Abacus Global Management (NYSE:ABX) Major Shareholder Kevin Scott Kirby Sells 24,000 Shares

Key Points

• Major shareholder Kevin Scott Kirby sold 24,000 ABX shares at an average price of $8.79, generating $210,960. The Rule 10b5-1 transaction reduced his stake by 0.19%, leaving him with approximately 12.59 million shares.
• Kirby and other major shareholders have made additional sales recently: insiders collectively sold about 219,766 shares worth $1.81 million, though each transaction represented only a modest reduction in their overall holdings.
• ABX shares traded near $8.04, below their 50-day and 200-day moving averages, while the company has authorized a $100 million share-repurchase program covering up to 12.2% of outstanding shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $12.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Kevin Kirby sold 24,000 shares of the firm's stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $8.79, for a total transaction of $210,960.00. Following the completion of the sale, the insider owned 12,586,305 shares of the company's stock, valued at $110,633,620.95. This trade represents a 0.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

Kevin Scott Kirby also recently made the following trade(s):

• On Tuesday, September 22nd, Kevin Kirby sold 21,100 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Monday, September 21st, Kevin Kirby sold 36,400 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total value of $295,932.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total value of $395,223.54.

Abacus Global Management Stock Down 0.2%

Shares of NYSE ABX traded down $0.01 during midday trading on Tuesday, reaching $8.04. 821,523 shares of the company's stock were exchanged, compared to its average volume of 476,388. The stock has a market capitalization of $785.74 million, a PE ratio of 28.70 and a beta of 0.06. The business's fifty day moving average price is $9.69 and its two-hundred day moving average price is $9.52. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44.

Abacus Global Management announced that its Board of Directors has authorized a stock buyback plan on Friday, August 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Key Headlines Impacting Abacus Global Management

Here are the key news stories impacting Abacus Global Management this week:

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

Analyst Ratings Changes

Several research analysts have commented on ABX shares. Piper Sandler decreased their target price 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. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. B. Riley Financial restated a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $12.00.

Hedge Funds Weigh In On Abacus Global Management

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Engineers Gate Manager LP increased its holdings in shares of Abacus Global Management by 86.0% during the 2nd quarter. Engineers Gate Manager LP now owns 56,557 shares of the company's stock worth $606,000 after purchasing an additional 26,157 shares during the period. Squarepoint Ops LLC increased its stake in Abacus Global Management by 20.8% in the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company's stock valued at $595,000 after acquiring an additional 9,580 shares during the period. Grandeur Peak Global Advisors LLC raised its position in Abacus Global Management by 31.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company's stock worth $2,204,000 after purchasing an additional 49,447 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Abacus Global Management during the second quarter worth about $221,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Abacus Global Management in the 2nd quarter valued at approximately $285,000.

About Abacus Global Management

Abacus Global Management, Inc NYSE: ABX is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company's activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.

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