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

Principal Financial Group Inc. lessened its stake in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 879,438 shares of the company's stock after selling 65,002 shares during the quarter. Principal Financial Group Inc. owned about 0.91% of Abacus Life worth $6,587,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ABL. Millennium Management LLC boosted its position 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 worth $1,504,000 after buying an additional 180,914 shares during the period. Two Sigma Investments LP purchased a new position in Abacus Life in the fourth quarter valued at $617,000. Jane Street Group LLC purchased a new position in Abacus Life in the fourth quarter valued at $282,000. Royce & Associates LP boosted its holdings in Abacus Life by 339.9% in the fourth 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 holdings in Abacus Life by 356.0% in the fourth quarter. Renaissance Technologies LLC now owns 210,500 shares of the company's stock valued at $1,648,000 after purchasing an additional 164,334 shares during the period.

Abacus Life Stock Performance

ABL traded down $0.05 during trading on Friday, reaching $5.06. The company's stock had a trading volume of 606,356 shares, compared to its average volume of 393,453. Abacus Life, Inc. has a 52-week low of $4.60 and a 52-week high of $11.86. The company's fifty day moving average price is $6.44 and its 200-day moving average price is $7.25. The company has a market capitalization of $490.06 million and a price-to-earnings ratio of -22.00. 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 announced its quarterly earnings results on Thursday, May 8th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02. The business had revenue of $44.14 million for the quarter, compared to analyst estimates 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 forecast that Abacus Life, Inc. will post 0.62 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Piper Sandler decreased their target price 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 initiated coverage on Abacus Life in a research report on Tuesday, April 29th. They set a "buy" rating and a $14.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $13.75.

Abacus Life 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.