Sei Investments Co. Boosts Stake in Abacus Global Management, Inc. $ABX

Sei Investments Co. increased its stake in Abacus Global Management, Inc. (NYSE:ABX) by 39.6% in the 1st quarter, Holdings Channel reports. The fund owned 204,620 shares of the company’s stock after buying an additional 57,993 shares during the quarter. Sei Investments Co.’s holdings in Abacus Global Management were worth $1,612,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new stake in Abacus Global Management during the fourth quarter valued at about $30,000. Bank of New York Mellon Corp boosted its holdings in shares of Abacus Global Management by 5.1% in the 1st quarter. Bank of New York Mellon Corp now owns 152,101 shares of the company’s stock worth $1,199,000 after purchasing an additional 7,444 shares in the last quarter. New York State Common Retirement Fund bought a new position in shares of Abacus Global Management during the 4th quarter valued at about $75,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Abacus Global Management during the 4th quarter valued at about $83,000. Finally, Summit Wealth & Retirement Planning Inc. purchased a new position in shares of Abacus Global Management during the 4th quarter valued at about $86,000.

Insider Buying and Selling

In other Abacus Global Management news, major shareholder Matthew Ganovsky sold 38,333 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $10.31, for a total transaction of $395,213.23. Following the transaction, the insider directly owned 8,755,260 shares of the company’s stock, valued at approximately $90,266,730.60. The trade was a 0.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sean Mcnealy sold 38,333 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $10.31, for a total transaction of $395,213.23. Following the completion of the transaction, the insider owned 12,610,606 shares of the company’s stock, valued at $130,015,347.86. This trade represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 115,000 shares of company stock valued at $1,185,650 over the last quarter. 46.40% of the stock is owned by company insiders.

Abacus Global Management Stock Performance

ABX opened at $9.50 on Tuesday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.79. Abacus Global Management, Inc. has a 52-week low of $5.00 and a 52-week high of $12.44. The stock has a market capitalization of $911.24 million, a PE ratio of 33.93 and a beta of 0.07. The company’s 50 day simple moving average is $10.20.

Wall Street Analysts Forecast Growth

ABX has been the subject of several research reports. Piper Sandler cut their target price on Abacus Global Management from $13.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday. B. Riley Financial reissued a “buy” rating on shares of Abacus Global Management in a research note on Friday. Wall Street Zen lowered shares of Abacus Global Management from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Abacus Global Management in a research note on Thursday, June 11th. Finally, Texas Capital raised shares of Abacus Global Management to a “strong-buy” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

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.