Mendon Capital Advisors Corp Buys Shares of 537,235 Abacus Life, Inc. (NASDAQ:ABL)

Mendon Capital Advisors Corp acquired a new stake in Abacus Life, Inc. (NASDAQ:ABL) in the second quarter, Holdings Channel.com reports. The firm acquired 537,235 shares of the company’s stock, valued at approximately $4,974,000. Abacus Life comprises 4.2% of Mendon Capital Advisors Corp’s portfolio, making the stock its 7th biggest position.

Other hedge funds also recently bought and sold shares of the company. Clearbridge Investments LLC bought a new position in Abacus Life in the 2nd quarter valued at $4,342,000. Point72 Asset Management L.P. purchased a new stake in shares of Abacus Life in the second quarter worth $5,190,000. Quarry LP bought a new stake in Abacus Life during the second quarter valued at $318,000. Sei Investments Co. bought a new position in Abacus Life in the 2nd quarter worth about $418,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Abacus Life during the 2nd quarter valued at about $106,000.

Abacus Life Stock Performance

Shares of ABL stock opened at $9.60 on Wednesday. The firm has a market capitalization of $613.68 million, a price-to-earnings ratio of 480.00 and a beta of 0.12. The stock has a fifty day moving average of $10.13 and a 200 day moving average of $10.62. Abacus Life, Inc. has a 52 week low of $5.75 and a 52 week high of $13.25. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.59.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Monday, August 12th. The company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.13 by $0.05. Abacus Life had a negative net margin of 6.19% and a positive return on equity of 7.02%. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.57 million. During the same period last year, the company posted $0.13 EPS. As a group, research analysts expect that Abacus Life, Inc. will post 0.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on ABL. TD Cowen assumed coverage on Abacus Life in a research note on Wednesday, August 7th. They issued a “buy” rating and a $14.00 target price on the stock. B. Riley Financial restated a “buy” rating and set a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. Piper Sandler started coverage on Abacus Life in a research note on Wednesday, June 26th. They set an “overweight” rating and a $12.00 price objective for the company. Finally, B. Riley reaffirmed a “buy” rating and issued a $16.00 target price (up from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Four research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $14.50.

About Abacus Life

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.