Abacus Global Management (NYSE:ABX) Issues Earnings Results

Abacus Global Management (NYSE:ABX) issued its quarterly earnings results on Thursday. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01, FiscalAI reports. The firm had revenue of $76.88 million for the quarter. Abacus Global Management had a return on equity of 21.03% and a net margin of 10.55%. During the same period in the previous year, the business posted $0.07 earnings per share.

Abacus Global Management Trading Down 3.2%

ABX stock traded down $0.29 during trading on Thursday, reaching $8.76. 1,068,703 shares of the stock traded hands, compared to its average volume of 602,552. The business’s 50 day moving average price is $8.65 and its 200-day moving average price is $9.18. Abacus Global Management has a 52-week low of $5.17 and a 52-week high of $12.44. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $856.66 million, a PE ratio of 31.29 and a beta of 0.08.

Analyst Upgrades and Downgrades

ABX has been the subject of a number of research analyst reports. Piper Sandler dropped their price objective on shares of Abacus Global Management from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. Weiss Ratings lowered shares of Abacus Global Management from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, October 28th. Finally, B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.00.

Abacus Global Management declared that its Board of Directors has authorized a share buyback plan on Friday, August 14th that permits the company to buy back $100 million in outstanding shares. This repurchase authorization permits the company to purchase up to 12.2% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, major shareholder Sean Mcnealy sold 22,700 shares of Abacus Global Management stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $7.74, for a total value of $175,698.00. Following the transaction, the insider directly owned 12,506,952 shares of the company’s stock, valued at $96,803,808.48. The trade was a 0.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Kevin Kirby sold 22,745 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $7.74, for a total value of $176,046.30. Following the sale, the insider owned 12,506,060 shares of the company’s stock, valued at $96,796,904.40. The trade was a 0.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 633,011 shares of company stock worth $5,406,352 over the last three months. 46.40% of the stock is owned by insiders.

Institutional Trading of Abacus Global Management

Institutional investors and hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue purchased a new position in Abacus Global Management in the third quarter valued at approximately $31,000. Susquehanna Fundamental Investments LLC purchased a new stake in Abacus Global Management during the second quarter worth approximately $221,000. Hsbc Holdings PLC purchased a new stake in Abacus Global Management during the second quarter worth approximately $285,000. World Investment Advisors grew its stake in Abacus Global Management by 89.7% during the first quarter. World Investment Advisors now owns 40,137 shares of the company’s stock worth $316,000 after buying an additional 18,975 shares during the period. Finally, Squarepoint Ops LLC grew its stake in Abacus Global Management by 20.8% during the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock worth $595,000 after buying an additional 9,580 shares during the period.

Abacus Global Management Company Profile

Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.

The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.