Alyeska Investment Group L.P. Reduces Holdings in Abacus Global Management, Inc. $ABX

Key Points

• Alyeska Investment Group cut its Abacus Global Management stake by 54% in the second quarter, selling 473,555 shares and retaining 403,061 shares worth approximately $4.3 million.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $12.00, although Piper Sandler lowered its target to $12 and assigned a neutral rating.
• Abacus authorized a $100 million stock-repurchase program covering up to 12.2% of shares, while insiders sold 436,000 shares worth about $4.0 million during the latest quarter.

Alyeska Investment Group L.P. reduced its position in Abacus Global Management, Inc. (NYSE:ABX - Free Report) by 54.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 403,061 shares of the company's stock after selling 473,555 shares during the quarter. Alyeska Investment Group L.P. owned about 0.42% of Abacus Global Management worth $4,317,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new stake in shares of Abacus Global Management during the fourth quarter worth $30,000. Bank of New York Mellon Corp lifted its stake in shares of Abacus Global Management by 5.1% in the first quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company's stock worth $1,199,000 after buying an additional 7,444 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Abacus Global Management during the fourth quarter worth about $75,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Abacus Global Management during the fourth quarter worth about $83,000. Finally, Intech Investment Management LLC purchased a new stake in Abacus Global Management during the 4th quarter valued at about $96,000.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Abacus Global Management in a report on Thursday, June 11th. Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. B. Riley Financial restated a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. Finally, Piper Sandler cut their price target on Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $12.00.

Abacus Global Management Stock Down 4.5%

Shares of NYSE:ABX opened at $9.17 on Wednesday. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $896.75 million, a PE ratio of 32.75 and a beta of 0.07. The firm's 50-day moving average is $10.23 and its two-hundred day moving average is $9.48. Abacus Global Management, Inc. has a 1 year low of $5.00 and a 1 year high of $12.44.

Abacus Global Management announced that its Board of Directors has initiated a stock repurchase plan on Friday, August 14th that authorizes the company to repurchase $100.00 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 usually an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, major shareholder Kevin Scott Kirby sold 38,334 shares of Abacus Global Management stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $10.31, for a total value of $395,223.54. Following the completion of the transaction, the insider owned 12,610,305 shares in the company, valued at approximately $130,012,244.55. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO William Hugh Mccauley, Jr. sold 125,000 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total transaction of $1,137,500.00. Following the sale, the chief financial officer directly owned 915,260 shares in the company, valued at approximately $8,328,866. The trade was a 12.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 436,000 shares of company stock valued at $4,042,070. 46.40% of the stock is owned by company insiders.

Abacus Global Management 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.

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