B. Riley Has Positive Outlook of Abacus Life FY2024 Earnings

Abacus Life, Inc. (NASDAQ:ABL) – Research analysts at B. Riley upped their FY2024 EPS estimates for shares of Abacus Life in a research report issued on Monday, November 25th. B. Riley analyst M. Howlett now expects that the company will post earnings per share of $0.66 for the year, up from their previous estimate of $0.58. B. Riley has a “Buy” rating and a $17.00 price target on the stock. The consensus estimate for Abacus Life’s current full-year earnings is $0.62 per share. B. Riley also issued estimates for Abacus Life’s Q4 2024 earnings at $0.18 EPS.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The business 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 period last year, the business earned $0.01 EPS.

ABL has been the subject of several other reports. Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 target price on shares of Abacus Life in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $13.00 price target (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. TD Cowen began coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, Northland Securities initiated coverage on shares of Abacus Life in a research report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price for the company. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $14.70.

Abacus Life Trading Up 2.0 %

NASDAQ:ABL opened at $7.82 on Tuesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market cap of $583.77 million, a price-to-earnings ratio of -43.83 and a beta of 0.15. Abacus Life has a 52 week low of $6.56 and a 52 week high of $13.25. The firm has a 50-day moving average price of $9.26 and a two-hundred day moving average price of $9.78.

Insider Transactions at Abacus Life

In other news, insider Matthew Ganovsky sold 156,250 shares of the firm’s 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 completion of the transaction, the insider now directly owns 10,847,047 shares in the company, valued at approximately $86,776,376. This trade represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the sale, the chief executive officer now directly owns 10,562,000 shares in the company, valued at $84,496,000. This trade represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

Large investors have recently modified their holdings of the business. Renaissance Technologies LLC purchased a new position in Abacus Life in the second quarter worth $106,000. Levin Capital Strategies L.P. bought a new position in shares of Abacus Life during the 2nd quarter valued at about $130,000. Richard W. Paul & Associates LLC increased its position in shares of Abacus Life by 4.8% during 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 position in shares of Abacus Life during the 2nd quarter valued at about $318,000. Finally, Sei Investments Co. bought a new stake in Abacus Life in the 2nd quarter worth approximately $418,000.

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.