Abacus Global Management (NYSE:ABX) Given New $9.50 Price Target at Piper Sandler

Abacus Global Management (NYSE:ABX) had its target price lowered by investment analysts at Piper Sandler from $11.00 to $9.50 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target suggests a potential upside of 16.71% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. Weiss Ratings initiated coverage on shares of Abacus Global Management in a research note on Thursday, January 29th. They issued a “hold (c-)” rating for the company. Wall Street Zen cut shares of Abacus Global Management from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Finally, Zacks Research cut shares of Abacus Global Management from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.50.

Abacus Global Management Trading Up 1.6%

Abacus Global Management stock traded up $0.13 on Tuesday, reaching $8.14. 641,840 shares of the stock were exchanged, compared to its average volume of 622,056. The firm has a market cap of $795.69 million, a PE ratio of 22.04 and a beta of -0.04. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.47 and a current ratio of 0.47. Abacus Global Management has a twelve month low of $4.60 and a twelve month high of $10.53. The company’s fifty day moving average is $8.75.

Abacus Global Management (NYSE:ABX) last released its 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. Abacus Global Management had a net margin of 15.53% and a return on equity of 19.20%. The business had revenue of $71.90 million during the quarter.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. acquired a new position in Abacus Global Management in the fourth quarter worth about $30,000. New York State Common Retirement Fund acquired a new position in Abacus Global Management in the fourth quarter worth about $75,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Abacus Global Management in the fourth quarter worth about $83,000. Summit Wealth & Retirement Planning Inc. acquired a new position in Abacus Global Management in the fourth quarter worth about $86,000. Finally, Intech Investment Management LLC acquired a new position in Abacus Global Management in the fourth 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.