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

Shares of Abacus Life, Inc. (NASDAQ:ABL) have been given an average recommendation of “Buy” by the six ratings firms that are covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $14.30.

A number of equities research analysts have recently issued reports on ABL shares. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Northland Securities assumed coverage on Abacus Life in a research note on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target on the stock. Piper Sandler reaffirmed 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. Finally, B. Riley decreased their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th.

Insider Transactions at Abacus Life

In other Abacus Life news, insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total value of $1,250,000.00. Following the sale, the insider now directly owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. This represents a 1.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jay J. Jackson sold 2,031,250 shares of the firm’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 sale, the chief executive officer now 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 disclosure for this sale can be found here. Over the last 90 days, 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. Corporate insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

A number of hedge funds and other institutional investors have recently bought and sold shares of ABL. Principal Financial Group Inc. increased 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 during the last quarter. Evernest Financial Advisors LLC acquired a new position in Abacus Life in the third quarter valued at approximately $681,000. Charles Schwab Investment Management Inc. purchased a new position in Abacus Life in the third quarter valued at approximately $614,000. Geode Capital Management LLC raised its holdings in Abacus Life by 439.6% during the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after purchasing an additional 140,054 shares in the last quarter. Finally, Royce & Associates LP lifted its position in shares of Abacus Life by 35.0% during the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock worth $3,006,000 after buying an additional 77,000 shares during the last quarter.

Abacus Life Price Performance

NASDAQ:ABL opened at $7.81 on Friday. Abacus Life has a 52 week low of $6.75 and a 52 week high of $12.65. The stock’s fifty day moving average is $7.71 and its two-hundred day moving average is $8.93. The company has a market capitalization of $754.76 million, a P/E ratio of -43.39 and a beta of 0.14. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data 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 firm had revenue of $28.15 million for the quarter, compared to analyst estimates of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same period in the previous year, the firm earned $0.01 EPS. Equities analysts expect that Abacus Life will post 0.62 EPS for the current 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.