Principal Financial Group Inc. Has $6.59 Million Stock Holdings in Abacus Life, Inc. (NASDAQ:ABL)

Principal Financial Group Inc. cut its position in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 6.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 879,438 shares of the company's stock after selling 65,002 shares during the period. Principal Financial Group Inc. owned 0.91% of Abacus Life worth $6,587,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in shares of Abacus Life by 1,629.1% during the fourth quarter. Millennium Management LLC now owns 192,019 shares of the company's stock valued at $1,504,000 after acquiring an additional 180,914 shares during the period. Two Sigma Investments LP acquired a new stake in Abacus Life during the 4th quarter worth $617,000. Jane Street Group LLC bought a new stake in shares of Abacus Life during the 4th quarter valued at $282,000. Royce & Associates LP lifted its stake in shares of Abacus Life by 339.9% in the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company's stock valued at $10,229,000 after purchasing an additional 1,009,431 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Abacus Life by 356.0% in 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. 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 report on Wednesday, July 2nd. Maxim Group assumed coverage on shares of Abacus Life in a research note on Tuesday, April 29th. They set a "buy" rating and a $14.00 price objective on the stock. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $13.75.

Abacus Life Stock Up 2.5%

Shares of ABL stock traded up $0.13 during trading hours on Thursday, hitting $5.14. 254,523 shares of the company were exchanged, compared to its average volume of 598,723. Abacus Life, Inc. has a 52 week low of $4.60 and a 52 week high of $11.86. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.55. The business has a 50 day moving average of $6.58 and a two-hundred day moving average of $7.29. The company has a market capitalization of $497.32 million and a PE ratio of -22.33.

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

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.