Abacus Life (NASDAQ:ABL) Coverage Initiated at Northland Securities

Research analysts at Northland Securities began coverage on shares of Abacus Life (NASDAQ:ABL) in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm set an “outperform” rating and a $13.50 price target on the stock. Northland Securities’ price target indicates a potential upside of 49.50% from the stock’s current price.

Several other equities research analysts also recently commented on the company. Piper Sandler initiated coverage on Abacus Life in a report on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 target price on the stock. B. Riley reiterated a “buy” rating and issued a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. B. Riley Financial restated a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a research note on Friday, August 30th. Finally, TD Cowen started coverage on shares of Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 target price for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $14.30.

Abacus Life Stock Down 0.8 %

Shares of Abacus Life stock opened at $9.03 on Thursday. Abacus Life has a 1 year low of $5.75 and a 1 year high of $13.25. The firm has a market cap of $577.24 million, a price-to-earnings ratio of 451.50 and a beta of 0.12. The company has a 50-day moving average of $9.94 and a 200 day moving average of $10.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84.

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

Hedge Funds Weigh In On Abacus Life

Several hedge funds and other institutional investors have recently modified their holdings of ABL. Allspring Global Investments Holdings LLC bought a new stake in shares of Abacus Life in the second quarter worth $9,909,000. Principal Financial Group Inc. bought a new stake in shares of Abacus Life during the 2nd quarter valued at about $8,105,000. Point72 Asset Management L.P. purchased a new stake in shares of Abacus Life during the 2nd quarter valued at about $5,190,000. Mendon Capital Advisors Corp bought a new position in shares of Abacus Life in the 2nd quarter worth approximately $4,974,000. Finally, Clearbridge Investments LLC purchased a new position in shares of Abacus Life in the second quarter worth approximately $4,342,000.

Abacus Life Company 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.