Brokerages Set Abacus Life, Inc. (NASDAQ:ABL) Target Price at $14.70

Abacus Life, Inc. (NASDAQ:ABL) has been assigned an average rating of “Buy” from the six ratings firms that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $14.70.

Several equities analysts have commented on ABL shares. B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. Northland Securities initiated coverage on Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. B. Riley increased their price target on Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th.

Insider Activity at Abacus Life

In other news, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.00, for a total value of $16,250,000.00. Following the sale, the chief executive officer now directly owns 10,562,000 shares in the company, valued at $84,496,000. The trade was a 16.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Adam Samuel Gusky acquired 18,241 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average price of $7.54 per share, with a total value of $137,537.14. Following the completion of the acquisition, the director now owns 40,959 shares of the company’s stock, valued at $308,830.86. This represents a 80.29 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 26,367 shares of company stock worth $202,036 in the last ninety days. Company insiders own 79.20% of the company’s stock.

Institutional Investors Weigh In On Abacus Life

Institutional investors have recently bought and sold shares of the company. Evernest Financial Advisors LLC bought a new position in Abacus Life in the third quarter valued at $681,000. Principal Financial Group Inc. grew its holdings in shares of Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after acquiring an additional 74,172 shares in the last quarter. Royce & Associates LP grew its holdings in shares of Abacus Life by 35.0% in the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after acquiring an additional 77,000 shares in the last quarter. Mendon Capital Advisors Corp acquired a new stake in shares of Abacus Life in the second quarter valued at about $4,974,000. Finally, Clearbridge Investments LLC bought a new stake in Abacus Life during the second quarter worth about $4,342,000.

Abacus Life Price Performance

NASDAQ ABL opened at $7.94 on Friday. The company has a 50 day simple moving average of $8.67 and a 200-day simple moving average of $9.43. The firm has a market capitalization of $672.36 million, a price-to-earnings ratio of -44.11 and a beta of 0.13. Abacus Life has a 52-week low of $7.07 and a 52-week high of $13.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The firm had revenue of $28.15 million during the quarter, compared to analysts’ expectations of $26.08 million. During the same quarter last year, the firm earned $0.01 earnings per share. Equities research analysts predict that Abacus Life will post 0.64 earnings per share for the current fiscal year.

About Abacus Life

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.