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

Principal Financial Group Inc. lowered its position in Abacus Life, Inc. (NASDAQ:ABL) by 6.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 879,438 shares of the company’s stock after selling 65,002 shares during the period. Principal Financial Group Inc.’s holdings in Abacus Life were worth $6,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Zimmer Partners LP lifted its holdings in shares of Abacus Life by 2.7% in the 4th quarter. Zimmer Partners LP now owns 617,910 shares of the company’s stock valued at $4,838,000 after buying an additional 16,457 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Abacus Life in the 4th quarter worth approximately $113,000. Two Sigma Investments LP acquired a new position in shares of Abacus Life in the 4th quarter worth approximately $617,000. Seven Grand Managers LLC increased its position in shares of Abacus Life by 306.0% in the 4th quarter. Seven Grand Managers LLC now owns 507,485 shares of the company’s stock valued at $3,974,000 after purchasing an additional 382,485 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Abacus Life by 2.5% in the 4th quarter. Point72 Asset Management L.P. now owns 323,432 shares of the company’s stock valued at $2,532,000 after buying an additional 7,838 shares during the last quarter.

Abacus Life Price Performance

Shares of NASDAQ:ABL opened at $4.86 on Wednesday. Abacus Life, Inc. has a 1-year low of $4.60 and a 1-year high of $11.86. The firm’s 50 day simple moving average is $6.65 and its two-hundred day simple moving average is $7.31. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market capitalization of $470.69 million and a P/E ratio of -21.13.

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Piper Sandler cut their target price on shares of Abacus Life from $12.00 to $10.00 and set an “overweight” rating for the company in a research report on Wednesday, July 2nd. Maxim Group began coverage on Abacus Life in a research report on Tuesday, April 29th. They issued a “buy” rating and a $14.00 target price for the company. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $13.75.

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.