Point72 Asset Management L.P. Makes New $5.19 Million Investment in Abacus Life, Inc. (NASDAQ:ABL)

Point72 Asset Management L.P. acquired a new stake in Abacus Life, Inc. (NASDAQ:ABL) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 600,000 shares of the company’s stock, valued at approximately $5,190,000. Point72 Asset Management L.P. owned 0.94% of Abacus Life as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Quarry LP acquired a new position in Abacus Life during the fourth quarter worth approximately $463,000. Inscription Capital LLC acquired a new stake in shares of Abacus Life during the 1st quarter worth $137,000. Richard W. Paul & Associates LLC raised its position in shares of Abacus Life by 4.8% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after buying an additional 1,401 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Abacus Life in the second quarter valued at $9,909,000. Finally, Principal Financial Group Inc. purchased a new stake in Abacus Life during the second quarter valued at about $8,105,000.

Abacus Life Price Performance

ABL stock opened at $9.60 on Wednesday. The stock has a 50-day simple moving average of $10.13 and a 200-day simple moving average of $10.62. The firm has a market cap of $613.68 million, a P/E ratio of 480.00 and a beta of 0.12. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.84 and a current ratio of 1.84. Abacus Life, Inc. has a 1 year low of $5.75 and a 1 year high of $13.25.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. The company had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.57 million. Abacus Life had a negative net margin of 6.19% and a positive return on equity of 7.02%. During the same quarter last year, the firm posted $0.13 earnings per share. On average, equities analysts predict that Abacus Life, Inc. will post 0.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. B. Riley Financial restated a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Piper Sandler began coverage on shares of Abacus Life in a report on Wednesday, June 26th. They issued an “overweight” rating and a $12.00 price target on the stock. TD Cowen initiated coverage on shares of Abacus Life in a research note on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective for the company. Finally, B. Riley reissued a “buy” rating and issued a $16.00 target price (up previously 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, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $14.50.

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.