Abacus Global Management (NYSE:ABX) Major Shareholder Sells 21,100 Shares of Stock

Key Points

• Major shareholder Sean McNealy sold 21,100 ABX shares at an average price of $8.01, generating approximately $169,011. The transaction reduced his position by 0.17%, leaving him with about 12.53 million shares, and was conducted under a Rule 10b5-1 trading plan.
• Abacus Global Management shares fell 0.2% to $8.04, below their 50-day and 200-day moving averages. The company has authorized a $100 million share repurchase program, covering up to 12.2% of outstanding shares.
• Wall Street’s consensus rating remains “Moderate Buy”, with a consensus price target of $12.00, although analyst opinions range from Strong Buy to Hold.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Sean Mcnealy sold 21,100 shares of the firm's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $8.01, for a total value of $169,011.00. Following the sale, the insider directly owned 12,529,652 shares in the company, valued at $100,362,512.52. The trade was a 0.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Sean Mcnealy also recently made the following trade(s):

• On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total transaction of $291,493.02.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total value of $395,213.23.

Abacus Global Management Trading Down 0.2%

NYSE:ABX traded down $0.01 during mid-day trading on Tuesday, hitting $8.04. 821,523 shares of the company's stock were exchanged, compared to its average volume of 476,388. Abacus Global Management, Inc. has a fifty-two week low of $5.00 and a fifty-two week high of $12.44. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $785.74 million, a P/E ratio of 28.70 and a beta of 0.06. The company has a 50 day simple moving average of $9.69 and a 200-day simple moving average of $9.52.

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

Institutional Investors Weigh In On Abacus Global Management

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC acquired a new stake in shares of Abacus Global Management in the fourth quarter valued at $98,000. Susquehanna Fundamental Investments LLC acquired a new position in Abacus Global Management during the 2nd quarter worth approximately $221,000. World Investment Advisors acquired a new stake in shares of Abacus Global Management during the 4th quarter valued at approximately $181,000. Oasis Management Co Ltd. purchased a new position in shares of Abacus Global Management during the 4th quarter worth approximately $197,000. Finally, Hsbc Holdings PLC acquired a new stake in Abacus Global Management during the second quarter worth approximately $285,000.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ABX. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. Piper Sandler lowered their price target on Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Friday, August 7th. B. Riley Financial restated a "buy" rating on shares of Abacus Global Management in a research note on Friday, August 7th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Abacus Global Management in a report 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

Key Abacus Global Management News

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

Abacus Global Management Company Profile

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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