Millennium Management LLC boosted its position in Ares Commercial Real Estate Co. (NYSE:ACRE - Free Report) by 505.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 316,969 shares of the real estate investment trust's stock after acquiring an additional 264,641 shares during the period. Millennium Management LLC owned 0.58% of Ares Commercial Real Estate worth $1,867,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Summit Securities Group LLC boosted its holdings in Ares Commercial Real Estate by 139.7% in the fourth quarter. Summit Securities Group LLC now owns 6,700 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 3,905 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of Ares Commercial Real Estate in the fourth quarter worth approximately $69,000. New York State Common Retirement Fund raised its stake in shares of 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 purchasing an additional 7,300 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Ares Commercial Real Estate by 472.0% in the fourth quarter. Farther Finance Advisors LLC now owns 14,301 shares of the real estate investment trust's stock worth $84,000 after purchasing an additional 11,801 shares during the last quarter. Finally, Morey & Quinn Wealth Partners LLC purchased a new stake in shares of Ares Commercial Real Estate in the fourth quarter worth approximately $92,000. Institutional investors own 41.34% of the company's stock.
Ares Commercial Real Estate Stock Performance
Shares of ACRE traded down $0.01 on Wednesday, reaching $4.68. 362,374 shares of the company's stock traded hands, compared to its average volume of 555,231. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.17. The stock has a market cap of $257.42 million, a PE ratio of -7.20 and a beta of 1.27. The stock's 50 day simple moving average is $4.25 and its two-hundred day simple moving average is $5.29. Ares Commercial Real Estate Co. has a 52-week low of $3.35 and a 52-week high of $7.99.
Ares Commercial Real Estate Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 12.82%. The ex-dividend date is Monday, June 30th. Ares Commercial Real Estate's payout ratio is -240.00%.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the company. UBS Group increased their price objective on Ares Commercial Real Estate from $3.75 to $5.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 21st. JMP Securities reissued a "market perform" rating on shares of Ares Commercial Real Estate in a research note on Monday, April 21st. JPMorgan Chase & Co. lowered their price objective on Ares Commercial Real Estate from $6.00 to $5.50 and set a "neutral" rating for the company in a research note on Thursday, February 13th. Finally, Keefe, Bruyette & Woods lowered their price objective on Ares Commercial Real Estate from $5.50 to $4.50 and set a "market perform" rating for the company in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $5.50.
Read Our Latest Report on ACRE
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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