Insider Selling: Abacus Global Management (NYSE:ABX) Major Shareholder Sells $210,960.00 in Stock

Key Points

• Major shareholder Sean McNealy sold 24,000 ABX shares at an average price of $8.79, generating $210,960; the transaction reduced his stake by 0.19%, leaving him with approximately 12.59 million shares. The sale was made under a pre-arranged Rule 10b5-1 plan.
• Other major shareholders also recently sold shares, contributing to approximately $1.81 million in insider sales across three shareholders, though each retained a substantial stake in the company.
• ABX traded near $8.04, while the company authorized a $100 million share-repurchase program covering up to 12.2% of outstanding shares. Analysts’ consensus rating remains “Moderate Buy,” with an average price target of $12.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Sean Mcnealy sold 24,000 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $8.79, for a total transaction of $210,960.00. Following the sale, the insider directly owned 12,586,606 shares of the company's stock, valued at $110,636,266.74. The trade was a 0.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

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

• On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total transaction of $169,011.00.
• 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 transaction of $395,213.23.

Abacus Global Management Stock Down 0.2%

NYSE ABX traded down $0.01 during trading hours on Tuesday, reaching $8.04. 821,523 shares of the company traded hands, 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 company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. Abacus Global Management, Inc. has a 12 month low of $5.00 and a 12 month high of $12.44. The company has a 50 day moving average of $9.69 and a two-hundred day moving average of $9.52.

Abacus Global Management declared that its Board of Directors has approved a stock repurchase program on Friday, August 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 12.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Abacus Global Management

Large investors have recently bought and sold shares of the business. Ashford Capital Management Inc. bought a new position in Abacus Global Management in the 1st quarter worth about $6,815,000. Royce & Associates LP bought a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $16,992,000. Kennedy Capital Management LLC bought a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $5,342,000. QTR Family Wealth LLC acquired a new position in shares of Abacus Global Management during the fourth quarter worth approximately $5,110,000. Finally, Sei Investments Co. boosted its position in shares of Abacus Global Management by 39.6% during the first quarter. Sei Investments Co. now owns 204,620 shares of the company's stock worth $1,612,000 after buying an additional 57,993 shares during the period.

Analyst Ratings Changes

A number of research analysts have commented on the company. B. Riley Financial reaffirmed a "buy" rating on shares of Abacus Global Management in a report on Friday, August 7th. Piper Sandler lowered their price target on Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Tuesday, September 8th. Finally, Texas Capital upgraded Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. 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.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

Abacus Global Management News Summary

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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