B. Riley Has Bullish Outlook for Abacus Life FY2024 Earnings

Abacus Life, Inc. (NASDAQ:ABL) – Analysts at B. Riley raised their FY2024 earnings estimates for shares of Abacus Life in a research report issued to clients and investors on Monday, November 25th. B. Riley analyst M. Howlett now forecasts that the company will post earnings of $0.66 per share for the year, up from their previous estimate of $0.58. B. Riley currently has a “Buy” rating and a $17.00 target price on the stock. The consensus estimate for Abacus Life’s current full-year earnings is $0.64 per share. B. Riley also issued estimates for Abacus Life’s Q4 2024 earnings at $0.18 EPS.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $28.15 million during the quarter, compared to analysts’ expectations of $26.08 million. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. During the same quarter in the previous year, the company posted $0.01 EPS.

ABL has been the subject of several other reports. Northland Capmk upgraded Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Northland Securities assumed coverage on shares of Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price objective for the company. Piper Sandler reiterated an “overweight” rating and issued a $13.00 target price (up from $12.00) on shares of Abacus Life in a report on Friday, November 8th. TD Cowen initiated coverage on shares of Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target for the company. Finally, B. Riley Financial reaffirmed a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a research note on Friday, August 30th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Abacus Life currently has an average rating of “Buy” and an average price target of $14.70.

Abacus Life Trading Up 3.3 %

ABL opened at $8.08 on Tuesday. Abacus Life has a fifty-two week low of $6.56 and a fifty-two week high of $13.25. The company has a market cap of $603.17 million, a price-to-earnings ratio of -43.44 and a beta of 0.15. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a 50 day simple moving average of $9.22 and a 200 day simple moving average of $9.75.

Insider Activity

In other Abacus Life news, Director Adam Samuel Gusky bought 18,241 shares of Abacus Life stock in a transaction dated Friday, November 22nd. The stock was bought at an average price of $7.54 per share, with a total value of $137,537.14. Following the completion of the transaction, the director now owns 40,959 shares in the company, valued at $308,830.86. The trade was a 80.29 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the completion of the sale, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, valued at $84,496,000. This represents a 16.13 % decrease in their position. The disclosure for this sale can be found here. Insiders own 79.20% of the company’s stock.

Institutional Trading of Abacus Life

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in shares of Abacus Life during the second quarter worth $106,000. Levin Capital Strategies L.P. acquired a new position in shares of Abacus Life during the 2nd quarter valued at $130,000. Richard W. Paul & Associates LLC boosted its position in shares of Abacus Life by 4.8% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after purchasing an additional 1,401 shares in the last quarter. Quarry LP bought a new position in Abacus Life in the second quarter worth approximately $318,000. Finally, Sei Investments Co. acquired a new stake in Abacus Life in the 2nd quarter valued at $418,000.

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.