Principal Financial Group Inc. Raises Stock Position in Abacus Life, Inc. (NASDAQ:ABL)

Principal Financial Group Inc. grew its stake in Abacus Life, Inc. (NASDAQ:ABL) by 7.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,011,143 shares of the company’s stock after buying an additional 74,172 shares during the period. Principal Financial Group Inc. owned 1.58% of Abacus Life worth $10,233,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Renaissance Technologies LLC acquired a new position in Abacus Life during the second quarter worth approximately $106,000. Levin Capital Strategies L.P. acquired a new position in shares of Abacus Life in the 2nd quarter valued at $130,000. Richard W. Paul & Associates LLC raised its position in Abacus Life by 4.8% in the 2nd 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 last quarter. Quarry LP purchased a new stake in Abacus Life in the 2nd quarter valued at $318,000. Finally, Sei Investments Co. acquired a new stake in Abacus Life during the 2nd quarter worth $418,000.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ABL shares. Piper Sandler reaffirmed an “overweight” rating and set a $13.00 price objective (up from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. B. Riley Financial restated a “buy” rating and set a $16.00 price target on shares of Abacus Life in a research note on Friday, August 30th. B. Riley reiterated a “buy” rating and issued a $16.00 price objective (up from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Northland Securities started coverage on shares of Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective on the stock. Finally, Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Abacus Life has a consensus rating of “Buy” and an average price target of $14.50.

Abacus Life Price Performance

Shares of NASDAQ ABL opened at $8.43 on Tuesday. 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 company’s 50-day moving average price is $9.43 and its 200 day moving average price is $9.91. Abacus Life, Inc. has a 52 week low of $6.22 and a 52 week high of $13.25. The stock has a market cap of $629.31 million, a price-to-earnings ratio of -46.83 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last posted its earnings results 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 for the quarter, compared to analyst estimates of $26.08 million. During the same quarter in the prior year, the company earned $0.01 EPS. As a group, research analysts forecast that Abacus Life, Inc. will post 0.6 earnings per share for the current fiscal year.

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.