Abacus Global Management (NYSE:ABX) Major Shareholder Sells $176,046.30 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Kevin Kirby sold 22,745 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $7.74, for a total transaction of $176,046.30. Following the sale, the insider directly owned 12,506,060 shares in the company, valued at $96,796,904.40. This trade represents a 0.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Kevin Scott Kirby also recently made the following trade(s):

• On Tuesday, September 22nd, Kevin Kirby sold 21,100 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Monday, September 21st, Kevin Kirby sold 36,400 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total transaction of $295,932.00.
• On Friday, September 18th, Kevin Kirby sold 24,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.79, for a total transaction of $210,960.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total transaction of $395,223.54.

Abacus Global Management Trading Up 0.6%

ABX stock opened at $8.32 on Friday. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67. The firm has a market cap of $813.32 million, a P/E ratio of 29.70 and a beta of 0.06. The company’s 50-day simple moving average is $9.55 and its 200-day simple moving average is $9.48.

Abacus Global Management declared that its board has authorized a share repurchase program on Friday, August 14th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 12.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Key Headlines Impacting Abacus Global Management

Here are the key news stories impacting Abacus Global Management this week:

• Positive Sentiment: Abacus completed a landmark $400 million securitization of life-insurance assets. The dual-tranche transaction received an investment-grade rating, was oversubscribed and was increased in size because of strong institutional fixed-income demand. The successful deal supports Abacus Global Management’s funding capacity and validates the maturity of its securitization platform. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: Management said the transaction advances the company’s shift toward more recurring, fee-related revenue. For investors, that could reduce reliance on one-time asset sales and provide a more scalable earnings model if Abacus can repeat similar transactions.
• Neutral Sentiment: Abacus Global Management is scheduled to participate in a virtual fireside chat hosted by Autonomous Research. The event may provide additional details on securitization demand, growth plans and revenue visibility, but it does not represent a new financial commitment. Abacus Global Management to Participate in Virtual Fireside Chat
• Negative Sentiment: Major shareholders Sean McNealy, Kevin Scott Kirby and Matthew Ganovsky each reported additional sales of roughly 22,700 shares at approximately $7.74 per share. The combined proceeds were about $528,000. Each sale was made under a pre-arranged Rule 10b5-1 plan and represented only a small fraction of the holders’ remaining positions, limiting its fundamental significance but potentially adding near-term selling pressure. Abacus Global Management Insider Trading Activity
• Negative Sentiment: The latest transactions follow several other founder sales during September. Continued insider selling may weigh on confidence even though the founders retain substantial ownership and the trades were conducted through established trading plans.

Hedge Funds Weigh In On Abacus Global Management

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ashford Capital Management Inc. acquired a new position in Abacus Global Management during the first quarter worth about $6,815,000. Royce & Associates LP purchased a new stake in Abacus Global Management during the 4th quarter valued at about $16,992,000. Kennedy Capital Management LLC acquired a new stake in Abacus Global Management in the 4th quarter valued at about $5,342,000. QTR Family Wealth LLC acquired a new stake in Abacus Global Management in the 4th quarter valued at about $5,110,000. Finally, Sei Investments Co. lifted its stake in Abacus Global Management by 39.6% in the 1st quarter. Sei Investments Co. now owns 204,620 shares of the company’s stock worth $1,612,000 after purchasing an additional 57,993 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have commented on the company. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. Finally, Piper Sandler lowered their price target on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Abacus Global Management Company Profile

Abacus Global Management, Inc (NYSE: ABX) is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company’s activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.