Abacus Life (NASDAQ:ABL) Receives Overweight Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of Abacus Life (NASDAQ:ABL) in a research report released on Friday morning,Benzinga reports. Piper Sandler currently has a $13.00 price objective on the stock, up from their previous price objective of $12.00.

Several other research analysts have also recently commented on ABL. Northland Capmk upgraded shares of Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday, October 24th. They set an “outperform” rating and a $13.50 price target for the company. TD Cowen initiated coverage on shares of Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective on the stock. B. Riley Financial reaffirmed a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a research report on Friday, August 30th. Finally, B. Riley reaffirmed a “buy” rating and set a $16.00 price objective (up previously from $15.00) on shares of Abacus Life in a research report on Thursday, August 29th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $14.50.

Abacus Life Stock Performance

Shares of ABL stock traded up $0.21 during trading hours on Friday, reaching $9.02. The stock had a trading volume of 41,193 shares, compared to its average volume of 60,111. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84. Abacus Life has a twelve month low of $5.75 and a twelve month high of $13.25. The firm has a 50-day simple moving average of $9.62 and a 200-day simple moving average of $10.08. The firm has a market capitalization of $673.35 million, a PE ratio of -50.11 and a beta of 0.15.

Abacus Life (NASDAQ:ABL) last released its earnings results on Monday, August 12th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.13 by $0.05. The firm had revenue of $29.08 million for the quarter, compared to analysts’ expectations of $28.57 million. Abacus Life had a negative net margin of 6.19% and a positive return on equity of 7.02%. During the same quarter last year, the company earned $0.13 EPS. As a group, equities analysts forecast that Abacus Life will post 0.57 earnings per share for the current year.

Institutional Trading of Abacus Life

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABL. Allspring Global Investments Holdings LLC bought a new stake in shares of Abacus Life in the 2nd quarter valued at about $9,909,000. Principal Financial Group Inc. grew its position in shares of Abacus Life by 7.9% in the 3rd quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after purchasing an additional 74,172 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Abacus Life in the 2nd quarter valued at approximately $5,190,000. Curi RMB Capital LLC boosted its position in Abacus Life by 2.4% during the 3rd quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock worth $5,566,000 after acquiring an additional 12,765 shares during the last quarter. Finally, Mendon Capital Advisors Corp acquired a new position in Abacus Life during the 2nd quarter worth approximately $4,974,000.

Abacus Life Company Profile

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.