Sean Mcnealy Sells 22,700 Shares of Abacus Global Management (NYSE:ABX) Stock

Key Points

• Major shareholder Sean McNealy sold 22,700 ABX shares at an average price of $7.74, generating $175,698. The transaction was made under a pre-arranged Rule 10b5-1 plan, leaving him with roughly 12.5 million shares.
• Abacus Global Management shares fell 2.9% to $7.79, below their 50-day and 200-day moving averages. The stock has a consensus “Moderate Buy” rating and an average analyst price target of $12.
• The company has authorized a $100 million share-repurchase program, allowing it to buy back up to approximately 12.2% of outstanding shares, potentially providing support amid recent insider selling.

Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Sean Mcnealy sold 22,700 shares of the company's stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $7.74, for a total transaction of $175,698.00. Following the sale, the insider directly owned 12,506,952 shares in the company, valued at approximately $96,803,808.48. The trade was a 0.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

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

• On Friday, September 18th, Sean Mcnealy 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 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 value of $169,011.00.
• On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The stock was 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 2.9%

Shares of ABX traded down $0.23 during midday trading on Wednesday, reaching $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 cap of $761.31 million, a price-to-earnings ratio of 27.80 and a beta of 0.06. The company's fifty day simple moving average is $9.69 and its two-hundred day simple moving average is $9.52. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70.

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Piper Sandler dropped their price objective 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. Weiss Ratings restated a "hold (c)" rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. Texas Capital raised Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. Finally, B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a research note on Friday, August 7th. 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.00.

More Abacus Global Management News

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

Hedge Funds Weigh In On Abacus Global Management

Several large investors have recently bought and sold shares of ABX. Engineers Gate Manager LP grew its holdings in shares of Abacus Global Management by 86.0% during the second 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 last quarter. Squarepoint Ops LLC increased its position in shares of Abacus Global Management by 20.8% during the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company's stock worth $595,000 after purchasing an additional 9,580 shares in the last quarter. Grandeur Peak Global Advisors LLC lifted its holdings in shares of Abacus Global Management by 31.6% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company's stock valued at $2,204,000 after purchasing an additional 49,447 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Abacus Global Management in the 2nd quarter valued at about $221,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Abacus Global Management in the 2nd quarter valued at about $285,000.

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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