Ares Commercial Real Estate Corp’s Buy Rating Reaffirmed at Citigroup Inc. (ACRE)
Ares Commercial Real Estate Corp (NASDAQ:ACRE)‘s stock had its “buy” rating reiterated by investment analysts at Citigroup Inc. in a note issued to investors on Thursday. They currently have a $14.00 target price on the stock, down from their previous target price of $15.00. Citigroup Inc.’s target price would indicate a potential upside of 11.73% from the company’s current price.
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 research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $13.30.
Shares of Ares Commercial Real Estate Corp (NASDAQ:ACRE) traded down 0.24% on Thursday, hitting $12.50. 29,418 shares of the company’s stock traded hands. Ares Commercial Real Estate Corp has a one year low of $12.08 and a one year high of $13.95. The stock’s 50-day moving average is $12.44 and its 200-day moving average is $12.77. The company has a market cap of $355.7 million and a price-to-earnings ratio of 16.55.
Ares Commercial Real Estate Corp (NASDAQ:ACRE) last released its earnings data on Wednesday, August 6th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 209.2% on a year-over-year basis. 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. Stockholders 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 7.98%. The ex-dividend date of this dividend is Friday, September 26th.
In other Ares Commercial Real Estate Corp news, CEO Todd Schuster purchased 10,000 shares of Ares Commercial Real Estate Corp stock on the open market in a transaction dated Thursday, August 21st. The stock was purchased at an average price of $12.39 per share, with a total value of $123,900.00. The acquisition was disclosed in a filing with the SEC, which is available at this link.
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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