Abacus Life (NASDAQ:ABL) Receives “Overweight” Rating from Piper Sandler

Abacus Life (NASDAQ:ABL)‘s stock had its “overweight” rating reiterated by analysts at Piper Sandler in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $13.00 target price on the stock, up from their previous target price of $12.00. Piper Sandler’s target price indicates a potential upside of 47.56% from the company’s previous close.

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

Abacus Life Trading Up 1.4 %

Shares of Abacus Life stock opened at $8.81 on Friday. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.59. The firm has a market cap of $657.67 million, a price-to-earnings ratio of -88.09 and a beta of 0.15. Abacus Life has a 52-week low of $5.75 and a 52-week high of $13.25. The company’s 50-day simple moving average is $9.65 and its 200-day simple moving average is $10.10.

Abacus Life (NASDAQ:ABL) last issued its earnings results on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The business 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 period in the prior year, the business posted $0.13 EPS. As a group, equities research analysts anticipate that Abacus Life will post 0.57 earnings per share for the current year.

Hedge Funds Weigh In On Abacus Life

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