501,940 Shares in Abacus Life, Inc. (NASDAQ:ABL) Purchased by Clearbridge Investments LLC

Clearbridge Investments LLC acquired a new stake in Abacus Life, Inc. (NASDAQ:ABL) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 501,940 shares of the company’s stock, valued at approximately $4,342,000. Clearbridge Investments LLC owned 0.79% of Abacus Life at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Inscription Capital LLC purchased a new position in shares of Abacus Life during the 1st quarter valued at approximately $137,000. Renaissance Technologies LLC acquired a new position in Abacus Life during the second quarter worth $106,000. Levin Capital Strategies L.P. purchased a new position in Abacus Life during the second quarter valued at $130,000. Richard W. Paul & Associates LLC grew its position in shares of Abacus Life by 4.8% in the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock valued at $263,000 after purchasing an additional 1,401 shares during the period. Finally, Quarry LP purchased a new stake in shares of Abacus Life during the second quarter worth about $318,000.

Abacus Life Stock Up 2.1 %

ABL stock opened at $9.70 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average of $10.07 and a two-hundred day moving average of $10.56. Abacus Life, Inc. has a 12 month low of $5.75 and a 12 month high of $13.25. The company has a market cap of $620.07 million, a price-to-earnings ratio of 485.00 and a beta of 0.12.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.57 million. Abacus Life had a positive return on equity of 7.02% and a negative net margin of 6.19%. During the same quarter last year, the firm earned $0.13 earnings per share. As a group, analysts forecast that Abacus Life, Inc. will post 0.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ABL shares. TD Cowen began coverage on shares of Abacus Life in a research note on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target on the stock. B. Riley Financial restated a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Piper Sandler initiated coverage on Abacus Life in a research report on Wednesday, June 26th. They set an “overweight” rating and a $12.00 price target for the company. Finally, B. Riley reissued a “buy” rating and issued a $16.00 price objective (up from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Abacus Life currently has an average rating of “Buy” and a consensus target price of $14.50.

Abacus Life Profile

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.