Abacus Global Management (NYSE:ABX) Major Shareholder Sells 22,800 Shares

Key Points

• Major shareholder Matthew Ganovsky sold 22,800 ABX shares for approximately $176,472 at an average price of $7.74 under a pre-arranged Rule 10b5-1 plan. He still directly owns about 8.65 million shares.
• Abacus Global Management shares fell 2.9% to $7.79, while the company 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, while the company’s recently completed $400 million securitization could support funding and portfolio growth.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Matthew Ganovsky sold 22,800 shares of the company's stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value of $176,472.00. Following the completion of the sale, the insider directly owned 8,651,148 shares of the company's stock, valued at approximately $66,959,885.52. This trade represents a 0.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Matthew Ganovsky also recently made the following trade(s):

• On Tuesday, September 22nd, Matthew Ganovsky sold 21,312 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $170,709.12.
• On Monday, September 21st, Matthew Ganovsky sold 36,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total transaction of $292,680.00.
• On Friday, September 18th, Matthew Ganovsky sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total transaction of $210,960.00.
• On Monday, August 3rd, Matthew Ganovsky sold 38,333 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Trading Down 2.9%

NYSE:ABX traded down $0.23 during trading hours on Wednesday, hitting $7.79. The stock had a trading volume of 1,117,314 shares, compared to its average volume of 601,294. The business's 50 day moving average is $9.69 and its 200-day moving average 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. The company has a market cap of $761.31 million, a price-to-earnings ratio of 27.80 and a beta of 0.06. Abacus Global Management, Inc. has a one year low of $5.00 and a one year high of $12.44.

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

Analyst Upgrades and Downgrades

ABX has been the topic of several recent analyst reports. Piper Sandler reduced their target price 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. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a research 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. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Abacus Global Management in a research report on Tuesday, September 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

Institutional Investors Weigh In On Abacus Global Management

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Axxcess Wealth Management LLC acquired a new position in Abacus Global Management in the 4th quarter worth $98,000. World Investment Advisors bought a new position in Abacus Global Management during the 4th quarter worth about $181,000. Oasis Management Co Ltd. acquired a new stake in shares of Abacus Global Management in the 4th quarter valued at about $197,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Abacus Global Management in the 2nd quarter valued at about $221,000. Finally, AXQ Capital LP bought a new stake in shares of Abacus Global Management in the fourth quarter valued at about $252,000.

Key Headlines Impacting Abacus Global Management

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

• Positive Sentiment: Abacus Global Management completed a $400 million securitization, a significant capital-markets transaction that could strengthen funding capacity and support the company’s life-settlement asset acquisition and portfolio-growth strategy. The deal is the most important new potential catalyst for ABX in the provided news. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: The company’s previously announced $100 million share-repurchase authorization, covering up to approximately 12.2% of outstanding shares, may provide support for the stock if management views the shares as undervalued. This could help offset some insider-selling pressure.
• Neutral Sentiment: Several large shareholders sold shares under pre-arranged Rule 10b5-1 trading plans, which reduces the likelihood that the transactions represent a newly formed negative view of the business. However, the repeated sales may still weigh on investor sentiment.
• Negative Sentiment: Major shareholders collectively sold approximately 219,766 shares worth about $1.81 million across September 18–22. Matthew Ganovsky sold 81,312 shares, Kevin Scott Kirby sold 81,500 shares, and Sean McNealy sold 56,954 shares. Each retained a substantial ownership position, so the sales represent relatively small percentage reductions, but the cluster of transactions creates a near-term overhang. SEC filing for Matthew Ganovsky transactions SEC filing for Kevin Scott Kirby transactions 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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