Abacus Life (NASDAQ:ABL) to Buyback $20.00 million in Outstanding Shares

Abacus Life (NASDAQ:ABL) declared that its board has approved a stock repurchase plan on Friday, January 30th, RTT News reports. The company plans to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ABL shares. Piper Sandler lifted their price target on Abacus Life from $9.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, December 23rd. B. Riley raised Abacus Life to a “strong-buy” rating in a report on Friday, November 7th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Abacus Life in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Abacus Life Trading Down 0.4%

Shares of Abacus Life stock opened at $8.47 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.67. Abacus Life has a 12-month low of $4.60 and a 12-month high of $9.61. The company has a market capitalization of $827.94 million, a price-to-earnings ratio of 105.88 and a beta of -0.06. The firm’s 50-day moving average price is $8.04 and its two-hundred day moving average price is $6.71.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.02. The company had revenue of $62.98 million during the quarter, compared to the consensus estimate of $47.42 million. Abacus Life had a net margin of 5.62% and a return on equity of 16.90%. On average, analysts forecast that Abacus Life will post 0.62 earnings per share for the current fiscal year.

Abacus Life Dividend Announcement

The firm also recently announced an annual dividend, which was paid on Wednesday, December 17th. Shareholders of record on Tuesday, December 2nd were issued a $0.20 dividend. This represents a dividend yield of 311.0%. The ex-dividend date of this dividend was Tuesday, December 2nd.

About Abacus Life

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.