Clearbridge Investments LLC Boosts Stock Holdings in Abacus Life, Inc. (NASDAQ:ABL)

Clearbridge Investments LLC raised its position in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) by 24.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 645,712 shares of the company's stock after purchasing an additional 124,792 shares during the quarter. Clearbridge Investments LLC owned 0.67% of Abacus Life worth $5,056,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. acquired a new position in Abacus Life during the third quarter worth $614,000. Geode Capital Management LLC increased its position in shares of Abacus Life by 439.6% in the 3rd quarter. Geode Capital Management LLC now owns 171,917 shares of the company's stock valued at $1,741,000 after purchasing an additional 140,054 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Abacus Life by 3.6% during the 3rd quarter. Franklin Resources Inc. now owns 437,733 shares of the company's stock worth $4,382,000 after acquiring an additional 15,308 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Abacus Life by 7.9% during 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. Finally, Geneos Wealth Management Inc. acquired a new position in Abacus Life in the fourth quarter valued at approximately $110,000.

Abacus Life Stock Performance

Abacus Life stock traded up $0.05 during midday trading on Tuesday, hitting $7.09. 60,867 shares of the company's stock were exchanged, compared to its average volume of 149,411. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market cap of $686.98 million, a price-to-earnings ratio of -39.88 and a beta of 0.16. Abacus Life, Inc. has a 12-month low of $6.55 and a 12-month high of $12.50. The firm's 50 day simple moving average is $7.58 and its 200 day simple moving average is $8.16.

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Abacus Life (NASDAQ:ABL - Get Free Report) last posted its quarterly earnings data on Thursday, March 27th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.13 by $0.03. Abacus Life had a positive return on equity of 12.88% and a negative net margin of 11.65%. The firm had revenue of $33.21 million during the quarter, compared to the consensus estimate of $28.76 million. Equities research analysts predict that Abacus Life, Inc. will post 0.62 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABL. B. Riley lowered their target price on shares of Abacus Life from $17.00 to $15.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Piper Sandler dropped their price objective on Abacus Life from $13.00 to $11.50 and set an "overweight" rating on the stock in a report on Tuesday. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Abacus Life has an average rating of "Buy" and an average target price of $14.00.

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.