Short-term stake in Ares Commercial Real Estate Co. (NYSE:ACRE) drops 14.6%
Ares Commercial Real Estate Co. (NYSE:ACRE – Get a rating) was the target of a sharp fall in short-term interest rates in April. As of April 30, there was short interest totaling 990,800 shares, down 14.6% from the April 15 total of 1,160,000 shares. Based on an average trading volume of 535,800 shares, the short interest ratio is currently 1.8 days.
In other news, director William Stephen Benjamin acquired 18,000 shares in a deal that took place on Wednesday, February 23. The shares were acquired at an average cost of $14.05 per share, for a total transaction of $252,900.00. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC website. Insiders own 1.95% of the shares of the company.
Several hedge funds and other institutional investors have recently changed their holdings in ACRE. Concorde Asset Management LLC increased its stake in Ares Commercial Real Estate by 1.1% in the fourth quarter. Concorde Asset Management LLC now owns 87,478 shares of the real estate investment trust worth $1,272,000 after purchasing an additional 930 shares last quarter. Voya Investment Management LLC increased its stake in Ares Commercial Real Estate by 7.1% in the third quarter. Voya Investment Management LLC now owns 14,494 shares of the real estate investment trust worth $219,000 after buying 961 additional shares last quarter. Metropolitan Life Insurance Co NY increased its stake in Ares Commercial Real Estate by 10.2% in the third quarter. Metropolitan Life Insurance Co NY now owns 10,467 shares of the real estate investment trust worth $158,000 after buying 971 additional shares in the last quarter. UBS Group AG increased its stake in Ares Commercial Real Estate by 1.1% in the first quarter. UBS Group AG now owns 95,757 shares of the real estate investment trust worth $1,486,000 after purchasing an additional 999 shares last quarter. Finally, California State Teachers Retirement System increased its stake in Ares Commercial Real Estate by 2.0% in the fourth quarter. California State Teachers Retirement System now owns 61,535 shares of the real estate investment trust worth $895,000 after buying 1,220 additional shares in the last quarter. 46.66% of the shares are held by institutional investors.
Shares of NYSE ACRE opened at $15.63 on Wednesday. Ares Commercial Real Estate has a 12 month minimum of $13.48 and a 12 month maximum of $16.98. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt ratio of 2.57. The company has a market capitalization of $741.46 million, a price-earnings ratio of 11.66 and a beta of 1.20. The company has a 50-day moving average of $15.40 and a 200-day moving average of $15.02.
Ares Commercial Real Estate (NYSE:ACRE – Get a rating) last released its quarterly earnings data on Tuesday, May 3. The real estate investment trust reported EPS of $0.34 for the quarter, missing the consensus estimate of $0.36 per ($0.02). Ares Commercial Real Estate achieved a return on equity of 9.74% and a net margin of 58.09%. During the same period a year earlier, the company posted EPS of $0.38. On average, analysts predict that Ares Commercial Real Estate will post 1.38 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15. Shareholders of record on Thursday, June 30 will receive a dividend of $0.35 per share. This is a positive change from Ares Commercial Real Estate’s previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, June 29. This represents an annualized dividend of $1.40 and a dividend yield of 8.96%. Ares Commercial Real Estate’s payout ratio is currently 98.51%.
A number of research companies have weighed in on ACRE. JMP Securities raised its price target on Ares Commercial Real Estate from $16.00 to $16.50 and gave the company a “market outperformance” rating in a Thursday, March 31 report. StockNews.com began covering Ares Commercial Real Estate in a report on Thursday, March 31. They set a “holding” rating for the company. JPMorgan Chase & Co. raised its price target on Ares Commercial Real Estate from $14.50 to $16.00 and gave the company a “neutral” rating in a Monday, April 25 report. To finish, Zacks Investment Research downgraded Ares Commercial Real Estate from a “buy” rating to a “hold” rating in a report on Wednesday, April 27. Three analysts have rated the stock with a hold rating and two have assigned the stock a buy rating. According to data from MarketBeat, Ares Commercial Real Estate currently has a consensus rating of “Hold” and a consensus target price of $16.75.
Ares Commercial Real Estate Company Profile (Get a rating)
Ares Commercial Real Estate Corporation, a specialty finance company, originates and invests in commercial real estate (CRE) loans and related investments in the United States. The company offers a range of financing solutions for owners, operators and sponsors of CRE properties. It issues first mortgage loans, subordinated debt products, mezzanine loans, preferred equity investments in real estate and other CRE investments, including commercial mortgage-backed securities.
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