Abacus Global Management (NYSE:ABX) Major Shareholder Kevin Scott Kirby Sells 22,745 Shares

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Kevin Kirby sold 22,745 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total transaction of $176,046.30. Following the sale, the insider owned 12,506,060 shares of the company’s stock, valued at approximately $96,796,904.40. This represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Kevin Scott Kirby also recently made the following trade(s):

• On Tuesday, September 22nd, Kevin Kirby sold 21,100 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Monday, September 21st, Kevin Kirby sold 36,400 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total transaction of $295,932.00.
• On Friday, September 18th, Kevin Kirby sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total value of $210,960.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total value of $395,223.54.

Abacus Global Management Stock Down 2.9%

Shares of Abacus Global Management stock traded down $0.23 on Wednesday, reaching $7.79. The company’s stock had a trading volume of 1,117,314 shares, compared to its average volume of 601,294. The company has a market capitalization of $761.31 million, a price-to-earnings ratio of 27.80 and a beta of 0.06. The firm’s fifty day simple moving average is $9.69 and its two-hundred day simple moving average is $9.52. Abacus Global Management, Inc. has a 52 week low of $5.00 and a 52 week high of $12.44. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67.

Abacus Global Management declared that its Board of Directors has initiated a share repurchase plan on Friday, August 14th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ABX shares. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. Piper Sandler decreased their price objective on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. One 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Key Abacus Global Management News

Here are the key news stories impacting Abacus Global Management this week:

• Positive Sentiment: Abacus Global Management completed a $400 million securitization, a significant capital-markets transaction that could strengthen funding capacity and support the company’s life-settlement asset acquisition and portfolio-growth strategy. The deal is the most important new potential catalyst for ABX in the provided news. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: The company’s previously announced $100 million share-repurchase authorization, covering up to approximately 12.2% of outstanding shares, may provide support for the stock if management views the shares as undervalued. This could help offset some insider-selling pressure.
• Neutral Sentiment: Several large shareholders sold shares under pre-arranged Rule 10b5-1 trading plans, which reduces the likelihood that the transactions represent a newly formed negative view of the business. However, the repeated sales may still weigh on investor sentiment.
• Negative Sentiment: Major shareholders collectively sold approximately 219,766 shares worth about $1.81 million across September 18–22. Matthew Ganovsky sold 81,312 shares, Kevin Scott Kirby sold 81,500 shares, and Sean McNealy sold 56,954 shares. Each retained a substantial ownership position, so the sales represent relatively small percentage reductions, but the cluster of transactions creates a near-term overhang. SEC filing for Matthew Ganovsky transactions SEC filing for Kevin Scott Kirby transactions SEC filing for Sean McNealy transactions

Hedge Funds Weigh In On Abacus Global Management

A number of institutional investors and hedge funds have recently modified their holdings of ABX. Axxcess Wealth Management LLC bought a new stake in shares of Abacus Global Management in the fourth quarter worth $98,000. World Investment Advisors purchased a new stake in Abacus Global Management during the fourth quarter valued at $181,000. Oasis Management Co Ltd. bought a new position in Abacus Global Management in the fourth quarter valued at about $197,000. Susquehanna Fundamental Investments LLC bought a new position in Abacus Global Management in the second quarter valued at about $221,000. Finally, AXQ Capital LP purchased a new position in Abacus Global Management in the fourth quarter worth about $252,000.

Abacus Global Management Company Profile

Abacus Global Management, Inc (NYSE: ABX) is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company’s activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.