Abacus Global Management (NYSE:ABX) Stock: Insider Kevin Scott Kirby Sells 22,745 Shares

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Kevin Kirby sold 22,745 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $7.74, for a total value of $176,046.30. Following the sale, the insider owned 12,506,060 shares in the company, valued at approximately $96,796,904.40. The trade was a 0.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Tuesday, September 22nd, Kevin Kirby 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, September 21st, Kevin Kirby sold 36,400 shares of Abacus Global Management stock. The shares were sold at an average price of $8.13, for a total value of $295,932.00.
• On Friday, September 18th, Kevin Kirby sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total value 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 transaction of $395,223.54.

Abacus Global Management Stock Up 5.2%

Shares of Abacus Global Management stock opened at $8.22 on Friday. The business has a 50-day moving average price of $9.59 and a 200 day moving average price of $9.49. Abacus Global Management, Inc. has a fifty-two week low of $5.00 and a fifty-two week high of $12.44. The firm has a market cap of $804.13 million, a P/E ratio of 29.37 and a beta of 0.06. 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 announced that its Board of Directors has authorized a stock buyback program on Friday, August 14th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Abacus Global Management

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ABX. Bank of New York Mellon Corp boosted its position in shares of Abacus Global Management by 5.1% during the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock valued at $1,199,000 after acquiring an additional 7,444 shares in the last quarter. Squarepoint Ops LLC raised its stake in Abacus Global Management by 20.8% during 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 in the last quarter. Axxcess Wealth Management LLC bought a new position in shares of Abacus Global Management during the fourth quarter valued at $98,000. World Investment Advisors lifted its holdings in shares of Abacus Global Management by 89.7% during the first quarter. World Investment Advisors now owns 40,137 shares of the company’s stock valued at $316,000 after acquiring an additional 18,975 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Abacus Global Management in the 2nd quarter valued at $221,000.

Abacus Global Management News Summary

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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ABX shares. Texas Capital raised Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. Finally, Piper Sandler lowered their target price on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Abacus Global Management currently has an average rating of “Moderate Buy” and an average target price of $12.00.

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.