Shares of Ares Commercial Real Estate Corp (NYSE:ACRE) have earned a consensus recommendation of “Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $14.60.
A number of research firms have recently issued reports on ACRE. Zacks Investment Research raised shares of Ares Commercial Real Estate from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Wednesday, September 26th. JPMorgan Chase & Co. upped their target price on shares of Ares Commercial Real Estate from $14.00 to $14.50 and gave the stock a “neutral” rating in a report on Wednesday, October 24th. BTIG Research began coverage on shares of Ares Commercial Real Estate in a report on Monday, October 8th. They set a “buy” rating and a $15.00 target price for the company. Finally, Raymond James raised shares of Ares Commercial Real Estate from an “outperform” rating to a “strong-buy” rating in a report on Friday.
In other news, insider James Alan Henderson sold 13,618 shares of the business’s stock in a transaction dated Wednesday, December 12th. The shares were sold at an average price of $14.23, for a total transaction of $193,784.14. Following the transaction, the insider now owns 108,092 shares of the company’s stock, valued at approximately $1,538,149.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.03% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new position in Ares Commercial Real Estate in the second quarter valued at about $603,000. Citadel Advisors LLC lifted its position in Ares Commercial Real Estate by 78.7% in the third quarter. Citadel Advisors LLC now owns 54,797 shares of the real estate investment trust’s stock valued at $765,000 after buying an additional 24,141 shares during the last quarter. Prudential Financial Inc. lifted its position in Ares Commercial Real Estate by 12.2% in the third quarter. Prudential Financial Inc. now owns 34,710 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 3,780 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Ares Commercial Real Estate by 149.1% in the third quarter. Russell Investments Group Ltd. now owns 38,063 shares of the real estate investment trust’s stock valued at $526,000 after buying an additional 22,781 shares during the last quarter. Finally, Martingale Asset Management L P lifted its position in Ares Commercial Real Estate by 42.3% in the third quarter. Martingale Asset Management L P now owns 206,564 shares of the real estate investment trust’s stock valued at $2,886,000 after buying an additional 61,428 shares during the last quarter. 63.17% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE ACRE opened at $14.35 on Friday. The firm has a market capitalization of $403.21 million, a P/E ratio of 12.93 and a beta of 0.50. Ares Commercial Real Estate has a one year low of $11.96 and a one year high of $14.77.
Ares Commercial Real Estate (NYSE:ACRE) last issued its quarterly earnings results on Tuesday, October 30th. The real estate investment trust reported $0.35 EPS for the quarter, topping the consensus estimate of $0.32 by $0.03. The company had revenue of $30.36 million during the quarter, compared to analyst estimates of $29.10 million. Ares Commercial Real Estate had a net margin of 30.86% and a return on equity of 8.57%. As a group, analysts expect that Ares Commercial Real Estate will post 1.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 28th will be given a dividend of $0.31 per share. This is a boost from Ares Commercial Real Estate’s previous quarterly dividend of $0.29. The ex-dividend date is Thursday, December 27th. This represents a $1.24 annualized dividend and a dividend yield of 8.64%. Ares Commercial Real Estate’s payout ratio is presently 111.71%.
Ares Commercial Real Estate Company Profile
Ares Commercial Real Estate Corporation, a specialty finance company, originates and invests in commercial real estate loans and related investments in the United States. It provides a range of financing solutions for the owners, operators, and sponsors of commercial real estate (CRE) properties. The company originates senior mortgage loans, subordinate debt products, mezzanine loans, real estate preferred equity investments, and other CRE investments.
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