Royce & Associates LP Grows Stock Position in Abacus Life, Inc. (NASDAQ:ABL)

Key Points

• Royce & Associates LP increased its stake in Abacus Life, Inc. by 39.6%, owning approximately 1.88% of the company, valued at about $13.66 million.
• Abacus Life reported $0.18 earnings per share for the last quarter, beating forecasts, with a revenue of $44.14 million compared to estimates of $39.51 million.
• The stock currently holds a consensus rating of "Buy" among analysts, with a target price ranging between $10.00 and $14.00.

Royce & Associates LP boosted its holdings in Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 39.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,824,253 shares of the company's stock after buying an additional 517,822 shares during the quarter. Royce & Associates LP owned 1.88% of Abacus Life worth $13,664,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Millennium Management LLC grew its stake in shares of Abacus Life by 1,629.1% during the 4th quarter. Millennium Management LLC now owns 192,019 shares of the company's stock valued at $1,504,000 after purchasing an additional 180,914 shares during the period. Two Sigma Investments LP bought a new stake in shares of Abacus Life during the 4th quarter valued at about $617,000. Jane Street Group LLC bought a new stake in shares of Abacus Life during the 4th quarter valued at about $282,000. Foundry Partners LLC grew its stake in shares of Abacus Life by 10.5% during the 1st quarter. Foundry Partners LLC now owns 756,957 shares of the company's stock valued at $5,670,000 after purchasing an additional 71,957 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Abacus Life by 356.0% during the 4th 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.

Analyst Ratings Changes

A number of brokerages recently issued reports on ABL. Piper Sandler cut 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. Maxim Group started coverage on Abacus Life in a research note on Tuesday, April 29th. They issued a "buy" rating and a $14.00 price target for the company. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $13.75.

Abacus Life Price Performance

Shares of NASDAQ ABL traded up $0.02 during midday trading on Monday, reaching $5.27. 123,624 shares of the stock traded hands, compared to its average volume of 591,131. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.47 and a quick ratio of 0.47. The stock has a market capitalization of $510.01 million and a PE ratio of -22.89. Abacus Life, Inc. has a one year low of $4.60 and a one year high of $11.86. The company's 50 day moving average is $6.09 and its 200 day moving average is $7.17.

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