Insider Selling: Abacus Global Management (NYSE:ABX) CFO Sells $1,137,500.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) CFO William Hugh Mccauley, Jr. sold 125,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $9.10, for a total value of $1,137,500.00. Following the transaction, the chief financial officer directly owned 915,260 shares of the company’s stock, valued at approximately $8,328,866. This trade represents a 12.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Abacus Global Management Trading Down 0.1%

Abacus Global Management stock opened at $9.65 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The business’s fifty day simple moving average is $10.22 and its two-hundred day simple moving average is $9.38. Abacus Global Management, Inc. has a 12 month low of $5.00 and a 12 month high of $12.44. The company has a market capitalization of $943.67 million, a price-to-earnings ratio of 34.46 and a beta of 0.07.

Abacus Global Management declared that its Board of Directors has authorized a stock repurchase plan on Friday, August 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 12.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Citizens Financial Group Inc. RI bought a new stake in Abacus Global Management in the 4th quarter worth about $889,000. Summit Wealth & Retirement Planning Inc. bought a new position in Abacus Global Management during the 4th quarter valued at about $86,000. Pacific Ridge Capital Partners LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter valued at about $962,000. World Investment Advisors purchased a new stake in shares of Abacus Global Management during the 4th quarter valued at about $181,000. Finally, Axxcess Wealth Management LLC purchased a new stake in shares of Abacus Global Management during the 4th quarter valued at about $98,000.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Piper Sandler cut their price objective on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a research note on Thursday, June 11th. B. Riley Financial reaffirmed a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. Wall Street Zen downgraded shares of Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.00.

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.