FY2024 Earnings Forecast for Abacus Life Issued By B. Riley

Abacus Life, Inc. (NASDAQ:ABL) – Research analysts at B. Riley boosted their FY2024 earnings per share estimates for shares of Abacus Life in a report issued on Monday, November 25th. B. Riley analyst M. Howlett now forecasts that the company will post earnings per share of $0.66 for the year, up from their previous forecast of $0.58. B. Riley currently has a “Buy” rating and a $17.00 target price on the stock. The consensus estimate for Abacus Life’s current full-year earnings is $0.64 per share. B. Riley also issued estimates for Abacus Life’s Q4 2024 earnings at $0.18 EPS.

Several other equities analysts have also recently commented on the company. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. B. Riley Financial reiterated a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Northland Securities started coverage on shares of Abacus Life in a research report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $13.00 price target (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Finally, TD Cowen assumed coverage on shares of Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price objective for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $14.70.

Abacus Life Trading Up 3.3 %

Shares of Abacus Life stock opened at $8.08 on Tuesday. The company’s 50-day moving average price is $9.22 and its 200-day moving average price is $9.75. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. Abacus Life has a 12-month low of $6.56 and a 12-month high of $13.25. The company has a market cap of $603.17 million, a price-to-earnings ratio of -43.44 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The business had revenue of $28.15 million during the quarter, compared to analyst estimates of $26.08 million. During the same period in the previous year, the business earned $0.01 EPS.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new stake in Abacus Life during the second quarter valued at about $9,909,000. Principal Financial Group Inc. raised its stake in Abacus Life by 7.9% during the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after purchasing an additional 74,172 shares during the period. Point72 Asset Management L.P. bought a new stake in Abacus Life during the 2nd quarter valued at approximately $5,190,000. Curi RMB Capital LLC lifted its holdings in Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after purchasing an additional 12,765 shares in the last quarter. Finally, Mendon Capital Advisors Corp bought a new position in Abacus Life in the 2nd quarter worth approximately $4,974,000.

Insiders Place Their Bets

In related news, Director Adam Samuel Gusky purchased 18,241 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were purchased at an average price of $7.54 per share, with a total value of $137,537.14. Following the acquisition, the director now directly owns 40,959 shares in the company, valued at $308,830.86. The trade was a 80.29 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of Abacus Life stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the completion of the sale, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, valued at approximately $84,496,000. This trade represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 79.20% of the company’s stock.

Abacus Life Company Profile

Abacus Life, Inc operates as an alternative asset manager specializing in life insurance products. It purchases life insurance policies from consumers seeking liquidity and manages policies over time via trading, holding, and/or servicing. The company was founded in 2004 and is based in Orlando, Florida.