Abacus Global Management, Inc. $ABX Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its position in shares of Abacus Global Management, Inc. (NYSE:ABX) by 55.3% in the first quarter, HoldingsChannel.com reports. The firm owned 131,800 shares of the company’s stock after selling 163,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Abacus Global Management were worth $1,039,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in shares of Abacus Global Management in the 4th quarter valued at about $30,000. New York State Common Retirement Fund purchased a new stake in Abacus Global Management during the fourth quarter worth approximately $75,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Abacus Global Management in the fourth quarter valued at approximately $83,000. Summit Wealth & Retirement Planning Inc. acquired a new position in Abacus Global Management in the fourth quarter valued at approximately $86,000. Finally, Intech Investment Management LLC purchased a new position in Abacus Global Management in the fourth quarter valued at approximately $96,000.

Insider Transactions at Abacus Global Management

In other news, major shareholder Matthew Ganovsky sold 38,333 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $10.31, for a total transaction of $395,213.23. Following the completion of the transaction, the insider directly owned 8,755,260 shares of the company’s stock, valued at $90,266,730.60. This trade represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Sean Mcnealy sold 38,333 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,213.23. Following the completion of the transaction, the insider directly owned 12,610,606 shares of the company’s stock, valued at approximately $130,015,347.86. This trade represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 311,000 shares of company stock worth $2,904,570. 46.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Wall Street Zen cut Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Piper Sandler decreased their price objective 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. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Abacus Global Management has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Abacus Global Management Price Performance

Shares of ABX stock opened at $9.28 on Friday. The business’s fifty day simple moving average is $10.21. Abacus Global Management, Inc. has a 1-year low of $5.00 and a 1-year high of $12.44. The firm has a market capitalization of $890.14 million, a price-to-earnings ratio of 33.14 and a beta of 0.07. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 1.91.

Abacus Global Management announced that its Board of Directors has initiated a share repurchase program 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Abacus Global Management 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.