Abacus Life, Inc. $ABL Shares Sold by Philadelphia Financial Management of San Francisco LLC

Key Points

• Philadelphia Financial Management of San Francisco LLC reduced its stake in Abacus Life, Inc. by 6.4%, owning 2,069,221 shares after selling 141,022 shares in the 1st quarter.
• Several institutional investors increased their stakes in Abacus Life, with Northern Trust Corp boosting its position by 116.3% in the fourth quarter.
• Analysts rate Abacus Life with an average rating of "Buy" and a consensus price target of $13.13, despite a recent price objective adjustment from $12.00 to $10.00 by Piper Sandler.

Philadelphia Financial Management of San Francisco LLC lowered its holdings in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 6.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,069,221 shares of the company's stock after selling 141,022 shares during the quarter. Abacus Life accounts for 3.0% of Philadelphia Financial Management of San Francisco LLC's holdings, making the stock its 10th largest holding. Philadelphia Financial Management of San Francisco LLC owned 2.14% of Abacus Life worth $15,498,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC grew its stake 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 valued at $1,504,000 after buying an additional 180,914 shares in the last quarter. Two Sigma Investments LP acquired a new stake in shares of Abacus Life in the fourth quarter valued at $617,000. Jane Street Group LLC acquired a new stake in shares of Abacus Life in the fourth quarter valued at $282,000. Foundry Partners LLC grew its stake in shares of Abacus Life by 10.5% in the first quarter. Foundry Partners LLC now owns 756,957 shares of the company's stock valued at $5,670,000 after buying an additional 71,957 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Abacus Life by 152.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 154,700 shares of the company's stock valued at $1,159,000 after buying an additional 93,348 shares in the last quarter.

Analyst Ratings Changes

ABL has been the subject of a number of research reports. Piper Sandler dropped their price objective on Abacus Life from $12.00 to $10.00 and set an "overweight" rating for the company in a research note 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 assigned a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $13.13.

Abacus Life Stock Up 2.6%

Shares of NASDAQ:ABL traded up $0.17 during trading hours on Thursday, reaching $6.48. The stock had a trading volume of 301,592 shares, compared to its average volume of 597,121. Abacus Life, Inc. has a 1 year low of $4.60 and a 1 year high of $10.95. The firm's 50 day moving average is $5.89 and its 200-day moving average is $6.86. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.76 and a current ratio of 0.76. The stock has a market capitalization of $626.52 million, a price-to-earnings ratio of -108.08 and a beta of 0.03.

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

Abacus Life 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.