E ratio of -106.17 and a beta of 0.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.76 and a current ratio of 0.76.

Abacus Life (NASDAQ:ABL - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. Abacus Life had a positive return on equity of 17.65% and a negative net margin of 0.72%.The firm had revenue of $56.23 million for the quarter, compared to the consensus estimate of $43.38 million. On average, research analysts forecast that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

About Abacus Life

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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