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

Abacus Life, Inc. (NASDAQ:ABL) has been given a consensus rating of “Buy” by the six ratings firms that are currently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $14.70.

A number of analysts recently weighed in on the company. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. B. Riley upped their price target on shares of Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Piper Sandler reiterated an “overweight” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Finally, Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective on the stock.

Insider Buying and Selling 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 completion of the sale, the insider now owns 10,847,047 shares of the company’s stock, valued at $86,776,376. This trade represents a 1.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 10,562,000 shares in the company, valued at approximately $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 ninety days, insiders have acquired 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its stake in Abacus Life by 7.9% during 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. Point72 Asset Management L.P. bought a new position in Abacus Life during the second quarter worth $5,190,000. Curi RMB Capital LLC lifted its position in shares of Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after buying an additional 12,765 shares during the last quarter. Mendon Capital Advisors Corp bought a new position in shares of Abacus Life in the 2nd quarter worth about $4,974,000. Finally, Clearbridge Investments LLC acquired a new position in shares of Abacus Life in the 2nd quarter valued at about $4,342,000.

Abacus Life Trading Down 2.3 %

ABL opened at $7.72 on Tuesday. 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 has a 52 week low of $7.07 and a 52 week high of $13.25. The business’s 50 day moving average is $8.10 and its two-hundred day moving average is $9.12. The firm has a market cap of $653.72 million, a price-to-earnings ratio of -42.89 and a beta of 0.14.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 positive return on equity of 12.88% and a negative net margin of 11.65%. During the same quarter last year, the company posted $0.01 earnings per share. On average, research analysts predict that Abacus Life will post 0.64 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.