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

Abacus Life (NASDAQ:ABL) declared that its board has approved a stock repurchase plan on Friday, January 30th, RTT News reports. The company plans to buyback $20.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Abacus Life Stock Down 0.4%

Shares of ABL opened at $8.47 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.67. The company has a market cap of $827.94 million, a PE ratio of 105.88 and a beta of -0.06. Abacus Life has a 52-week low of $4.60 and a 52-week high of $9.61. The business has a fifty day moving average of $8.04 and a 200 day moving average of $6.70.

Abacus Life (NASDAQ:ABL) last posted its earnings results on Thursday, November 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The company had revenue of $62.98 million during the quarter, compared to analysts’ expectations of $47.42 million. Abacus Life had a net margin of 5.62% and a return on equity of 16.90%. On average, sell-side analysts expect that Abacus Life will post 0.62 EPS for the current year.

Abacus Life Announces Dividend

The company also recently disclosed an annual dividend, which was paid on Wednesday, December 17th. Shareholders of record on Tuesday, December 2nd were given a $0.20 dividend. The ex-dividend date was Tuesday, December 2nd. This represents a dividend yield of 311.0%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. B. Riley upgraded Abacus Life to a “strong-buy” rating in a research report on Friday, November 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Abacus Life in a report on Monday, December 29th. Finally, Piper Sandler upped their price objective on Abacus Life from $9.00 to $11.00 and gave the stock an “overweight” rating in a report on Tuesday, December 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Abacus Life presently has a consensus rating of “Moderate Buy” and an average 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.