Insider Selling: Abacus Global Management (NYSE:ABX) Major Shareholder Sells $295,932.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Kevin Kirby sold 36,400 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $8.13, for a total transaction of $295,932.00. Following the transaction, the insider directly owned 12,549,905 shares of the company’s stock, valued at $102,030,727.65. This represents a 0.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Kevin Scott Kirby also recently made the following trade(s):

• On Wednesday, September 23rd, Kevin Kirby sold 22,745 shares of Abacus Global Management stock. The shares were sold at an average price of $7.74, for a total value of $176,046.30.
• On Tuesday, September 22nd, Kevin Kirby sold 21,100 shares of Abacus Global Management stock. The shares were sold at an average price of $8.01, for a total transaction of $169,011.00.
• On Friday, September 18th, Kevin Kirby sold 24,000 shares of Abacus Global Management stock. The stock was sold at an average price of $8.79, for a total transaction of $210,960.00.
• On Monday, August 3rd, Kevin Kirby sold 38,334 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total value of $395,223.54.

Abacus Global Management Stock Up 5.2%

Shares of NYSE ABX opened at $8.22 on Friday. The stock has a market cap of $804.13 million, a PE ratio of 29.37 and a beta of 0.06. The business has a fifty day moving average of $9.59 and a two-hundred day moving average of $9.49. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.70 and a current ratio of 0.70.

Abacus Global Management declared that its board has authorized a share buyback plan on Friday, August 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 12.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Abacus Global Management

A number of institutional investors have recently added to or reduced their stakes in ABX. Engineers Gate Manager LP lifted its stake in shares of Abacus Global Management by 86.0% during the 2nd 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 last quarter. Squarepoint Ops LLC raised its holdings in Abacus Global Management by 20.8% in the 2nd quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock valued at $595,000 after acquiring an additional 9,580 shares during the period. Grandeur Peak Global Advisors LLC lifted its position in Abacus Global Management by 31.6% during the second quarter. Grandeur Peak Global Advisors LLC now owns 205,787 shares of the company’s stock worth $2,204,000 after acquiring an additional 49,447 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Abacus Global Management during the second quarter worth approximately $221,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Abacus Global Management during the second quarter worth approximately $285,000.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Piper Sandler dropped 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. Texas Capital raised 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 research report on Tuesday, September 8th. Finally, B. Riley Financial reiterated 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.00.

Key Headlines Impacting Abacus Global Management

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

• Positive Sentiment: Abacus completed a landmark $400 million securitization. The transaction could strengthen liquidity, expand financing capacity and support growth in the company’s longevity-based asset management platform. Abacus Global Management Completes Landmark $400 Million Securitization
• Positive Sentiment: Founders Sean McNealy, Matthew Ganovsky and Kevin “Scott” Kirby elected to terminate their pre-arranged Rule 10b5-1 trading plans while retaining substantial ownership. Ending the plans may reduce recurring selling pressure and signal continued long-term commitment. Abacus Founders Elect to Retain Substantial Ownership, Terminate 10b5-1 Trading Plans
• Neutral Sentiment: Abacus will participate in a virtual fireside chat hosted by Autonomous Research. The event could give investors additional insight into strategy and operating trends, although no new financial guidance was disclosed. Abacus Global Management to Participate in Virtual Fireside Chat Hosted by Autonomous Research
• Negative Sentiment: Major shareholders sold additional shares: McNealy sold 22,700, Kirby 22,745 and Ganovsky 22,800, for combined proceeds of approximately $528,000. The sales were made under pre-arranged plans and represented less than 0.3% of each holder’s stake, limiting their fundamental significance but adding near-term supply. Abacus Global Management Insider Trading Alert
• Negative Sentiment: The latest transactions follow more than $1.8 million of combined founder sales earlier in September. Repeated insider selling may weigh on sentiment despite the founders continuing to own large positions.

Abacus Global Management Company Profile

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.