Abacus Global Management (NYSE:ABX) Major Shareholder Sells $169,011.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 21,100 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $8.01, for a total transaction of $169,011.00. Following the sale, the insider owned 12,529,652 shares in the company, valued at $100,362,512.52. This trade represents a 0.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Sean Mcnealy also recently made the following trade(s):

• On Wednesday, September 23rd, Sean Mcnealy sold 22,700 shares of Abacus Global Management stock. The shares were sold at an average price of $7.74, for a total transaction of $175,698.00.
• On Friday, September 18th, Sean Mcnealy sold 24,000 shares of Abacus Global Management stock. The shares were sold at an average price of $8.79, for a total transaction of $210,960.00.
• On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The stock was sold at an average price of $8.13, for a total transaction of $291,493.02.
• On Monday, August 3rd, Sean Mcnealy sold 38,333 shares of Abacus Global Management stock. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Stock Performance

Shares of ABX stock opened at $8.22 on Friday. 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, Inc. has a 52 week low of $5.00 and a 52 week high of $12.44. The stock has a market capitalization of $804.13 million, a PE ratio of 29.37 and a beta of 0.06. The firm has a 50 day moving average of $9.59 and a two-hundred day moving average of $9.49.

Abacus Global Management announced that its board has authorized a share repurchase program on Friday, August 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 12.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Abacus Global Management in a research note on Tuesday, September 8th. B. Riley Financial restated a “buy” rating on shares of Abacus Global Management in a research note on Friday, August 7th. Piper Sandler dropped 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 research report on Friday, August 7th. Finally, Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a research report on Tuesday, June 9th. 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.

Institutional Investors Weigh In On Abacus Global Management

Several hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP grew its position in Abacus Global Management by 86.0% in the 2nd quarter. Engineers Gate Manager LP now owns 56,557 shares of the company’s stock valued at $606,000 after buying an additional 26,157 shares during the last quarter. Squarepoint Ops LLC raised its position in Abacus Global Management by 20.8% during the 2nd quarter. Squarepoint Ops LLC now owns 55,551 shares of the company’s stock worth $595,000 after buying an additional 9,580 shares during the last quarter. Grandeur Peak Global Advisors LLC lifted its stake in shares of Abacus Global Management by 31.6% in the 2nd 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. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Abacus Global Management in the 2nd quarter worth $221,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Abacus Global Management in the second quarter valued at about $285,000.

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.