Key Points
- Abacus Global Management CFO William Hugh Mccauley, Jr. sold 125,000 shares at an average price of $9.10, generating $1.14 million. His remaining stake fell 12.02% to 915,260 shares.
- The company’s board authorized a $100 million share-repurchase program, allowing buybacks of up to 12.2% of outstanding shares, while ABX shares opened at $9.65.
- Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and a $12 average price target; several institutional investors also recently established positions in the company.
Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) CFO William Hugh Mccauley, Jr. sold 125,000 shares of the firm's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total value of $1,137,500.00. Following the sale, the chief financial officer owned 915,260 shares in the company, valued at $8,328,866. This trade represents a 12.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Abacus Global Management Price Performance
Shares of NYSE:ABX opened at $9.65 on Friday. The company has a market cap of $943.67 million, a P/E ratio of 34.46 and a beta of 0.07. 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, Inc. has a 52 week low of $5.00 and a 52 week high of $12.44. The business has a fifty day simple moving average of $10.22 and a 200-day simple moving average of $9.37.
Abacus Global Management announced that its Board of Directors has initiated a share repurchase program on Friday, August 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 12.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.
Analysts Set New Price Targets
Several analysts have commented on the company. Wall Street Zen cut Abacus Global Management from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a report on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Texas Capital upgraded shares of Abacus Global Management to a "strong-buy" rating in a report on Tuesday, June 9th. Finally, Piper Sandler dropped their price target on shares of Abacus Global Management from $13.00 to $12.00 and set a "neutral" rating for the company in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.00.
View Our Latest Stock Analysis on ABX
Institutional Investors Weigh In On Abacus Global Management
Several hedge funds have recently modified their holdings of ABX. Alyeska Investment Group L.P. acquired a new position in Abacus Global Management during the 4th quarter worth approximately $17,554,000. Mendon Capital Advisors Corp acquired a new stake in Abacus Global Management in the fourth quarter valued at approximately $17,207,000. Royce & Associates LP acquired a new stake in Abacus Global Management in the fourth quarter valued at approximately $16,992,000. Goldman Sachs Group Inc. purchased a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $10,409,000. Finally, Alta Fundamental Advisers LLC purchased a new stake in shares of Abacus Global Management during the fourth quarter valued at approximately $9,385,000.
About Abacus Global Management
(
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.
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