Abacus Life (NASDAQ:ABL) Raised to “Strong-Buy” at Northland Capmk

Northland Capmk upgraded shares of Abacus Life (NASDAQ:ABL) to a strong-buy rating in a research report released on Thursday, Zacks.com reports.

Other equities analysts have also issued reports about the stock. B. Riley Financial reissued a “buy” rating and set a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. B. Riley reiterated a “buy” rating and issued a $16.00 price target (up from $15.00) on shares of Abacus Life in a report on Thursday, August 29th. TD Cowen initiated coverage on Abacus Life in a research note on Wednesday, August 7th. They set a “buy” rating and a $14.00 price objective for the company. Piper Sandler assumed coverage on Abacus Life in a research report on Wednesday, June 26th. They set an “overweight” rating and a $12.00 price objective on the stock. Finally, Northland Securities initiated coverage on shares of Abacus Life in a report on Thursday. They issued an “outperform” rating and a $13.50 target price for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $14.30.

Abacus Life Price Performance

ABL opened at $9.03 on Thursday. The company has a market capitalization of $674.09 million, a price-to-earnings ratio of -90.29 and a beta of 0.12. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.59. Abacus Life has a 12-month low of $5.75 and a 12-month high of $13.25. The business’s fifty day simple moving average is $9.94 and its 200-day simple moving average is $10.28.

Abacus Life (NASDAQ:ABL) last released its quarterly earnings data on Monday, August 12th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The company had revenue of $29.08 million during the quarter, compared to analyst estimates of $28.57 million. Abacus Life had a negative net margin of 6.19% and a positive return on equity of 7.02%. During the same period in the prior year, the firm earned $0.13 earnings per share. On average, equities research analysts anticipate that Abacus Life will post 0.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Evernest Financial Advisors LLC acquired a new stake in Abacus Life in the third quarter worth about $681,000. Principal Financial Group Inc. acquired a new position in Abacus Life during the 2nd quarter valued at approximately $8,105,000. Mendon Capital Advisors Corp purchased a new position in shares of Abacus Life in the second quarter worth $4,974,000. Clearbridge Investments LLC acquired a new stake in shares of Abacus Life during the second quarter worth $4,342,000. Finally, Richard W. Paul & Associates LLC lifted its stake in shares of Abacus Life by 4.8% during the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after buying an additional 1,401 shares during the period.

About Abacus Life

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.