Stock Repurchase Plan Declared by Abacus Life (NASDAQ:ABL)

Abacus Life (NASDAQ:ABL) announced that its Board of Directors has initiated a share repurchase plan on Friday, January 30th, RTT News reports. The company plans to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Abacus Life Trading Down 0.4%

Shares of ABL traded down $0.03 during midday trading on Friday, hitting $8.47. The stock had a trading volume of 775,162 shares, compared to its average volume of 650,265. The stock’s 50 day moving average is $8.04 and its 200 day moving average is $6.69. The firm has a market cap of $827.94 million, a PE ratio of 105.88 and a beta of -0.06. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.93 and a quick ratio of 0.93. Abacus Life has a 1 year low of $4.60 and a 1 year high of $9.61.

Abacus Life (NASDAQ:ABL) last released its earnings results on Thursday, November 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.02. The business had revenue of $62.98 million for the quarter, compared to analyst estimates of $47.42 million. Abacus Life had a return on equity of 16.90% and a net margin of 5.62%. As a group, analysts forecast that Abacus Life will post 0.62 EPS for the current fiscal year.

Abacus Life Announces Dividend

The business also recently declared an annual dividend, which was paid on Wednesday, December 17th. Stockholders of record on Tuesday, December 2nd were given a $0.20 dividend. This represents a dividend yield of 311.0%. The ex-dividend date of this dividend was Tuesday, December 2nd.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ABL shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Abacus Life in a report on Monday, December 29th. B. Riley raised Abacus Life to a “strong-buy” rating in a report on Friday, November 7th. Finally, Piper Sandler raised their target price on shares of Abacus Life from $9.00 to $11.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 23rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.50.

About Abacus Life

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.