501,940 Shares in Abacus Life, Inc. (NASDAQ:ABL) Acquired by Clearbridge Investments LLC

Clearbridge Investments LLC bought a new stake in Abacus Life, Inc. (NASDAQ:ABL) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 501,940 shares of the company’s stock, valued at approximately $4,342,000.

Several other large investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Abacus Life during the 2nd quarter worth about $9,909,000. Principal Financial Group Inc. acquired a new stake in shares of Abacus Life during the second quarter valued at about $8,105,000. Point72 Asset Management L.P. purchased a new stake in shares of Abacus Life in the 2nd quarter valued at approximately $5,190,000. Stieven Capital Advisors L.P. purchased a new stake in shares of Abacus Life in the 2nd quarter valued at approximately $2,811,000. Finally, Sei Investments Co. acquired a new position in shares of Abacus Life in the 2nd quarter worth approximately $418,000.

Abacus Life Stock Up 2.1 %

Shares of NASDAQ:ABL opened at $9.70 on Friday. The stock has a market cap of $620.07 million, a P/E ratio of 485.00 and a beta of 0.12. Abacus Life, Inc. has a 1-year low of $5.75 and a 1-year high of $13.25. The firm has a fifty day moving average price of $10.07 and a 200 day moving average price of $10.56. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84.

Abacus Life (NASDAQ:ABL) last released its earnings results on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.05. Abacus Life had a positive return on equity of 7.02% and a negative net margin of 6.19%. The business had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.57 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. Sell-side analysts predict that Abacus Life, Inc. will post 0.57 EPS for the current year.

Analyst Upgrades and Downgrades

ABL has been the subject of several research reports. B. Riley Financial reiterated a “buy” rating and issued a $16.00 target price on shares of Abacus Life in a report on Friday, August 30th. TD Cowen started coverage on Abacus Life in a report on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price objective on the stock. Piper Sandler assumed coverage on Abacus Life in a research note on Wednesday, June 26th. They set an “overweight” rating and a $12.00 target price on the stock. Finally, B. Riley reiterated a “buy” rating and set a $16.00 price target (up from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Abacus Life has an average rating of “Buy” and an average price target of $14.50.

Abacus Life 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.