Wellington Management Group LLP lessened its stake in Ares Commercial Real Estate Corporation (NYSE:ACRE - Free Report) by 10.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 551,318 shares of the real estate investment trust's stock after selling 63,102 shares during the period. Wellington Management Group LLP owned about 1.00% of Ares Commercial Real Estate worth $2,553,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Northern Trust Corp lifted its stake in shares of Ares Commercial Real Estate by 32.3% in the 4th quarter. Northern Trust Corp now owns 605,491 shares of the real estate investment trust's stock valued at $3,566,000 after acquiring an additional 147,990 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Ares Commercial Real Estate by 505.7% during the 4th quarter. Millennium Management LLC now owns 316,969 shares of the real estate investment trust's stock worth $1,867,000 after acquiring an additional 264,641 shares during the period. Jane Street Group LLC grew its holdings in shares of Ares Commercial Real Estate by 267.2% during the 4th quarter. Jane Street Group LLC now owns 263,571 shares of the real estate investment trust's stock worth $1,552,000 after acquiring an additional 191,799 shares during the period. Two Sigma Investments LP grew its holdings in shares of Ares Commercial Real Estate by 125.8% during the 4th quarter. Two Sigma Investments LP now owns 234,054 shares of the real estate investment trust's stock worth $1,379,000 after acquiring an additional 130,388 shares during the period. Finally, Delphi Financial Group Inc. purchased a new position in shares of Ares Commercial Real Estate during the 1st quarter worth approximately $995,000. Institutional investors own 41.34% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods reduced their price target on Ares Commercial Real Estate from $4.80 to $4.25 and set a "market perform" rating for the company in a report on Wednesday, August 6th. Wall Street Zen downgraded Ares Commercial Real Estate from a "hold" rating to a "strong sell" rating in a report on Saturday, August 9th. UBS Group reduced their price target on Ares Commercial Real Estate from $5.00 to $4.50 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Finally, Zacks Research raised Ares Commercial Real Estate to a "hold" rating in a research report on Monday, August 11th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $5.31.
Check Out Our Latest Research Report on ACRE
Ares Commercial Real Estate Stock Performance
Shares of NYSE ACRE traded up $0.07 during midday trading on Thursday, hitting $4.97. 197,158 shares of the stock traded hands, compared to its average volume of 550,647. The firm has a 50-day moving average of $4.60 and a two-hundred day moving average of $4.56. The firm has a market capitalization of $273.12 million, a P/E ratio of -14.63 and a beta of 1.32. Ares Commercial Real Estate Corporation has a one year low of $3.35 and a one year high of $7.83.
Ares Commercial Real Estate Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 12.1%. Ares Commercial Real Estate's dividend payout ratio (DPR) is presently -176.47%.
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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