Abacus Global Management (NYSE:ABX) CEO Jay Jackson Sells 196,000 Shares of Stock

Abacus Global Management, Inc. (NYSE:ABX) CEO Jay Jackson sold 196,000 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $8.77, for a total transaction of $1,718,920.00. Following the transaction, the chief executive officer owned 10,397,430 shares of the company’s stock, valued at $91,185,461.10. This represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Abacus Global Management Stock Up 8.9%

ABX opened at $9.28 on Friday. The stock has a 50-day simple moving average of $10.21. Abacus Global Management, Inc. has a twelve month low of $5.00 and a twelve month 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 1.91. The stock has a market capitalization of $890.14 million, a P/E ratio of 33.14 and a beta of 0.07.

Abacus Global Management announced that its Board of Directors has approved a share buyback plan on Friday, August 14th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ABX. Piper Sandler reduced their price objective on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Texas Capital raised Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Finally, Wall Street Zen lowered Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $12.00.

Hedge Funds Weigh In On Abacus Global Management

Several hedge funds have recently bought and sold shares of ABX. Capital Investment Advisory Services LLC bought a new stake in Abacus Global Management during the 2nd quarter worth approximately $697,000. Ashford Capital Management Inc. purchased a new stake in Abacus Global Management in the 1st quarter worth approximately $6,815,000. Sei Investments Co. boosted its holdings in Abacus Global Management by 39.6% in the 1st quarter. Sei Investments Co. now owns 204,620 shares of the company’s stock valued at $1,612,000 after purchasing an additional 57,993 shares during the period. State of Wyoming boosted its holdings in Abacus Global Management by 67.5% in the 1st quarter. State of Wyoming now owns 59,611 shares of the company’s stock valued at $470,000 after purchasing an additional 24,024 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Abacus Global Management by 5.1% in the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock valued at $1,199,000 after purchasing an additional 7,444 shares during the period.

Abacus Global Management 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.