Ares Commercial Real Estate (NYSE:ACRE) was downgraded by Raymond James from a "strong-buy" rating to an "outperform" rating in a research note issued to investors on Friday, Anlyst Ratings reports. They presently have a $12.00 price target on the real estate investment trust's stock. Raymond James' price objective indicates a potential upside of 8.30% from the company's previous close.
A number of other equities research analysts have also recently commented on ACRE. ValuEngine cut shares of Ares Commercial Real Estate from a "sell" rating to a "strong sell" rating in a research report on Monday, October 12th. TheStreet upgraded Ares Commercial Real Estate from a "d+" rating to a "c" rating in a research report on Wednesday. Finally, Zacks Investment Research upgraded Ares Commercial Real Estate from a "hold" rating to a "buy" rating and set a $11.00 target price for the company in a report on Thursday, November 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The stock currently has an average rating of "Buy" and an average target price of $11.50.
Shares of NYSE:ACRE traded down $0.05 during trading on Friday, reaching $11.08. The stock had a trading volume of 228,463 shares, compared to its average volume of 501,648. The business has a fifty day moving average price of $9.66 and a 200-day moving average price of $9.11. Ares Commercial Real Estate has a 1-year low of $2.78 and a 1-year high of $17.72. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.41 and a current ratio of 1.41. The stock has a market cap of $370.54 million, a PE ratio of 21.21 and a beta of 1.28.
Several institutional investors have recently made changes to their positions in the company. Mackay Shields LLC purchased a new position in shares of Ares Commercial Real Estate during the 2nd quarter worth $1,034,000. WINTON GROUP Ltd grew its holdings in shares of Ares Commercial Real Estate by 16.6% during the 2nd quarter. WINTON GROUP Ltd now owns 361,839 shares of the real estate investment trust's stock worth $3,300,000 after purchasing an additional 51,543 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Ares Commercial Real Estate by 10.8% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 13,246 shares of the real estate investment trust's stock worth $121,000 after purchasing an additional 1,289 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Ares Commercial Real Estate by 40.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 462,661 shares of the real estate investment trust's stock worth $4,219,000 after purchasing an additional 132,924 shares during the period. Finally, Swiss National Bank grew its holdings in shares of Ares Commercial Real Estate by 17.7% during the 2nd quarter. Swiss National Bank now owns 71,300 shares of the real estate investment trust's stock worth $650,000 after purchasing an additional 10,700 shares during the period. 55.95% of the stock is currently owned by institutional investors and hedge funds.
About Ares Commercial Real Estate
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 products, real estate preferred equity investments, mezzanine loans, and other CRE investments, including commercial mortgage backed securities.
Featured Story: What is the market perform rating?
10 Stocks to Buy On Fears of a Second Coronavirus Wave
Ever since the U.S. economy began to re-open (and honestly before that), there was concern over the impending “second wave” of the novel coronavirus. And although the second wave of the virus was not expected to hit until the fall, the concerns have been escalating as case numbers rise in multiple states.
And despite the Trump administration’s vehement statements that the economy would not shut down, we learned on February 25 that Texas was now pausing, and in some cases rolling back, its reopening measures in an effort to stem the spread of the virus.
And this is happening as the Centers for Disease Control (CDC) is now saying that it’s possible that 20 million Americans may have the coronavirus based on a sample of blood tests that are showing who has the antibodies in their system.
For its part, the stock market reacted sharply to the move. It was a move that undoubtedly frustrated many weary investors. In fact, you might be among those that have had just about enough of the Covid-19 market. I understand, I’m there too.
But, institutional investors are forward-looking. And right now, they don’t like what they see. So stocks are having another broad selloff.
However, in the midst of any selloff, there is money to be made. And the good news for investors is that many of the same stocks that were good buys in March are still the stocks to buy right now. And while some of these stocks fit the classic definition of defensive stocks, you’ll find a few genuine growth stocks included on this list as well.
View the "10 Stocks to Buy On Fears of a Second Coronavirus Wave".