Abacus Life (NASDAQ:ABL) Price Target Cut to $15.00 by Analysts at B. Riley

Abacus Life (NASDAQ:ABL) had its price target trimmed by B. Riley from $17.00 to $15.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently commented on ABL. Piper Sandler reiterated an “overweight” rating and set a $13.00 target price (up previously from $12.00) on shares of Abacus Life in a research report on Friday, November 8th. Northland Capmk raised Abacus Life to a “strong-buy” rating in a research report on Thursday, October 24th. Finally, Northland Securities initiated coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective for the company. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Abacus Life currently has a consensus rating of “Buy” and an average target price of $14.30.

Abacus Life Trading Down 2.1 %

ABL opened at $7.56 on Tuesday. The business’s 50 day moving average price is $8.08 and its 200 day moving average price is $9.11. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization of $640.17 million, a PE ratio of -42.00 and a beta of 0.14. Abacus Life has a one year low of $7.07 and a one year high of $13.25.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The firm had revenue of $28.15 million for the quarter, compared to analyst estimates of $26.08 million. During the same period in the prior year, the business posted $0.01 EPS. As a group, equities research analysts expect that Abacus Life will post 0.64 EPS for the current year.

Insider Activity at Abacus Life

In other news, Director Adam Samuel Gusky purchased 7,000 shares of the stock in a transaction dated Monday, December 16th. The stock was acquired at an average cost of $7.72 per share, for a total transaction of $54,040.00. Following the completion of the acquisition, the director now directly owns 59,085 shares in the company, valued at $456,136.20. This represents a 13.44 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Mcnealy sold 75,800 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $8.00, for a total transaction of $606,400.00. Following the completion of the transaction, the insider now directly owns 12,361,500 shares of the company’s stock, valued at approximately $98,892,000. This represents a 0.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 36,367 shares of company stock valued at $279,626 and have sold 2,263,300 shares valued at $18,106,400. 79.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Abacus Life

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. increased its position in Abacus Life by 7.9% during the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after purchasing an additional 74,172 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Abacus Life during the 2nd quarter worth $5,190,000. Curi RMB Capital LLC raised its position in shares of Abacus Life by 2.4% in the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after buying an additional 12,765 shares during the period. Mendon Capital Advisors Corp acquired a new position in Abacus Life in the second quarter valued at $4,974,000. Finally, Clearbridge Investments LLC purchased a new stake in Abacus Life during the second quarter valued at about $4,342,000.

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.