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

Principal Financial Group Inc. grew its position in Abacus Life, Inc. (NASDAQ:ABL) by 7.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,011,143 shares of the company’s stock after acquiring an additional 74,172 shares during the period. Principal Financial Group Inc. owned about 1.19% of Abacus Life worth $10,233,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Evernest Financial Advisors LLC purchased a new position in shares of Abacus Life in the 3rd quarter valued at about $681,000. Charles Schwab Investment Management Inc. acquired a new stake in Abacus Life in the third quarter valued at approximately $614,000. Royce & Associates LP increased its position in shares of Abacus Life by 35.0% in the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after buying an additional 77,000 shares in the last quarter. Mendon Capital Advisors Corp acquired a new position in shares of Abacus Life during the 2nd quarter worth approximately $4,974,000. Finally, Clearbridge Investments LLC purchased a new position in shares of Abacus Life during the 2nd quarter valued at approximately $4,342,000.

Insider Buying and Selling

In other news, insider Sean Mcnealy sold 75,800 shares of Abacus Life stock in a transaction on Friday, December 20th. The shares were sold at an average price of $8.00, for a total value of $606,400.00. Following the transaction, the insider now directly owns 12,361,500 shares of the company’s stock, valued at $98,892,000. The trade was a 0.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jay J. Jackson sold 2,031,250 shares of the 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 sale, the chief executive officer now owns 10,562,000 shares of the company’s stock, valued at approximately $84,496,000. This represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 36,367 shares of company stock worth $279,626 and sold 2,263,300 shares worth $18,106,400. 79.20% of the stock is owned by insiders.

Abacus Life Price Performance

ABL stock opened at $7.75 on Tuesday. Abacus Life, Inc. has a 1 year low of $7.07 and a 1 year high of $13.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $656.26 million, a PE ratio of -43.05 and a beta of 0.13. The business has a 50 day simple moving average of $8.25 and a 200-day simple moving average of $9.21.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. The business 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 in the previous year, the firm earned $0.01 EPS. Equities research analysts anticipate that Abacus Life, Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ABL has been the topic of several recent analyst reports. Northland Capmk raised shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. B. Riley lifted their price objective on Abacus Life from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Northland Securities started coverage on Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 target price for the company. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $13.00 price target (up from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $14.70.

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.