Kevin Scott Kirby Sells 22,745 Shares of Abacus Global Management (NYSE:ABX) Stock

Key Points

• Kevin Kirby sold 22,745 ABX shares for approximately $176,046 at an average price of $7.74 under a pre-arranged Rule 10b5-1 plan, reducing his stake by 0.18% to 12.5 million shares.
• Abacus Global Management shares fell 2.9% to $7.79, while major shareholders collectively sold about 219,766 shares worth $1.81 million in recent transactions, creating a potential near-term overhang.
• The company has authorized a $100 million share-repurchase program covering up to 12.2% of outstanding shares, and recently completed a $400 million securitization that could support funding and portfolio growth. Analysts maintain a “Moderate Buy” consensus with a $12 average price target.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Kevin Kirby sold 22,745 shares of the business's stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total transaction of $176,046.30. Following the transaction, the insider owned 12,506,060 shares in the company, valued at $96,796,904.40. This represents a 0.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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.

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 stock was 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 shares were sold at an average price of $8.13, for a total value of $295,932.00.
• On Friday, September 18th, Kevin Kirby sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total value of $210,960.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total value of $395,223.54.

Abacus Global Management Stock Down 2.9%

Shares of NYSE:ABX traded down $0.23 during trading 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 company has a market capitalization of $761.31 million, a PE ratio of 27.80 and a beta of 0.06. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67. The firm's fifty day moving average is $9.69 and its 200 day moving average is $9.52. Abacus Global Management, Inc. has a 12 month low of $5.00 and a 12 month high of $12.44.

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

Institutional Trading of Abacus Global Management

Several hedge funds and other institutional investors have recently made changes to their positions in ABX. Ashford Capital Management Inc. bought a new position in Abacus Global Management during the 1st quarter valued at approximately $6,815,000. Royce & Associates LP bought a new stake in Abacus Global Management in the fourth quarter worth $16,992,000. Kennedy Capital Management LLC purchased a new stake in shares of Abacus Global Management in the fourth quarter worth $5,342,000. QTR Family Wealth LLC purchased a new stake in shares of Abacus Global Management in the fourth quarter worth $5,110,000. Finally, Sei Investments Co. increased its holdings 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 valued at $1,612,000 after acquiring an additional 57,993 shares in the last quarter.

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

Analysts Set New Price Targets

Several equities analysts have commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Tuesday, September 8th. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a research note on Friday, August 7th. Piper Sandler decreased their price target on shares of Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a research note on Friday, August 7th. Finally, Texas Capital raised shares of Abacus Global Management to a "strong-buy" rating in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Abacus Global Management presently has an average rating of "Moderate Buy" and an average price target of $12.00.

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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