Alpine Global Management LLC bought a new position in shares of Ares Commercial Real Estate Co. (NYSE:ACRE - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 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 large investors have also bought and sold shares of the business. Summit Securities Group LLC raised its position in shares of Ares Commercial Real Estate by 139.7% in the 4th quarter. Summit Securities Group LLC now owns 6,700 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 3,905 shares in the last quarter. McIlrath & Eck LLC acquired a new position in shares of Ares Commercial Real Estate during the fourth quarter valued at about $54,000. Brown Brothers Harriman & Co. purchased a new stake in Ares Commercial Real Estate in the 4th quarter valued at about $69,000. New York State Common Retirement Fund raised its position in Ares Commercial Real Estate by 160.9% in the fourth quarter. New York State Common Retirement Fund now owns 11,838 shares of the real estate investment trust's stock worth $70,000 after acquiring an additional 7,300 shares during the period. Finally, Farther Finance Advisors LLC increased 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 worth $84,000 after acquiring an additional 11,801 shares during the period. 41.34% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Ares Commercial Real Estate from $5.50 to $4.50 and set a "market perform" rating for the company in a research report on Monday, April 7th. JMP Securities restated a "market perform" rating on shares of Ares Commercial Real Estate in a research report on Monday, April 21st. UBS Group boosted their target price on shares of Ares Commercial Real Estate from $3.75 to $5.00 and gave the stock a "neutral" rating in a report on Wednesday, May 21st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Ares Commercial Real Estate from $6.00 to $5.50 and set a "neutral" rating on the stock in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $5.50.
Check Out Our Latest Report on Ares Commercial Real Estate
Ares Commercial Real Estate Stock Up 3.3%
ACRE traded up $0.15 on Tuesday, reaching $4.67. The company's stock had a trading volume of 477,825 shares, compared to its average volume of 567,186. The company has a market capitalization of $256.87 million, a price-to-earnings ratio of -7.18 and a beta of 1.27. Ares Commercial Real Estate Co. has a fifty-two week low of $3.35 and a fifty-two week high of $7.99. The stock has a 50 day moving average of $4.27 and a two-hundred day moving average of $5.37. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 2.17.
Ares Commercial Real Estate Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 12.85%. The ex-dividend date of this dividend is Monday, June 30th. Ares Commercial Real Estate's dividend payout ratio is currently -240.00%.
Ares Commercial Real Estate Company Profile
(
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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