Clearbridge Investments LLC Purchases Shares of 501,940 Abacus Life, Inc. (NASDAQ:ABL)

Clearbridge Investments LLC acquired a new stake in shares of Abacus Life, Inc. (NASDAQ:ABL - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 501,940 shares of the company's stock, valued at approximately $4,342,000. Clearbridge Investments LLC owned approximately 0.79% of Abacus Life as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. acquired a new position in shares of Abacus Life during the second quarter valued at about $8,105,000. Richard W. Paul & Associates LLC grew its holdings in shares of Abacus Life by 4.8% in the 2nd 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 last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Abacus Life during the 2nd quarter worth about $9,909,000. Quarry LP acquired a new stake in shares of Abacus Life during the 4th quarter worth about $463,000. Finally, Stieven Capital Advisors L.P. bought a new position in Abacus Life during the 2nd quarter valued at about $2,811,000.

Abacus Life Price Performance

ABL stock traded up $0.20 during mid-day trading on Friday, reaching $9.70. 24,256 shares of the company traded hands, compared to its average volume of 64,522. The company has a fifty day moving average price of $10.07 and a 200-day moving average price of $10.54. The company has a market capitalization of $620.07 million, a P/E ratio of 485.00 and a beta of 0.12. Abacus Life, Inc. has a 52-week low of $5.75 and a 52-week 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.

Abacus Life (NASDAQ:ABL - Get Free Report) last posted its quarterly earnings results on Monday, August 12th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.05. The business had revenue of $29.08 million for the quarter, compared to analyst estimates 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 last year, the company earned $0.13 EPS. As a group, analysts anticipate that Abacus Life, Inc. will post 0.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ABL shares. B. Riley reaffirmed a "buy" rating and set a $16.00 price target (up previously from $15.00) on shares of Abacus Life in a research note on Thursday, August 29th. Piper Sandler initiated coverage on shares of Abacus Life in a report on Wednesday, June 26th. They set an "overweight" rating and a $12.00 target price on the stock. B. Riley Financial reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Abacus Life in a report on Friday, August 30th. Finally, TD Cowen initiated coverage on Abacus Life in a research note on Wednesday, August 7th. They set a "buy" rating and a $14.00 target price for the company. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price 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.