Ashford Capital Management Inc. Acquires New Stake in Abacus Global Management, Inc. $ABX

Key Points

• Ashford Capital Management acquired 864,900 shares of Abacus Global Management in the first quarter, valued at approximately $6.8 million and representing a 0.90% stake.
• Several other institutional investors increased their positions, including World Investment Advisors, which boosted its holdings by 89.7%, and State of Wyoming, which raised its stake by 67.5%.
• ABX shares opened at $10.48, while analysts’ consensus target price is $13.00. Ratings are mixed but lean positive, with one Strong Buy, three Holds, and an overall “Moderate Buy” consensus.

Ashford Capital Management Inc. bought a new stake in Abacus Global Management, Inc. (NYSE:ABX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 864,900 shares of the company's stock, valued at approximately $6,815,000. Ashford Capital Management Inc. owned 0.90% of Abacus Global Management as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sei Investments Co. grew its stake in shares of Abacus Global Management by 39.6% during the 1st quarter. Sei Investments Co. now owns 204,620 shares of the company's stock valued at $1,612,000 after purchasing an additional 57,993 shares during the period. State of Wyoming lifted its stake in shares of Abacus Global Management by 67.5% in the 1st quarter. State of Wyoming now owns 59,611 shares of the company's stock worth $470,000 after purchasing an additional 24,024 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Abacus Global Management by 5.1% in the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company's stock worth $1,199,000 after purchasing an additional 7,444 shares during the period. World Investment Advisors boosted its holdings in shares of Abacus Global Management by 89.7% in the first quarter. World Investment Advisors now owns 40,137 shares of the company's stock worth $316,000 after buying an additional 18,975 shares during the last quarter. Finally, Invesco Ltd. purchased a new position in shares of Abacus Global Management in the fourth quarter worth approximately $194,000.

Abacus Global Management Price Performance

Shares of NYSE:ABX opened at $10.48 on Tuesday. The stock has a market capitalization of $1.01 billion, a P/E ratio of 26.87 and a beta of 0.06. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The firm's 50 day moving average price is $9.95. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.91 and a quick ratio of 1.91.

Analyst Upgrades and Downgrades

ABX has been the subject of a number of research reports. Wall Street Zen cut shares of Abacus Global Management from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Abacus Global Management in a research note on Thursday, June 11th. Piper Sandler boosted their price objective on shares of Abacus Global Management from $10.00 to $13.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Finally, Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $13.00.

Abacus Global Management 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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