Abacus Global Management (NYSE:ABX) Major Shareholder Sells $210,960.00 in Stock

Abacus Global Management, Inc. (NYSE:ABX) major shareholder Sean Mcnealy sold 24,000 shares of the company’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $8.79, for a total value of $210,960.00. Following the completion of the sale, the insider owned 12,586,606 shares in the company, valued at $110,636,266.74. The trade was a 0.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% 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 Tuesday, September 22nd, Sean Mcnealy sold 21,100 shares of Abacus Global Management stock. The stock was sold at an average price of $8.01, for a total value of $169,011.00.
• On Monday, September 21st, Sean Mcnealy sold 35,854 shares of Abacus Global Management stock. The shares were 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 shares were sold at an average price of $10.31, for a total transaction of $395,213.23.

Abacus Global Management Trading Up 5.2%

ABX stock opened at $8.22 on Friday. Abacus Global Management, Inc. has a 12-month low of $5.00 and a 12-month high of $12.44. The business’s 50-day moving average is $9.59 and its 200 day moving average is $9.49. 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 stock has a market cap of $804.13 million, a price-to-earnings ratio of 29.37 and a beta of 0.06.

Abacus Global Management declared that its Board of Directors has approved a share buyback 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

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.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Abacus Global Management in a report on Tuesday, September 8th. B. Riley Financial reiterated a “buy” rating on shares of Abacus Global Management in a research report on Friday, August 7th. Piper Sandler dropped their price objective on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 7th. Finally, Texas Capital upgraded Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

Institutional Trading of Abacus Global Management

A number of hedge funds and other institutional investors have recently bought and sold shares of ABX. Royce & Associates LP purchased a new stake in shares of Abacus Global Management during the 4th quarter worth approximately $16,992,000. Alta Fundamental Advisers LLC purchased a new position in Abacus Global Management during the 4th quarter worth approximately $9,385,000. Ashford Capital Management Inc. purchased a new position in Abacus Global Management during the 1st quarter worth approximately $6,815,000. Kennedy Capital Management LLC acquired a new position in Abacus Global Management during the fourth quarter worth approximately $5,342,000. Finally, QTR Family Wealth LLC purchased a new position in Abacus Global Management during the 4th quarter worth $5,110,000.

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.