Abacus Life, Inc. (NASDAQ:ABL) CEO Jay J. Jackson Sells 2,031,250 Shares

Abacus Life, Inc. (NASDAQ:ABL) CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.00, for a total transaction of $16,250,000.00. Following the transaction, the chief executive officer now owns 10,562,000 shares of the company’s stock, valued at $84,496,000. This represents a 16.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Abacus Life Price Performance

Shares of NASDAQ:ABL traded up $0.12 during midday trading on Monday, reaching $7.67. 676,565 shares of the company’s stock traded hands, compared to its average volume of 78,176. The company has a fifty day simple moving average of $9.30 and a two-hundred day simple moving average of $9.81. Abacus Life, Inc. has a 1 year low of $6.56 and a 1 year high of $13.25. The company has a market cap of $572.57 million, a P/E ratio of -42.61 and a beta of 0.15. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29.

Abacus Life (NASDAQ:ABL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The company had revenue of $28.15 million during the quarter, compared to analysts’ expectations of $26.08 million. During the same period in the prior year, the business posted $0.01 earnings per share. Equities analysts predict that Abacus Life, Inc. will post 0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Evernest Financial Advisors LLC purchased a new position in Abacus Life in the 3rd quarter valued at $681,000. Principal Financial Group Inc. raised its position in shares of Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock valued at $10,233,000 after buying an additional 74,172 shares during the last quarter. Mendon Capital Advisors Corp purchased a new position in shares of Abacus Life in the second quarter worth about $4,974,000. Clearbridge Investments LLC acquired a new position in Abacus Life during the second quarter worth about $4,342,000. Finally, Royce & Associates LP grew its stake in Abacus Life by 35.0% during the 3rd quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after acquiring an additional 77,000 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ABL shares. Northland Securities initiated coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective for the company. Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. Piper Sandler reaffirmed an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a research note on Friday, November 8th. TD Cowen assumed coverage on shares of Abacus Life in a research note on Wednesday, August 7th. They issued a “buy” rating and a $14.00 target price for the company. Finally, B. Riley raised their price target on shares of Abacus Life from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $14.70.

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.