Bastion Asset Management Inc. Makes New $4.35 Million Investment in Abacus Life, Inc. (NASDAQ:ABL)

Key Points

• Bastion Asset Management Inc. acquired a stake in Abacus Life, Inc., purchasing 577,479 shares valued at approximately $4.35 million, making it the 17th largest holding in their portfolio.
• Abacus Life reported earnings of $0.18 per share in its latest quarterly results, exceeding analysts' expectations of $0.16, alongside a revenue of $44.14 million.
• Several institutional investors have significantly increased their holdings in Abacus Life, with Alyeska Investment Group L.P. raising its stake by 116.5% in the fourth quarter.

Bastion Asset Management Inc. bought a new stake in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 577,479 shares of the company's stock, valued at approximately $4,353,000. Abacus Life accounts for 2.4% of Bastion Asset Management Inc.'s holdings, making the stock its 17th biggest holding. Bastion Asset Management Inc. owned approximately 0.60% of Abacus Life at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Millennium Management LLC grew its holdings in shares of Abacus Life by 1,629.1% in the fourth quarter. Millennium Management LLC now owns 192,019 shares of the company's stock worth $1,504,000 after purchasing an additional 180,914 shares during the last quarter. Two Sigma Investments LP purchased a new position in Abacus Life during the 4th quarter worth approximately $617,000. Jane Street Group LLC acquired a new stake in shares of Abacus Life during the 4th quarter worth approximately $282,000. Foundry Partners LLC grew its stake in Abacus Life by 10.5% in the 1st quarter. Foundry Partners LLC now owns 756,957 shares of the company's stock valued at $5,670,000 after acquiring an additional 71,957 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Abacus Life by 356.0% during the 4th quarter. Renaissance Technologies LLC now owns 210,500 shares of the company's stock worth $1,648,000 after purchasing an additional 164,334 shares during the last quarter.

Abacus Life Stock Up 3.4%

Shares of NASDAQ:ABL traded up $0.18 during mid-day trading on Wednesday, hitting $5.52. 217,517 shares of the company traded hands, compared to its average volume of 590,995. The firm's 50 day simple moving average is $6.01 and its 200 day simple moving average is $7.15. Abacus Life, Inc. has a 52-week low of $4.60 and a 52-week high of $11.86. The firm has a market cap of $534.63 million and a P/E ratio of -24.00. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.47 and a current ratio of 0.47.

Abacus Life (NASDAQ:ABL - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.02. The business had revenue of $44.14 million during the quarter, compared to the consensus estimate of $39.51 million. Abacus Life had a positive return on equity of 16.76% and a negative net margin of 13.35%. On average, equities analysts anticipate that Abacus Life, Inc. will post 0.62 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ABL shares. 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. Maxim Group started coverage on Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 price target for the company. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Abacus Life presently has a consensus rating of "Buy" and a consensus target price of $13.75.

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.