Principal Financial Group Inc. Sells 65,002 Shares of Abacus Life, Inc. (NASDAQ:ABL)

Principal Financial Group Inc. lowered its position in shares of Abacus Life, Inc. (NASDAQ:ABL) by 6.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 879,438 shares of the company’s stock after selling 65,002 shares during the quarter. Principal Financial Group Inc. owned approximately 0.91% of Abacus Life worth $6,587,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Alyeska Investment Group L.P. lifted its position in shares of Abacus Life by 116.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,540,790 shares of the company’s stock worth $19,894,000 after purchasing an additional 1,367,210 shares during the period. Royce & Associates LP grew its holdings in shares of Abacus Life by 339.9% during the 4th quarter. Royce & Associates LP now owns 1,306,431 shares of the company’s stock valued at $10,229,000 after purchasing an additional 1,009,431 shares during the last quarter. Kennedy Capital Management LLC bought a new stake in shares of Abacus Life during the 4th quarter valued at about $7,461,000. Monashee Investment Management LLC bought a new stake in Abacus Life during the fourth quarter worth about $6,342,000. Finally, Mendon Capital Advisors Corp lifted its stake in shares of Abacus Life by 137.1% in the fourth quarter. Mendon Capital Advisors Corp now owns 1,303,826 shares of the company’s stock worth $10,209,000 after buying an additional 753,826 shares in the last quarter.

Abacus Life Stock Up 0.6%

Abacus Life stock opened at $4.86 on Wednesday. The stock has a market cap of $470.69 million and a P/E ratio of -21.13. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.55. Abacus Life, Inc. has a twelve month low of $4.60 and a twelve month high of $11.86. The company’s 50-day moving average price is $6.65 and its two-hundred day moving average price is $7.31.

Abacus Life (NASDAQ:ABL) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Abacus Life had a negative net margin of 13.35% and a positive return on equity of 16.76%. The company had revenue of $44.14 million for the quarter, compared to analyst estimates of $39.51 million. As a group, analysts expect that Abacus Life, Inc. will post 0.62 EPS for the current year.

Analyst Ratings Changes

ABL has been the topic of several research reports. Maxim Group initiated coverage on shares of Abacus Life in a report on Tuesday, April 29th. They set a “buy” rating and a $14.00 price objective on the stock. Piper Sandler dropped their price objective on Abacus Life from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, July 2nd. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Abacus Life has an average rating of “Buy” and an average target price of $13.75.

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.