Abacus Global Management (NYSE:ABX) Posts Earnings Results, Beats Estimates By $0.01 EPS

Abacus Global Management (NYSE:ABX) issued its quarterly earnings results on Thursday. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01, FiscalAI reports. Abacus Global Management had a return on equity of 21.03% and a net margin of 10.55%. The business had revenue of $76.88 million for the quarter. During the same period in the previous year, the company posted $0.07 earnings per share.

Abacus Global Management Stock Performance

Shares of ABX traded up $0.24 during trading hours on Friday, reaching $8.99. 85,201 shares of the company traded hands, compared to its average volume of 599,768. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.67. The business has a fifty day moving average price of $8.65 and a 200-day moving average price of $9.18. Abacus Global Management has a 12-month low of $5.57 and a 12-month high of $12.44. The stock has a market capitalization of $878.94 million, a P/E ratio of 32.05 and a beta of 0.08.

Abacus Global Management Dividend Announcement

The business also recently disclosed an annual dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Tuesday, December 1st will be paid a dividend of $0.22 per share. This represents a dividend yield of 251.0%. The ex-dividend date is Tuesday, December 1st.

Insider Buying and Selling

In other Abacus Global Management news, major shareholder Matthew Ganovsky sold 36,000 shares of Abacus Global Management stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $8.13, for a total transaction of $292,680.00. Following the completion of the sale, the insider owned 8,695,260 shares of the company’s stock, valued at approximately $70,692,463.80. The trade was a 0.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO William Hugh Mccauley, Jr. sold 125,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $9.10, for a total value of $1,137,500.00. Following the sale, the chief financial officer owned 915,260 shares in the company, valued at approximately $8,328,866. The trade was a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 633,011 shares of company stock worth $5,406,352 over the last three months. Corporate insiders own 46.40% of the company’s stock.

Institutional Investors Weigh In On Abacus Global Management

Institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in Abacus Global Management by 3.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,141,322 shares of the company’s stock valued at $9,005,000 after acquiring an additional 34,616 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of Abacus Global Management in the third quarter worth $31,000. Engineers Gate Manager LP increased its stake in shares of Abacus Global Management by 86.0% in the second quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock worth $606,000 after acquiring an additional 26,157 shares during the period. Squarepoint Ops LLC increased its stake in shares of Abacus Global Management by 20.8% in the second quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock worth $595,000 after acquiring an additional 9,580 shares during the period. Finally, Grandeur Peak Global Advisors LLC increased its stake in shares of Abacus Global Management by 31.6% in 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 period.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ABX. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Weiss Ratings lowered Abacus Global Management from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, October 28th. Finally, Piper Sandler decreased their price target on Abacus Global Management from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.00.

Abacus Global Management announced that its Board of Directors has authorized a share repurchase plan on Friday, August 14th that authorizes the company to buy back $100 million in shares. This buyback authorization authorizes the company to purchase up to 12.2% of its shares through open market purchases. Share buyback plans are usually a sign that the company’s board believes its shares are undervalued.

About Abacus Global Management

Abacus Global Management, Inc is an alternative asset management company focused on longevity-linked assets and insurance-related financial products. Through its operating businesses, the company originates, acquires and manages life insurance policies, including life settlements, in which policyholders receive an upfront payment in exchange for transferring policy ownership and future benefits.

The company provides services across the life-settlement and insurance-asset lifecycle, including policy sourcing, underwriting, portfolio management, servicing and institutional asset management.