Key Points
- Sean Mcnealy sold 22,700 ABX shares at an average price of $7.74, generating $175,698. The Rule 10b5-1 transaction reduced his ownership by 0.18%, leaving him with 12.5 million shares worth approximately $96.8 million.
- Abacus Global Management shares opened at $7.79, below their 50-day and 200-day moving averages of $9.63 and $9.50, respectively. The stock has a 12-month range of $5.00 to $12.44.
- The company authorized a $100 million share-repurchase program, while analysts maintain a “Moderate Buy” consensus and a $12 average price target. Recent insider selling, however, may continue to weigh on investor sentiment.
Abacus Global Management, Inc. (NYSE:ABX - Get Free Report) major shareholder Sean Mcnealy sold 22,700 shares of the business's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value of $175,698.00. Following the transaction, the insider directly owned 12,506,952 shares in the company, valued at $96,803,808.48. This trade represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.
Sean Mcnealy also recently made the following trade(s):
- On Friday, September 18th, Sean Mcnealy sold 24,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.79, for a total value of $210,960.00.
- On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total value of $169,011.00.
- On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total transaction of $291,493.02.
- On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total transaction of $395,213.23.
Abacus Global Management Stock Down 2.9%
Shares of Abacus Global Management stock opened at $7.79 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. 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 cap of $761.30 million, a P/E ratio of 27.80 and a beta of 0.06. The company's fifty day simple moving average is $9.63 and its two-hundred day simple moving average is $9.50.
Abacus Global Management announced that its Board of Directors has authorized 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 reacquire up to 12.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.
Institutional Investors Weigh In On Abacus Global Management
Several hedge funds have recently added to or reduced their stakes in ABX. Royce & Associates LP purchased a new stake in shares of Abacus Global Management in the fourth quarter worth $16,992,000. Alta Fundamental Advisers LLC purchased a new position in shares of Abacus Global Management in the 4th quarter worth about $9,385,000. Ashford Capital Management Inc. bought a new position in Abacus Global Management in the 1st quarter worth about $6,815,000. QTR Family Wealth LLC bought a new position in Abacus Global Management in the 4th quarter worth about $5,110,000. Finally, Kennedy Capital Management LLC bought a new position in Abacus Global Management in the 4th quarter worth about $5,342,000.
Analysts Set New Price Targets
A number of research firms recently issued reports on ABX. Weiss Ratings reissued a "hold (c)" rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. Piper Sandler cut their price objective on 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. B. Riley Financial reiterated a "buy" rating on shares of Abacus Global Management in a report on Friday, August 7th. Finally, Texas Capital raised Abacus Global Management to a "strong-buy" rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.00.
View Our Latest Stock Analysis on Abacus Global Management
Abacus Global Management News Summary
Here are the key news stories impacting Abacus Global Management this week:
- Positive Sentiment: Abacus completed a landmark $400 million securitization, a transaction that could improve liquidity, expand funding capacity and support growth in its longevity-based asset platform. Abacus Global Management Completes Landmark $400 Million Securitization
- Positive Sentiment: Founders Sean McNealy, Matthew Ganovsky and Scott Kirby elected to terminate their Rule 10b5-1 trading plans and retain substantial ownership. Ending the plans may reduce a recurring source of insider-sale overhang and signals continued long-term commitment, although it does not prevent future sales. Abacus Founders Elect to Retain Substantial Ownership, Terminate 10b5-1 Trading Plans
- Neutral Sentiment: The company’s board previously authorized a $100 million share-repurchase program, potentially supporting the stock and indicating management believes shares are undervalued. However, the authorization may not immediately offset current selling pressure.
- Negative Sentiment: Major shareholders sold additional shares on September 23: Sean McNealy sold 22,700 shares, Kevin Kirby sold 22,745 and Matthew Ganovsky sold 22,800, for combined proceeds of approximately $528,000. Each transaction was conducted under a pre-arranged 10b5-1 plan, and each represented only about 0.18%–0.26% of the seller’s holdings, limiting the fundamental significance but adding near-term supply.
- Negative Sentiment: These transactions followed a broader series of founder sales during September. Across the recent filings, the three major shareholders have reduced their positions while still retaining multimillion-share stakes. Repeated insider selling can weigh on sentiment, particularly while ABX trades below its 50-day average of about $9.63 and 200-day average of about $9.50. SEC insider transaction filings
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
