Piper Sandler Reiterates Overweight Rating for Abacus Life (NASDAQ:ABL)

Piper Sandler restated their overweight rating on shares of Abacus Life (NASDAQ:ABL) in a research note released on Friday morning,Benzinga reports. The brokerage currently has a $13.00 target price on the stock, up from their previous target price of $12.00.

Several other equities research analysts also recently commented on the company. Northland Capmk raised Abacus Life to a “strong-buy” rating in a report on Thursday, October 24th. B. Riley Financial reissued a “buy” rating and issued a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Northland Securities initiated coverage on Abacus Life in a report on Thursday, October 24th. They issued an “outperform” rating and a $13.50 price objective for the company. B. Riley restated a “buy” rating and issued a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Finally, TD Cowen initiated coverage on Abacus Life in a research note on Wednesday, August 7th. They issued a “buy” rating and a $14.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Abacus Life presently has an average rating of “Buy” and an average target price of $14.50.

Abacus Life Stock Up 2.4 %

NASDAQ:ABL traded up $0.21 during trading hours on Friday, reaching $9.02. 41,193 shares of the stock were exchanged, compared to its average volume of 60,111. Abacus Life has a twelve month low of $5.75 and a twelve month high of $13.25. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a 50 day moving average of $9.62 and a 200 day moving average of $10.08. The stock has a market cap of $673.35 million, a PE ratio of -50.11 and a beta of 0.15.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Richard W. Paul & Associates LLC increased its position in shares of Abacus Life by 4.8% in the second quarter. Richard W. Paul & Associates LLC now owns 30,448 shares of the company’s stock worth $263,000 after purchasing an additional 1,401 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Abacus Life in the second quarter worth $9,909,000. Principal Financial Group Inc. bought a new position in shares of Abacus Life in the second quarter worth $8,105,000. Stieven Capital Advisors L.P. bought a new position in shares of Abacus Life in the second quarter worth $2,811,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Abacus Life in the second quarter valued at about $130,000.

Abacus Life Company 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.