BlackRock Inc. Purchases New Position in Ares Commercial Real Estate Corporation $ACRE

BlackRock Inc. acquired a new stake in Ares Commercial Real Estate Corporation (NYSE:ACRE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 4,672,092 shares of the real estate investment trust's stock, valued at approximately $21,024,000. BlackRock Inc. owned about 8.42% of Ares Commercial Real Estate at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ACRE. Russell Investments Group Ltd. increased its holdings in Ares Commercial Real Estate by 456.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,033 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 4,948 shares in the last quarter. Optiver Holding B.V. grew its holdings in shares of Ares Commercial Real Estate by 603.3% during the first quarter. Optiver Holding B.V. now owns 6,513 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 5,587 shares during the last quarter. Triumph Capital Management acquired a new position in shares of Ares Commercial Real Estate in the third quarter valued at approximately $38,000. BNP Paribas Financial Markets increased its stake in shares of Ares Commercial Real Estate by 100.3% in the third quarter. BNP Paribas Financial Markets now owns 10,367 shares of the real estate investment trust's stock valued at $47,000 after buying an additional 5,192 shares during the period. Finally, Strs Ohio bought a new position in Ares Commercial Real Estate in the 1st quarter valued at approximately $47,000. Institutional investors and hedge funds own 41.34% of the company's stock.

Ares Commercial Real Estate Stock Up 1.9%

ACRE stock opened at $4.55 on Thursday. The company's fifty day simple moving average is $4.57 and its 200 day simple moving average is $4.83. Ares Commercial Real Estate Corporation has a 12-month low of $4.14 and a 12-month high of $5.89. The firm has a market cap of $252.71 million, a price-to-earnings ratio of -56.94 and a beta of 1.16.

Ares Commercial Real Estate (NYSE:ACRE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.08. Ares Commercial Real Estate had a positive return on equity of 4.08% and a negative net margin of 8.04%.The company had revenue of $14.36 million for the quarter, compared to the consensus estimate of $10.96 million. Research analysts expect that Ares Commercial Real Estate Corporation will post 0.39 earnings per share for the current year.

Ares Commercial Real Estate Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.2%. The ex-dividend date is Wednesday, September 30th. Ares Commercial Real Estate's dividend payout ratio is presently -750.00%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ACRE. Citizens Jmp reissued a "market perform" rating on shares of Ares Commercial Real Estate in a report on Thursday, July 9th. JPMorgan Chase & Co. cut their price target on shares of Ares Commercial Real Estate from $5.50 to $5.00 and set a "neutral" rating on the stock in a report on Friday, July 17th. Keefe, Bruyette & Woods reduced their price objective on shares of Ares Commercial Real Estate from $6.00 to $5.50 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. UBS Group assumed coverage on Ares Commercial Real Estate in a report on Tuesday, June 2nd. They issued a "neutral" rating and a $5.50 price objective for the company. Finally, Weiss Ratings raised Ares Commercial Real Estate from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $5.25.

About Ares Commercial Real Estate

Ares Commercial Real Estate Corporation NYSE: ACRE is a publicly traded real estate investment trust (REIT) primarily focused on commercial real estate debt investments. Externally managed by an affiliate of Ares Management Corporation, ACRE seeks to generate attractive risk-adjusted returns through its diversified portfolio of CRE financing strategies. The company specializes in originating, acquiring, financing and managing first mortgages, mezzanine loans, preferred equity and other structured finance products.

Since its inception, Ares Commercial Real Estate has targeted a broad range of property types, including multifamily, office, industrial, retail and hospitality assets.

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