Zimmer Partners LP Sells 42,910 Shares of Abacus Life, Inc. $ABL

Key Points

• Zimmer Partners LP reduced its stake in Abacus Life, Inc. by 6.9%, owning approximately 575,000 shares worth around $4.3 million.
• Abacus Life's stock received a buy rating from Wall Street Zen, while Piper Sandler adjusted its target price down from $12.00 to $10.00, indicating varying analyst opinions.
• The company reported earnings of $0.22 per share for the previous quarter, surpassing expectations and generating revenues of $56.23 million.

Zimmer Partners LP cut its stake in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 6.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 575,000 shares of the company's stock after selling 42,910 shares during the period. Zimmer Partners LP owned 0.59% of Abacus Life worth $4,307,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in Abacus Life by 13.0% in 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 during the period. Royce & Associates LP raised its holdings in shares of Abacus Life by 39.6% during the 1st quarter. Royce & Associates LP now owns 1,824,253 shares of the company's stock worth $13,664,000 after buying an additional 517,822 shares in the last quarter. Curi RMB Capital LLC boosted its stake in shares of Abacus Life by 10.0% in the 1st quarter. Curi RMB Capital LLC now owns 1,275,000 shares of the company's stock valued at $9,550,000 after purchasing an additional 116,000 shares in the last quarter. Foundry Partners LLC grew its stake in shares of Abacus Life by 10.5% during the first quarter. Foundry Partners LLC now owns 756,957 shares of the company's stock worth $5,670,000 after buying an additional 71,957 shares during the last quarter. Finally, AWM Investment Company Inc. boosted its position in Abacus Life by 9.2% during the 1st quarter. AWM Investment Company Inc. now owns 680,536 shares of the company's stock worth $5,097,000 after buying an additional 57,524 shares during the period.

Abacus Life Trading Up 1.6%

Shares of NASDAQ:ABL traded up $0.10 during trading on Friday, reaching $6.55. 480,115 shares of the company traded hands, compared to its average volume of 547,646. The firm has a market capitalization of $633.78 million, a price-to-earnings ratio of -109.17 and a beta of 0.03. The business's fifty day moving average is $5.94 and its 200-day moving average is $6.84. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.57. Abacus Life, Inc. has a 52-week low of $4.60 and a 52-week high of $10.95.

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

Wall Street Analyst Weigh In

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

Abacus Life 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.