Abacus Global Management (NYSE:ABX) Major Shareholder Sells $291,493.02 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 35,854 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $8.13, for a total value of $291,493.02. Following the completion of the sale, the insider owned 12,550,752 shares in the company, valued at $102,037,613.76. This trade represents a 0.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Sean Mcnealy also recently made the following trade(s):

• On Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The shares were sold at an average price of $10.31, for a total value of $395,213.23.

Abacus Global Management Stock Down 0.2%

Shares of NYSE ABX traded down $0.01 on Tuesday, reaching $8.04. 821,523 shares of the company’s stock traded hands, compared to its average volume of 476,388. Abacus Global Management, Inc. has a 12 month low of $5.00 and a 12 month high of $12.44. The company has a market cap of $785.74 million, a price-to-earnings ratio of 28.70 and a beta of 0.06. The business’s 50 day simple moving average is $9.69 and its two-hundred day simple moving average is $9.52. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67.

Abacus Global Management declared that its board has initiated a share repurchase program on Friday, August 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 12.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have weighed in on ABX. Texas Capital upgraded shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. Piper Sandler decreased their target price on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 7th. Finally, B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.00.

Institutional Investors Weigh In On Abacus Global Management

A number of hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP grew its position in Abacus Global Management by 86.0% during the second quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock worth $606,000 after buying an additional 26,157 shares during the period. Squarepoint Ops LLC increased its stake in Abacus Global Management by 20.8% in the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock valued at $595,000 after purchasing an additional 9,580 shares during the last quarter. Grandeur Peak Global Advisors LLC boosted its stake in Abacus Global Management by 31.6% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock worth $2,204,000 after buying an additional 49,447 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Abacus Global Management in the 2nd quarter valued at about $221,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Abacus Global Management during the 2nd quarter valued at about $285,000.

Trending Headlines about Abacus Global Management

Here are the key news stories impacting Abacus Global Management this week:

• Neutral Sentiment: A head-to-head comparison of Abacus Global Management and OLB Group was published, but the available information does not identify a specific new catalyst for ABX. Head to Head Contrast: Abacus Global Management vs. OLB Group
• Negative Sentiment: Major shareholder Matthew Ganovsky sold 81,312 shares across September 18, 21 and 22 for approximately $674,349. He still owned about 8.67 million shares after the transactions. The sales represented relatively small reductions in his position and were conducted under a 10b5b1 plan. SEC filing for Matthew Ganovsky transactions
• Negative Sentiment: Major shareholder Kevin Scott Kirby sold 81,500 shares over the same period for approximately $675,903. He retained roughly 12.53 million shares, making the sales a limited reduction in his overall stake. SEC filing for Kevin Scott Kirby transactions
• Negative Sentiment: Major shareholder Sean McNealy sold 56,954 shares on September 21 and 22 for approximately $460,504, while continuing to own about 12.53 million shares. Across all three shareholders, sales totaled approximately 219,766 shares worth $1.81 million. SEC filing for Sean McNealy transactions

About Abacus Global Management

Abacus Global Management, Inc (NYSE: ABX) is an alternative asset management company focused on longevity-related assets, including life insurance policies. Through its platform, the company acquires life insurance policies from policyholders, provides liquidity to policy sellers, and manages portfolios of policies through maturity or other disposition.

The company’s activities include life settlement origination, policy servicing, portfolio management and investment management. Its business is designed to provide institutional and other investors with access to the life settlement market, in which investment returns are linked in part to policy values and the longevity of insured individuals.

Abacus Global Management traces its operating roots to Abacus Life, a life settlement provider established in 2004.