Abacus Global Management (NYSE:ABX) Sets New 1-Year High – Here’s Why

Abacus Global Management, Inc. (NYSE:ABX) shares reached a new 52-week high during trading on Monday . The company traded as high as $10.54 and last traded at $10.29, with a volume of 147009 shares. The stock had previously closed at $9.80.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ABX shares. Weiss Ratings started coverage on Abacus Global Management in a research report on Thursday, January 29th. They issued a “hold (c-)” rating for the company. Zacks Research cut shares of Abacus Global Management from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Piper Sandler lowered shares of Abacus Global Management from an “overweight” rating to a “neutral” rating and set a $11.00 price target on the stock. in a research report on Friday. Finally, Wall Street Zen cut shares of Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Abacus Global Management currently has a consensus rating of “Hold” and a consensus target price of $11.00.

Abacus Global Management Stock Up 5.0%

The firm has a market cap of $1.01 billion, a PE ratio of 27.84 and a beta of -0.14. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.67.

Abacus Global Management (NYSE:ABX) last issued its quarterly earnings results on Thursday, March 12th. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. The business had revenue of $71.90 million during the quarter. Abacus Global Management had a net margin of 15.53% and a return on equity of 19.10%.

Institutional Investors Weigh In On Abacus Global Management

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. purchased a new position in Abacus Global Management during the fourth quarter worth about $30,000. New York State Common Retirement Fund purchased a new stake in Abacus Global Management in the 4th quarter valued at about $75,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Abacus Global Management during the 4th quarter valued at about $83,000. Summit Wealth & Retirement Planning Inc. acquired a new position in shares of Abacus Global Management during the 4th quarter valued at about $86,000. Finally, Intech Investment Management LLC purchased a new position in shares of Abacus Global Management during the 4th quarter worth about $96,000.

About Abacus Global Management

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.