Alpine Global Management LLC purchased a new stake in shares of Ares Commercial Real Estate Co. (NYSE:ACRE - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 62,492 shares of the real estate investment trust's stock, valued at approximately $368,000. Alpine Global Management LLC owned approximately 0.11% of Ares Commercial Real Estate at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in ACRE. Summit Securities Group LLC grew its stake in Ares Commercial Real Estate by 139.7% during the fourth quarter. Summit Securities Group LLC now owns 6,700 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 3,905 shares in the last quarter. McIlrath & Eck LLC bought a new stake in Ares Commercial Real Estate in the 4th quarter worth approximately $54,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Ares Commercial Real Estate in the 4th quarter valued at $69,000. New York State Common Retirement Fund boosted its position in Ares Commercial Real Estate by 160.9% during the fourth quarter. New York State Common Retirement Fund now owns 11,838 shares of the real estate investment trust's stock valued at $70,000 after buying an additional 7,300 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in Ares Commercial Real Estate by 472.0% during the 4th quarter. Farther Finance Advisors LLC now owns 14,301 shares of the real estate investment trust's stock valued at $84,000 after acquiring an additional 11,801 shares during the period. Hedge funds and other institutional investors own 41.34% of the company's stock.
Ares Commercial Real Estate Stock Performance
Shares of NYSE ACRE traded down $0.04 during midday trading on Wednesday, hitting $4.64. 86,120 shares of the stock traded hands, compared to its average volume of 565,350. The firm has a market capitalization of $254.95 million, a P/E ratio of -7.12 and a beta of 1.27. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.87 and a current ratio of 0.87. Ares Commercial Real Estate Co. has a one year low of $3.35 and a one year high of $7.99. The firm has a 50-day moving average of $4.26 and a two-hundred day moving average of $5.37.
Ares Commercial Real Estate Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.15 dividend. The ex-dividend date is Monday, June 30th. This represents a $0.60 dividend on an annualized basis and a yield of 12.94%. Ares Commercial Real Estate's dividend payout ratio is currently -240.00%.
Wall Street Analyst Weigh In
ACRE has been the topic of a number of recent analyst reports. JMP Securities reissued a "market perform" rating on shares of Ares Commercial Real Estate in a report on Monday, April 21st. UBS Group raised their price objective on Ares Commercial Real Estate from $3.75 to $5.00 and gave the company a "neutral" rating in a research report on Wednesday, May 21st. JPMorgan Chase & Co. dropped their target price on Ares Commercial Real Estate from $6.00 to $5.50 and set a "neutral" rating on the stock in a report on Thursday, February 13th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Ares Commercial Real Estate from $5.50 to $4.50 and set a "market perform" rating on the stock in a report on Monday, April 7th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, Ares Commercial Real Estate currently has a consensus rating of "Hold" and an average target price of $5.50.
Check Out Our Latest Research Report on ACRE
About Ares Commercial Real Estate
(
Free Report)
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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