Abacus Life, Inc. (NASDAQ:ABL) Receives Average Rating of “Buy” from Brokerages

Shares of Abacus Life, Inc. (NASDAQ:ABL) have earned an average recommendation of “Buy” from the six analysts that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $14.70.

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

Insider Activity

In other Abacus Life news, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the completion of the transaction, the chief executive officer now owns 10,562,000 shares of the company’s stock, valued at $84,496,000. The trade was a 16.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Mcnealy sold 75,800 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $8.00, for a total value of $606,400.00. Following the completion of the sale, the insider now directly owns 12,361,500 shares in the company, valued at approximately $98,892,000. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ABL. Principal Financial Group Inc. grew its stake in shares of Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after acquiring an additional 74,172 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Abacus Life in the 2nd quarter worth $5,190,000. Curi RMB Capital LLC increased its holdings in shares of Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after purchasing an additional 12,765 shares during the period. Mendon Capital Advisors Corp bought a new position in shares of Abacus Life during the 2nd quarter worth about $4,974,000. Finally, Clearbridge Investments LLC acquired a new position in shares of Abacus Life during the second quarter valued at about $4,342,000.

Abacus Life Price Performance

Shares of NASDAQ ABL opened at $7.72 on Tuesday. Abacus Life has a twelve month low of $7.07 and a twelve month high of $13.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average of $8.10 and a two-hundred day moving average of $9.12. The company has a market capitalization of $653.72 million, a price-to-earnings ratio of -42.89 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $28.15 million for the quarter, compared to analysts’ expectations of $26.08 million. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. During the same quarter in the prior year, the company earned $0.01 earnings per share. As a group, analysts expect 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.