Abacus Global Management (NYSE:ABX) to Buyback $100.00 million in Shares

Abacus Global Management (NYSE:ABX) announced that its board has authorized a stock buyback plan on Friday, August 14th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 12.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Texas Capital raised shares of 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 report on Friday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Abacus Global Management in a research report on Thursday, June 11th. Wall Street Zen cut Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Piper Sandler reduced their target price on shares of Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Abacus Global Management Stock Up 8.9%

Shares of ABX traded up $0.76 during mid-day trading on Friday, hitting $9.28. 1,071,540 shares of the company’s stock traded hands, compared to its average volume of 581,691. The company has a quick ratio of 1.91, a current ratio of 0.70 and a debt-to-equity ratio of 0.67. The stock has a market cap of $890.14 million, a price-to-earnings ratio of 33.14 and a beta of 0.07. The business has a 50-day simple moving average of $10.21. Abacus Global Management has a 1 year low of $5.00 and a 1 year high of $12.44.

Insider Activity at Abacus Global Management

In other news, major shareholder Kevin Scott Kirby sold 38,334 shares of Abacus Global Management stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $10.31, for a total transaction of $395,223.54. Following the sale, the insider owned 12,610,305 shares of the company’s stock, valued at approximately $130,012,244.55. The trade was a 0.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Sean Mcnealy sold 38,333 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total value of $395,213.23. Following the transaction, the insider owned 12,610,606 shares in the company, valued at $130,015,347.86. This trade represents a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 311,000 shares of company stock valued at $2,904,570. 46.40% of the stock is currently owned by company insiders.

About Abacus Global Management

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.