Abacus Global Management (NYSE:ABX – Free Report) had its price target reduced by Piper Sandler from $12.00 to $10.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the stock.
Other equities research analysts have also issued reports about the stock. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Abacus Global Management presently has an average rating of “Moderate Buy” and an average target price of $10.00.
Check Out Our Latest Stock Analysis on Abacus Global Management
Abacus Global Management Trading Up 1.6%
NYSE ABX opened at $8.52 on Monday. 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 has a 52 week low of $5.00 and a 52 week high of $12.44. The stock has a market capitalization of $833.27 million, a PE ratio of 9.22 and a beta of 0.08. The firm has a 50 day moving average of $8.83 and a two-hundred day moving average of $9.36.
Abacus Global Management announced that its board has authorized a share repurchase program on Friday, August 14th that authorizes the company to buy back $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 12.2% of its shares through open market purchases. Share buyback programs are often a sign that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In other news, major shareholder Matthew Ganovsky sold 22,800 shares of the company’s stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value of $176,472.00. Following the completion of the transaction, the insider owned 8,651,148 shares in the company, valued at approximately $66,959,885.52. This represents a 0.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Kevin Kirby sold 22,745 shares of the stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total transaction of $176,046.30. Following the completion of the transaction, the insider directly owned 12,506,060 shares in the company, valued at $96,796,904.40. This trade represents a 0.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 748,011 shares of company stock valued at $6,592,002. 46.40% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Abacus Global Management
Several hedge funds and other institutional investors have recently bought and sold shares of ABX. Ashford Capital Management Inc. purchased a new stake in Abacus Global Management in the first quarter valued at $6,815,000. Grandeur Peak Global Advisors LLC grew its holdings in shares of Abacus Global Management by 31.6% during the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock worth $2,204,000 after purchasing an additional 49,447 shares during the last quarter. Sei Investments Co. grew its holdings in shares of Abacus Global Management by 39.6% during the first quarter. Sei Investments Co. now owns 204,620 shares of the company’s stock worth $1,612,000 after purchasing an additional 57,993 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Abacus Global Management by 5.1% during the first quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock worth $1,199,000 after purchasing an additional 7,444 shares during the last quarter. Finally, Capital Investment Advisory Services LLC purchased a new position in shares of Abacus Global Management during the second quarter worth about $697,000.
About Abacus Global Management
Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.
The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.
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