Abacus Life, Inc. $ABL Shares Sold by Zimmer Partners LP

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 holdings in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 6.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 575,000 shares of the company's stock after selling 42,910 shares during the quarter. Zimmer Partners LP owned 0.59% of Abacus Life worth $4,307,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Goldman Sachs Group Inc. lifted its position 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 purchasing an additional 221,712 shares during the last quarter. Royce & Associates LP lifted its position 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 purchasing an additional 517,822 shares during the last quarter. Curi RMB Capital LLC lifted its position 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 purchasing an additional 116,000 shares during the last quarter. Foundry Partners LLC lifted its position 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 purchasing an additional 71,957 shares during the last quarter. Finally, AWM Investment Company Inc. lifted its position 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 purchasing an additional 57,524 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ABL shares. Piper Sandler cut 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. Wall Street Zen raised Abacus Life from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $13.13.

Abacus Life Stock Up 1.6%

Shares of ABL stock traded up $0.10 during trading hours on Friday, reaching $6.55. 480,115 shares of the company's stock were exchanged, compared to its average volume of 598,388. Abacus Life, Inc. has a fifty-two week low of $4.60 and a fifty-two week high of $10.95. The stock's 50 day moving average is $5.91 and its 200-day moving average is $6.85. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.57. The company has a market cap of $633.81 million, a price-to-earnings ratio of -109.17 and a beta of 0.03.

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

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.