Abacus Life (NASDAQ:ABL) to Repurchase $20.00 million in Shares

Abacus Life (NASDAQ:ABL) announced that its board has authorized a share repurchase program on Friday, January 30th, RTT News reports. The company plans to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Abacus Life Trading Down 0.4%

ABL opened at $8.47 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.93 and a current ratio of 0.93. Abacus Life has a one year low of $4.60 and a one year high of $9.61. The company has a market cap of $827.94 million, a P/E ratio of 105.88 and a beta of -0.06. The business’s 50-day simple moving average is $8.04 and its 200-day simple moving average is $6.69.

Abacus Life (NASDAQ:ABL) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The firm had revenue of $62.98 million during the quarter, compared to the consensus estimate of $47.42 million. Abacus Life had a return on equity of 16.90% and a net margin of 5.62%. As a group, equities research analysts expect that Abacus Life will post 0.62 EPS for the current fiscal year.

Abacus Life Announces Dividend

The business also recently declared an annual dividend, which was paid on Wednesday, December 17th. Investors of record on Tuesday, December 2nd were paid a dividend of $0.20 per share. This represents a yield of 311.0%. The ex-dividend date was Tuesday, December 2nd.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ABL. Weiss Ratings reiterated a “sell (d+)” rating on shares of Abacus Life in a report on Monday, December 29th. Piper Sandler increased their price target on Abacus Life from $9.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, December 23rd. Finally, B. Riley raised Abacus Life to a “strong-buy” rating in a research report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

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.