Key Points
- Major shareholder Kevin Scott Kirby sold 21,100 ABX shares at an average price of $8.01, generating $169,011. The transaction occurred under a pre-arranged Rule 10b5-1 plan and reduced his stake by 0.17%, leaving him with approximately 12.53 million shares.
- ABX shares opened at $8.04, well below their 50-day and 200-day moving averages of $9.69 and $9.52, respectively. The company has also authorized a $100 million share repurchase program, potentially covering up to 12.2% of outstanding shares.
- Analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $12.00, despite recent insider selling by several major shareholders.
Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Kevin Kirby sold 21,100 shares of the business's stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00. Following the completion of the sale, the insider directly owned 12,528,805 shares in the company, valued at approximately $100,355,728.05. This trade represents a 0.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.
Kevin Scott Kirby also recently made the following trade(s):
- On Monday, September 21st, Kevin Kirby sold 36,400 shares of Abacus Global Management stock. The shares were 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 transaction of $210,960.00.
- On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total value of $395,223.54.
Abacus Global Management Trading Down 0.2%
NYSE:ABX opened at $8.04 on Wednesday. Abacus Global Management, Inc. has a 1 year low of $5.00 and a 1 year high of $12.44. The stock's fifty day moving average price is $9.69 and its two-hundred day moving average price is $9.52. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market cap of $785.74 million, a P/E ratio of 28.70 and a beta of 0.06.
Abacus Global Management announced that its board has initiated a share repurchase plan on Friday, August 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 12.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.
Institutional Trading of Abacus Global Management
Several institutional investors and hedge funds have recently modified their holdings of ABX. Royce & Associates LP purchased a new stake in shares of Abacus Global Management during the 4th quarter valued at $16,992,000. Alta Fundamental Advisers LLC purchased a new position in Abacus Global Management in the fourth quarter worth $9,385,000. Ashford Capital Management Inc. bought a new position in Abacus Global Management in the first quarter valued at $6,815,000. Kennedy Capital Management LLC bought a new position in Abacus Global Management in the fourth quarter valued at $5,342,000. Finally, QTR Family Wealth LLC purchased a new stake in Abacus Global Management during the fourth quarter valued at about $5,110,000.
More Abacus Global Management News
Here are the key news stories impacting Abacus Global Management this week:
- Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
- Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
- Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
- Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions
Wall Street Analyst Weigh In
ABX has been the subject of several analyst reports. Texas Capital upgraded 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 Tuesday, September 8th. Piper Sandler cut 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 research report on Friday, August 7th. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of Abacus Global Management in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $12.00.
View Our Latest Report on ABX
Abacus Global Management Company Profile
(
Get Free Report)
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.
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