Key Points
- CEO Jay Jackson sold 196,000 ABX shares at an average price of $8.77, generating $1.72 million. He retains 10.4 million shares valued at approximately $91.2 million, representing a 1.85% reduction in ownership.
- Abacus Global Management authorized a $100 million share buyback, allowing it to repurchase up to 12.2% of outstanding shares—typically a signal that management considers the stock undervalued.
- Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $12.00, compared with shares opening at $9.28.
Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) CEO Jay Jackson sold 196,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $8.77, for a total value of $1,718,920.00. Following the transaction, the chief executive officer owned 10,397,430 shares of the company's stock, valued at approximately $91,185,461.10. The trade was a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Abacus Global Management Stock Up 8.9%
Shares of NYSE ABX opened at $9.28 on Friday. The company has a market cap of $890.14 million, a price-to-earnings ratio of 33.14 and a beta of 0.07. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 1.91. The business has a 50-day simple moving average of $10.21. Abacus Global Management, Inc. has a twelve month low of $5.00 and a twelve month high of $12.44.
Abacus Global Management announced that its Board of Directors has initiated a share buyback plan on Friday, August 14th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 12.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Analyst Ratings Changes
Several brokerages have recently commented on ABX. Piper Sandler cut their price objective on Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 7th. Texas Capital raised shares of Abacus Global Management to a "strong-buy" rating in a research note on Tuesday, June 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a report on Thursday, June 11th. Wall Street Zen lowered shares of Abacus Global Management from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, B. Riley Financial restated a "buy" rating on shares of Abacus Global Management in a research report on Friday, August 7th. One 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 stock. According to data from MarketBeat, Abacus Global Management currently has a consensus rating of "Moderate Buy" and an average target price of $12.00.
Check Out Our Latest Research Report on ABX
Hedge Funds Weigh In On Abacus Global Management
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in shares of Abacus Global Management during the 4th quarter valued at about $30,000. New York State Common Retirement Fund bought a new stake in Abacus Global Management in the 4th quarter worth approximately $75,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Abacus Global Management in the 4th quarter worth approximately $83,000. Summit Wealth & Retirement Planning Inc. purchased a new stake in Abacus Global Management in the fourth quarter worth approximately $86,000. Finally, Intech Investment Management LLC purchased a new stake in Abacus Global Management in the fourth quarter worth approximately $96,000.
Abacus Global Management Company Profile
(
Get Free Report)
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.
Further Reading
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