Geode Capital Management LLC Raises Stock Holdings in Abacus Life, Inc. (NASDAQ:ABL)

Geode Capital Management LLC boosted its stake in shares of Abacus Life, Inc. (NASDAQ:ABL) by 439.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,917 shares of the company’s stock after buying an additional 140,054 shares during the quarter. Geode Capital Management LLC owned 0.23% of Abacus Life worth $1,741,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. acquired a new stake in shares of Abacus Life in the third quarter valued at $614,000. Royce & Associates LP grew its position in Abacus Life by 35.0% in the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after acquiring an additional 77,000 shares in the last quarter. Curi RMB Capital LLC increased its stake in Abacus Life by 2.4% during the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after purchasing an additional 12,765 shares during the period. Principal Financial Group Inc. lifted its position in shares of Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after purchasing an additional 74,172 shares in the last quarter. Finally, Evernest Financial Advisors LLC purchased a new position in shares of Abacus Life in the third quarter valued at approximately $681,000.

Insider Activity at Abacus Life

In other news, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.00, for a total value of $16,250,000.00. Following the completion of the sale, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, valued at approximately $84,496,000. The trade was a 16.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Mcnealy sold 75,800 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $8.00, for a total value of $606,400.00. Following the completion of the sale, the insider now directly owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. This trade represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 36,367 shares of company stock valued at $279,626 and sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ABL shares. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. Piper Sandler reaffirmed an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Securities started coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price for the company. Finally, B. Riley lowered their target price on Abacus Life from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $14.30.

Abacus Life Price Performance

Abacus Life stock opened at $7.39 on Thursday. 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 has a fifty day simple moving average of $8.06 and a 200-day simple moving average of $9.10. The stock has a market cap of $625.78 million, a P/E ratio of -41.05 and a beta of 0.14. Abacus Life, Inc. has a 12-month low of $7.07 and a 12-month high of $13.25.

Abacus Life (NASDAQ:ABL) last announced 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 company had revenue of $28.15 million during the quarter, compared to the consensus estimate 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 in the previous year, the business earned $0.01 EPS. Equities analysts expect that Abacus Life, Inc. will post 0.64 EPS for the current fiscal year.

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.