Zacks Investment Research upgraded shares of Ares Commercial Real Estate (NYSE:ACRE) from a hold rating to a buy rating in a research note issued to investors on Friday morning. They currently have $14.00 target price on the real estate investment trust’s stock.
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. “
Several other equities research analysts have also recently weighed in on the company. B. Riley reissued a buy rating on shares of Ares Commercial Real Estate in a research note on Thursday, November 2nd. BidaskClub cut Ares Commercial Real Estate from a hold rating to a sell rating in a research note on Thursday, October 26th. Finally, ValuEngine raised Ares Commercial Real Estate from a hold rating to a buy rating in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $14.13.
Ares Commercial Real Estate (NYSE:ACRE) last issued its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.11. Ares Commercial Real Estate had a return on equity of 7.76% and a net margin of 33.69%. The firm had revenue of $28.55 million for the quarter, compared to analysts’ expectations of $11.71 million. During the same period in the previous year, the firm posted $0.31 earnings per share. research analysts expect that Ares Commercial Real Estate will post 1.1 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a dividend of $0.27 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.08 annualized dividend and a dividend yield of 8.38%. Ares Commercial Real Estate’s dividend payout ratio (DPR) is presently 95.58%.
Several large investors have recently made changes to their positions in ACRE. SG Americas Securities LLC purchased a new stake in shares of Ares Commercial Real Estate in the third quarter valued at approximately $103,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Ares Commercial Real Estate in the third quarter valued at approximately $140,000. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Ares Commercial Real Estate in the third quarter valued at approximately $185,000. Citadel Advisors LLC boosted its holdings in shares of Ares Commercial Real Estate by 32.1% in the second quarter. Citadel Advisors LLC now owns 16,324 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 3,966 shares during the period. Finally, Nationwide Fund Advisors boosted its holdings in shares of Ares Commercial Real Estate by 5.3% in the second quarter. Nationwide Fund Advisors now owns 16,686 shares of the real estate investment trust’s stock valued at $218,000 after purchasing an additional 839 shares during the period. Institutional investors and hedge funds own 63.19% 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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