Abacus Global Management, Inc. (NYSE:ABX) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Abacus Global Management, Inc. (NYSE:ABX) has received a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $10.00.

ABX has been the subject of several recent research reports. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Piper Sandler reduced their target price on shares of Abacus Global Management from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, October 19th. Finally, Weiss Ratings cut shares of Abacus Global Management from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, October 28th.

Abacus Global Management Trading Up 0.4%

ABX traded up $0.03 on Friday, reaching $8.81. 496,627 shares of the company’s stock were exchanged, compared to its average volume of 615,015. The company’s 50 day moving average is $8.57 and its 200-day moving average is $9.17. The company has a market cap of $861.94 million, a price-to-earnings ratio of 25.18 and a beta of 0.08. Abacus Global Management has a twelve month low of $5.57 and a twelve month high of $12.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70.

Abacus Global Management (NYSE:ABX) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Abacus Global Management had a net margin of 12.67% and a return on equity of 23.50%. The firm had revenue of $76.88 million for the quarter. During the same period last year, the firm earned $0.07 earnings per share. Equities analysts predict that Abacus Global Management will post 1.06 earnings per share for the current year.

Abacus Global Management declared that its board has approved a stock repurchase plan on Friday, August 14th that authorizes the company to buy back $100 million in shares. This repurchase authorization authorizes the company to purchase up to 12.2% of its shares through open market purchases. Share repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Abacus Global Management Announces Dividend

The business also recently declared an annual dividend, which will be paid on Wednesday, December 16th. Investors of record on Tuesday, December 1st will be issued a $0.22 dividend. This represents a yield of 251.0%. The ex-dividend date is Tuesday, December 1st. Abacus Global Management’s dividend payout ratio is currently 62.86%.

Insider Buying and Selling

In related news, major shareholder Kevin Kirby sold 36,400 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $8.13, for a total transaction of $295,932.00. Following the sale, the insider directly owned 12,549,905 shares in the company, valued at approximately $102,030,727.65. This trade represents a 0.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Matthew Ganovsky sold 36,000 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $8.13, for a total value of $292,680.00. Following the sale, the insider owned 8,695,260 shares in the company, valued at approximately $70,692,463.80. The trade was a 0.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 437,011 shares of company stock valued at $3,687,432. 46.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Entropy Technologies LP acquired a new stake in shares of Abacus Global Management during the third quarter valued at about $94,000. Jump Financial LLC increased its position in shares of Abacus Global Management by 207.6% during the third quarter. Jump Financial LLC now owns 78,130 shares of the company’s stock worth $630,000 after acquiring an additional 52,730 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Abacus Global Management by 3.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,141,322 shares of the company’s stock worth $9,005,000 after acquiring an additional 34,616 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Abacus Global Management in the third quarter worth about $31,000. Finally, Engineers Gate Manager LP lifted its stake in shares of Abacus Global Management by 86.0% in the second quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock worth $606,000 after acquiring an additional 26,157 shares in the last quarter.

Abacus Global Management Company Profile

Abacus Global Management, Inc. (NYSE: ABX) is an alternative asset manager focused on longevity-linked assets, particularly life insurance policies. Through its life settlement business, the company helps policyholders sell eligible policies to investors and acquires policies for management in investment portfolios. The company also provides related services, including policy valuation, portfolio management and servicing. Formerly known as Abacus Life, Inc., it has roots in the life settlement industry dating to 2004.