Penserra Capital Management LLC boosted its position in shares of Ares Commercial Real Estate Co. (NYSE:ACRE – Free Report) by 14.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 51,638 shares of the real estate investment trust’s stock after buying an additional 6,519 shares during the quarter. Penserra Capital Management LLC owned approximately 0.10% of Ares Commercial Real Estate worth $491,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of Ares Commercial Real Estate in the 1st quarter valued at $31,000. Samalin Investment Counsel LLC acquired a new stake in shares of Ares Commercial Real Estate during the 1st quarter worth about $50,000. Allspring Global Investments Holdings LLC increased its stake in shares of Ares Commercial Real Estate by 40.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 5,088 shares of the real estate investment trust’s stock worth $52,000 after purchasing an additional 1,462 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Ares Commercial Real Estate by 190.9% in the first quarter. Tower Research Capital LLC TRC now owns 9,138 shares of the real estate investment trust’s stock valued at $83,000 after acquiring an additional 5,997 shares in the last quarter. Finally, Worth Asset Management LLC bought a new position in Ares Commercial Real Estate during the 1st quarter worth $97,000. 38.37% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, VP Anton Feingold sold 5,890 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $10.37, for a total value of $61,079.30. Following the sale, the vice president now directly owns 68,975 shares of the company’s stock, valued at approximately $715,270.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Bryan Patrick Donohoe sold 18,868 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $10.32, for a total value of $194,717.76. Following the completion of the sale, the chief executive officer now directly owns 197,414 shares of the company’s stock, valued at $2,037,312.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Anton Feingold sold 5,890 shares of Ares Commercial Real Estate stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $10.37, for a total transaction of $61,079.30. Following the sale, the vice president now owns 68,975 shares in the company, valued at approximately $715,270.75. The disclosure for this sale can be found here. 1.93% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on ACRE. JPMorgan Chase & Co. lowered their price objective on shares of Ares Commercial Real Estate from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Friday, February 23rd. Bank of America reiterated an “underperform” rating and issued a $7.00 target price (down from $11.00) on shares of Ares Commercial Real Estate in a report on Monday, March 4th. JMP Securities cut Ares Commercial Real Estate from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 5th. UBS Group initiated coverage on shares of Ares Commercial Real Estate in a report on Wednesday, December 6th. They issued a “neutral” rating and a $10.50 price target on the stock. Finally, TheStreet lowered Ares Commercial Real Estate from a “c-” rating to a “d+” rating in a report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Ares Commercial Real Estate has an average rating of “Hold” and a consensus price target of $9.36.
Read Our Latest Report on Ares Commercial Real Estate
Ares Commercial Real Estate Stock Performance
Shares of ACRE opened at $7.72 on Wednesday. Ares Commercial Real Estate Co. has a one year low of $7.15 and a one year high of $11.24. The company has a 50-day simple moving average of $9.01 and a two-hundred day simple moving average of $9.62. The company has a debt-to-equity ratio of 2.42, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a market capitalization of $420.12 million, a PE ratio of -10.72 and a beta of 1.41.
Ares Commercial Real Estate Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 16th. Investors of record on Thursday, March 28th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $1.00 annualized dividend and a yield of 12.95%. Ares Commercial Real Estate’s payout ratio is -183.33%.
About Ares Commercial Real Estate
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. It provides a range of financing solutions for the owners, operators, and sponsors of CRE properties. The company originates senior mortgage loans, subordinate debt and preferred equity products, mezzanine loans, and other CRE investments, including commercial mortgage-backed securities.
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