Abacus Global Management (NYSE:ABX) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Abacus Global Management (NYSE:ABX) from a buy rating to a hold rating in a research note issued to investors on Saturday.

Several other analysts have also recently issued reports on the company. Zacks Research cut Abacus Global Management from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Weiss Ratings assumed coverage on Abacus Global Management in a report on Thursday, January 29th. They set a “hold (c-)” rating for the company. Finally, Piper Sandler decreased their price objective on Abacus Global Management from $11.00 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.50.

Abacus Global Management Stock Down 1.3%

Shares of Abacus Global Management stock opened at $9.38 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $905.64 million, a P/E ratio of 25.35 and a beta of 0.11. Abacus Global Management has a 52 week low of $4.60 and a 52 week high of $10.53. The firm has a 50-day simple moving average of $9.05.

Abacus Global Management (NYSE:ABX) last posted its earnings results on Thursday, March 12th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. Abacus Global Management had a return on equity of 19.20% and a net margin of 15.53%.The company had revenue of $71.90 million for the quarter. On average, equities analysts expect that Abacus Global Management will post 0.98 earnings per share for the current year.

Hedge Funds Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new position in shares of Abacus Global Management during the 4th quarter valued at about $30,000. New York State Common Retirement Fund purchased a new position in shares of Abacus Global Management during the 4th quarter valued at about $75,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Abacus Global Management during the 4th quarter valued at about $83,000. Summit Wealth & Retirement Planning Inc. purchased a new position in shares of Abacus Global Management during the 4th quarter valued at about $86,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Abacus Global Management during the 4th quarter valued at about $96,000.

About Abacus Global Management

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.