Renaissance Technologies LLC Lowers Stock Holdings in Abacus Global Management, Inc. $ABX

Key Points

• Renaissance Technologies cut its Abacus Global Management stake by 55.3% in the first quarter, selling 163,200 shares and retaining 131,800 shares worth about $1.04 million. Other institutional investors, including Sei Investments, increased their positions.
• Abacus Global Management authorized a $100 million stock buyback, allowing repurchases of up to 12.2% of outstanding shares—typically signaling that management views the stock as undervalued.
• Analyst sentiment remains generally positive but mixed: the consensus rating is “Moderate Buy” with a $12 price target, while ABX recently traded at $9.28. Insiders have sold approximately 311,000 shares over the past 90 days.

Renaissance Technologies LLC cut its stake in shares of Abacus Global Management, Inc. (NYSE:ABX - Free Report) by 55.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,800 shares of the company's stock after selling 163,200 shares during the period. Renaissance Technologies LLC owned 0.14% of Abacus Global Management worth $1,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the business. Royce & Associates LP bought a new position in shares of Abacus Global Management during the 4th quarter worth approximately $16,992,000. Citizens Financial Group Inc. RI acquired a new stake in Abacus Global Management in the 4th quarter worth approximately $889,000. Kennedy Capital Management LLC purchased a new stake in Abacus Global Management during the 4th quarter worth approximately $5,342,000. QTR Family Wealth LLC acquired a new position in Abacus Global Management during the 4th quarter valued at approximately $5,110,000. Finally, Sei Investments Co. increased its stake in 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 in the last quarter.

Abacus Global Management Trading Up 8.9%

ABX stock opened at $9.28 on Friday. Abacus Global Management, Inc. has a 12-month low of $5.00 and a 12-month high of $12.44. The business has a 50-day moving average price of $10.21. The company has a current ratio of 0.70, a quick ratio of 1.91 and a debt-to-equity ratio of 0.67. The firm has a market cap of $890.14 million, a PE ratio of 33.14 and a beta of 0.07.

Abacus Global Management announced that its Board of Directors has initiated a stock buyback program on Friday, August 14th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 12.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Abacus Global Management

In related news, major shareholder Kevin Scott Kirby sold 38,334 shares of Abacus Global Management stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total transaction of $395,223.54. Following the transaction, the insider owned 12,610,305 shares in the company, valued at approximately $130,012,244.55. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Matthew Ganovsky sold 38,333 shares of Abacus Global Management stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,213.23. Following the transaction, the insider owned 8,755,260 shares in the company, valued at approximately $90,266,730.60. This represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 311,000 shares of company stock valued at $2,904,570. Company insiders own 46.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ABX. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a report on Friday, August 7th. Piper Sandler reduced their price target on shares of Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Abacus Global Management in a research note on Thursday, June 11th. Finally, Wall Street Zen downgraded shares of Abacus Global Management from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Abacus Global Management presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

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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