Bank of America upgraded shares of Ares Commercial Real (NYSE:ACRE) from an underperform rating to a buy rating in a research note published on Wednesday, Marketbeat Ratings reports.
Other research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Ares Commercial Real from a buy rating to a hold rating in a report on Wednesday, February 14th. ValuEngine cut shares of Ares Commercial Real from a buy rating to a hold rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $14.13.
ACRE traded up $0.24 on Wednesday, reaching $13.42. The stock had a trading volume of 235,775 shares, compared to its average volume of 92,238. Ares Commercial Real has a 12-month low of $11.96 and a 12-month high of $13.86. The stock has a market capitalization of $376.93, a price-to-earnings ratio of 12.09 and a beta of 0.60.
Ares Commercial Real (NYSE:ACRE) last released its quarterly earnings data on Tuesday, May 1st. The real estate investment trust reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Ares Commercial Real had a net margin of 32.04% and a return on equity of 8.14%. The company had revenue of $27.44 million during the quarter. analysts predict that Ares Commercial Real will post 1.29 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Friday, June 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, June 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 8.35%. Ares Commercial Real’s dividend payout ratio is currently 100.90%.
In related news, Director William Stephen Benjamin bought 12,715 shares of the business’s stock in a transaction dated Wednesday, March 7th. The stock was acquired at an average price of $12.32 per share, with a total value of $156,648.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.75% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Edge Wealth Management LLC boosted its position in Ares Commercial Real by 40.0% during the fourth quarter. Edge Wealth Management LLC now owns 14,000 shares of the real estate investment trust’s stock worth $181,000 after acquiring an additional 4,000 shares during the last quarter. Wells Fargo & Company MN boosted its position in Ares Commercial Real by 1.5% during the fourth quarter. Wells Fargo & Company MN now owns 400,619 shares of the real estate investment trust’s stock worth $5,168,000 after acquiring an additional 5,799 shares during the last quarter. Atria Investments LLC acquired a new position in Ares Commercial Real during the fourth quarter worth about $132,000. Cubist Systematic Strategies LLC acquired a new position in Ares Commercial Real during the third quarter worth about $140,000. Finally, Schwab Charles Investment Management Inc. boosted its position in Ares Commercial Real by 25.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 52,652 shares of the real estate investment trust’s stock worth $680,000 after acquiring an additional 10,752 shares during the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.
About Ares Commercial Real
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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