Abacus Life Repurchases $1.9M Of Stock In First 30 Days Of Program
Portfolio Pulse from Benzinga Newsdesk
Abacus Life, Inc. (NASDAQ:ABL) has repurchased 206,050 shares at an average price of $9.26, spending approximately $1.9 million in the first 30 days of its $15 million stock repurchase program. The program, which began on December 12, 2023, has $13.1 million remaining and will expire on June 10, 2025. The company's CEO, Jay Jackson, expressed confidence in the business and its growth initiatives. Repurchases may continue through various methods and will be funded by cash on hand and future free cash flow.
January 09, 2024 | 1:15 pm
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POSITIVE IMPACT
Abacus Life has actively repurchased shares, indicating management's confidence in the company's value and future prospects. This could be perceived positively by investors.
Stock repurchases often signal management's belief that the stock is undervalued and that the company is in a strong financial position. This can lead to increased investor confidence and potentially a short-term increase in stock price. However, market conditions and broader economic factors could also influence the stock's performance.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100