Insider Buying: Ares Commercial Real Estate Corp CEO Acquires 10,000 Shares of Stock (ACRE)
Ares Commercial Real Estate Corp (NASDAQ:ACRE) CEO Todd Schuster acquired 10,000 shares of the stock on the open market in a transaction dated Thursday, August 21st. The stock was purchased at an average cost of $12.39 per share, with a total value of $123,900.00. Following the completion of the transaction, the chief executive officer now directly owns 9,110 shares of the company’s stock, valued at approximately $112,873. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Separately, analysts at Zacks downgraded shares of Ares Commercial Real Estate Corp from a “neutral” rating to an “underperform” rating in a research note on Monday, August 18th. They now have a $11.70 price target on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $13.55.
Shares of Ares Commercial Real Estate Corp (NASDAQ:ACRE) traded up 0.24% during mid-day trading on Monday, hitting $12.41. 144,935 shares of the company’s stock traded hands. Ares Commercial Real Estate Corp has a one year low of $12.04 and a one year high of $13.95. The stock has a 50-day moving average of $12.46 and a 200-day moving average of $12.82. The company has a market cap of $353.1 million and a price-to-earnings ratio of 16.35.
Ares Commercial Real Estate Corp (NASDAQ:ACRE) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.21 by $0.02. The company had revenue of $19.17 million for the quarter, compared to the consensus estimate of $13.92 million. During the same quarter last year, the company posted $0.32 earnings per share. Ares Commercial Real Estate Corp’s revenue was up 209.2% compared to the same quarter last year. Analysts expect that Ares Commercial Real Estate Corp will post $0.92 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.06%. The ex-dividend date of this dividend is Friday, September 26th.
Ares Commercial Real Estate Corporation is a specialty finance company. The Company is focused on originating, investing in and managing middle-market commercial real estate (NASDAQ:ACRE) loans and other commercial real estate-related investments.
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