Ares Commercial Real Estate (NYSE:ACRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage currently has a $14.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price target suggests a potential upside of 9.80% from the stock’s previous close.
According to Zacks, “Ares Commercial Real Estate Corporation is a specialty finance company focused on originating, investing in and managing middle-market commercial real estate loans and other commercial real estate investments. The Company’s financing solutions are comprised of its target investments, which include the following: Transitional senior mortgage loans, Stretch senior mortgage loans, Subordinate debt mortgage loans and Other CRE debt and preferred equity investments. Ares Commercial Real Estate Corporation is based in Chicago, Illinois. “
Separately, B. Riley reaffirmed a “buy” rating and set a $14.00 price objective on shares of Ares Commercial Real Estate in a research report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $14.13.
Ares Commercial Real Estate (NYSE:ACRE) last posted its quarterly earnings data on Thursday, March 1st. The real estate investment trust reported $0.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.02. Ares Commercial Real Estate had a return on equity of 7.54% and a net margin of 31.17%. The company had revenue of $25.22 million during the quarter, compared to analyst estimates of $11.35 million. During the same quarter last year, the company earned $0.28 EPS. research analysts predict that Ares Commercial Real Estate will post 1.24 EPS for the current year.
In other Ares Commercial Real Estate news, Director William Stephen Benjamin bought 12,715 shares of the business’s stock in a transaction on Wednesday, March 7th. The shares were acquired at an average cost of $12.32 per share, for a total transaction of $156,648.80. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.75% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp boosted its stake in Ares Commercial Real Estate by 68.6% during the 3rd quarter. Mackenzie Financial Corp now owns 53,530 shares of the real estate investment trust’s stock valued at $712,000 after purchasing an additional 21,783 shares during the last quarter. Delphi Management Inc. MA purchased a new position in shares of Ares Commercial Real Estate in the 3rd quarter worth $850,000. JPMorgan Chase & Co. boosted its stake in shares of Ares Commercial Real Estate by 505.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 48,658 shares of the real estate investment trust’s stock worth $649,000 after buying an additional 40,626 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Ares Commercial Real Estate by 39.7% in the 2nd quarter. California Public Employees Retirement System now owns 67,900 shares of the real estate investment trust’s stock worth $889,000 after buying an additional 19,300 shares during the last quarter. Finally, Relative Value Partners Group LLC raised its holdings in Ares Commercial Real Estate by 16.8% in the 3rd quarter. Relative Value Partners Group LLC now owns 308,840 shares of the real estate investment trust’s stock worth $4,194,000 after purchasing an additional 44,405 shares during the period. Institutional investors and hedge funds own 63.16% of the company’s stock.
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About Ares Commercial Real Estate
Ares Commercial Real Estate Corporation is a specialty finance company. The Company is primarily engaged in originating and investing in commercial real estate (CRE) loans and related investments. The Company operates through principal lending segment. Its target investments include senior mortgage loans, subordinated debt, preferred equity, mezzanine loans and other CRE investment opportunities, including commercial mortgage-backed securities.
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