What is B. Riley’s Forecast for Abacus Life FY2024 Earnings?

Abacus Life, Inc. (NASDAQ:ABL) – Research analysts at B. Riley raised their FY2024 earnings estimates for shares of Abacus Life in a note issued to investors on Monday, November 25th. B. Riley analyst M. Howlett now expects that the company will post earnings per share of $0.66 for the year, up from their prior estimate of $0.58. B. Riley currently has a “Buy” rating and a $17.00 price target on the stock. The consensus estimate for Abacus Life’s current full-year earnings is $0.62 per share. B. Riley also issued estimates for Abacus Life’s Q4 2024 earnings at $0.18 EPS.

Other equities research analysts have also issued reports about the company. Northland Capmk raised Abacus Life to a “strong-buy” rating in a research note on Thursday, October 24th. TD Cowen started coverage on Abacus Life in a research report on Wednesday, August 7th. They set a “buy” rating and a $14.00 target price for the company. B. Riley Financial restated a “buy” rating and issued a $16.00 price target on shares of Abacus Life in a report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $13.00 price objective (up previously from $12.00) on shares of Abacus Life in a report on Friday, November 8th. Finally, Northland Securities started coverage on shares of Abacus Life in a research note on Thursday, October 24th. They issued an “outperform” rating and a $13.50 target price on the stock. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Abacus Life currently has a consensus rating of “Buy” and a consensus target price of $14.70.

Abacus Life Stock Performance

Abacus Life stock opened at $7.67 on Tuesday. Abacus Life has a 1-year low of $6.56 and a 1-year high of $13.25. The company’s 50-day moving average is $9.30 and its 200 day moving average is $9.81. The firm has a market capitalization of $572.57 million, a P/E ratio of -42.61 and a beta of 0.15. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.29.

Abacus Life (NASDAQ:ABL) last announced its earnings results on Thursday, November 7th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. Abacus Life had a negative net margin of 11.65% and a positive return on equity of 12.88%. The business had revenue of $28.15 million for the quarter, compared to the consensus estimate of $26.08 million. During the same quarter in the prior year, the firm posted $0.01 earnings per share.

Institutional Investors Weigh In On Abacus Life

A number of institutional investors have recently added to or reduced their stakes in ABL. Geode Capital Management LLC raised its holdings in Abacus Life by 439.6% in the third quarter. Geode Capital Management LLC now owns 171,917 shares of the company’s stock worth $1,741,000 after purchasing an additional 140,054 shares in the last quarter. Charles Schwab Investment Management Inc. bought a new position in shares of Abacus Life during the 3rd quarter worth approximately $614,000. Royce & Associates LP lifted its position in Abacus Life by 35.0% during the third quarter. Royce & Associates LP now owns 297,000 shares of the company’s stock valued at $3,006,000 after acquiring an additional 77,000 shares during the last quarter. Curi RMB Capital LLC boosted its stake in Abacus Life by 2.4% in the third quarter. Curi RMB Capital LLC now owns 550,000 shares of the company’s stock valued at $5,566,000 after acquiring an additional 12,765 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Abacus Life by 7.9% in the third quarter. Principal Financial Group Inc. now owns 1,011,143 shares of the company’s stock worth $10,233,000 after purchasing an additional 74,172 shares during the last quarter.

Insider Buying and Selling

In other Abacus Life news, insider Matthew Ganovsky sold 156,250 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total transaction of $1,250,000.00. Following the sale, the insider now owns 10,847,047 shares of the company’s stock, valued at approximately $86,776,376. This trade represents a 1.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jay J. Jackson sold 2,031,250 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.00, for a total value of $16,250,000.00. Following the completion of the transaction, the chief executive officer now directly owns 10,562,000 shares of the company’s stock, valued at approximately $84,496,000. The trade was a 16.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 79.20% of the stock is owned by insiders.

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.