Abacus Global Management (NYSE:ABX) Lowered to “Neutral” Rating by Piper Sandler

Abacus Global Management (NYSE:ABX) was downgraded by equities researchers at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued on Friday, Marketbeat reports. They presently have a $11.00 target price on the stock. Piper Sandler’s price objective would suggest a potential upside of 12.89% from the company’s previous close.

ABX has been the topic of a number of other research reports. Weiss Ratings began coverage on shares of Abacus Global Management in a report on Thursday, January 29th. They set a “hold (c-)” rating on the stock. Zacks Research lowered shares of Abacus Global Management from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, Abacus Global Management presently has a consensus rating of “Hold” and a consensus price target of $11.00.

Abacus Global Management Stock Down 1.1%

Shares of NYSE:ABX traded down $0.11 during trading on Friday, hitting $9.74. The stock had a trading volume of 246,570 shares, compared to its average volume of 549,272. The firm has a market capitalization of $952.48 million, a P/E ratio of 121.56 and a beta of -0.14. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.93 and a current ratio of 0.93. Abacus Global Management has a 12 month low of $4.60 and a 12 month high of $10.50.

Abacus Global Management (NYSE:ABX) last released its quarterly earnings results on Thursday, March 12th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.03. The company had revenue of $71.90 million for the quarter. Abacus Global Management had a return on equity of 16.90% and a net margin of 5.62%.

Institutional Investors Weigh In On Abacus Global Management

Institutional investors have recently modified their holdings of the stock. World Investment Advisors purchased a new position in shares of Abacus Global Management in the 4th quarter worth about $181,000. Invesco Ltd. purchased a new stake in Abacus Global Management during the 4th quarter valued at about $194,000. Axxcess Wealth Management LLC purchased a new stake in Abacus Global Management during the 4th quarter valued at about $98,000. Mendon Capital Advisors Corp bought a new stake in Abacus Global Management during the 4th quarter valued at about $17,207,000. Finally, Zacks Investment Management bought a new stake in Abacus Global Management during the 4th quarter valued at about $184,000.

Abacus Global Management 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.