William Hugh Mccauley, Jr. Sells 125,000 Shares of Abacus Global Management (NYSE:ABX) Stock

Abacus Global Management, Inc. (NYSE:ABX) CFO William Hugh Mccauley, Jr. sold 125,000 shares of Abacus Global Management stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $9.10, for a total transaction of $1,137,500.00. Following the completion of the transaction, the chief financial officer directly owned 915,260 shares in the company, valued at approximately $8,328,866. The trade was a 12.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Abacus Global Management Stock Performance

Shares of ABX stock opened at $9.65 on Friday. The company has a market cap of $943.67 million, a PE ratio of 34.46 and a beta of 0.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.67. The business’s fifty day simple moving average is $10.22 and its 200-day simple moving average is $9.37. Abacus Global Management, Inc. has a 12-month low of $5.00 and a 12-month high of $12.44.

Abacus Global Management announced that its board has approved a stock repurchase plan on Friday, August 14th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ABX shares. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a report on Thursday, June 11th. Wall Street Zen lowered shares of Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Texas Capital raised Abacus Global Management to a “strong-buy” rating in a research note on Tuesday, June 9th. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Finally, Piper Sandler reduced their price objective 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 research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Abacus Global Management currently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Grandeur Peak Global Advisors LLC raised its stake in shares of 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 purchasing an additional 49,447 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Abacus Global Management in the 2nd quarter valued at $221,000. Hsbc Holdings PLC acquired a new position in Abacus Global Management in the 2nd quarter valued at $285,000. Capital Investment Advisory Services LLC acquired a new position in Abacus Global Management in the 2nd quarter valued at $697,000. Finally, Ashford Capital Management Inc. purchased a new position in Abacus Global Management during the 1st quarter worth $6,815,000.

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.