Ares Commercial Real Estate Corp (ACRE) Position Cut by California Public Employees Retirement System

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California Public Employees Retirement System reduced its position in Ares Commercial Real Estate Corp (NYSE:ACRE) by 35.7% in the 2nd quarter, Holdings Channel reports. The firm owned 53,818 shares of the real estate investment trust’s stock after selling 29,819 shares during the period. California Public Employees Retirement System’s holdings in Ares Commercial Real Estate were worth $743,000 as of its most recent filing with the SEC.

A number of other large investors have also recently modified their holdings of the stock. First Trust Advisors LP lifted its stake in Ares Commercial Real Estate by 18.3% in the 2nd quarter. First Trust Advisors LP now owns 32,409 shares of the real estate investment trust’s stock valued at $448,000 after purchasing an additional 5,021 shares during the last quarter. Greenwich Investment Management Inc. lifted its stake in Ares Commercial Real Estate by 10.7% in the 2nd quarter. Greenwich Investment Management Inc. now owns 71,155 shares of the real estate investment trust’s stock valued at $983,000 after purchasing an additional 6,900 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Ares Commercial Real Estate in the 2nd quarter valued at about $100,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Ares Commercial Real Estate in the 2nd quarter valued at about $161,000. Finally, Citadel Advisors LLC lifted its stake in Ares Commercial Real Estate by 69.4% in the 2nd quarter. Citadel Advisors LLC now owns 30,656 shares of the real estate investment trust’s stock valued at $423,000 after purchasing an additional 12,559 shares during the last quarter. Institutional investors and hedge funds own 62.64% of the company’s stock.

Shares of ACRE stock opened at $14.57 on Friday. The company has a market cap of $416.13 million, a price-to-earnings ratio of 13.13 and a beta of 0.47. Ares Commercial Real Estate Corp has a 12-month low of $11.96 and a 12-month high of $14.77.

Ares Commercial Real Estate (NYSE:ACRE) last issued its quarterly earnings data on Tuesday, October 30th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The firm had revenue of $30.36 million during the quarter, compared to the consensus estimate of $29.10 million. Ares Commercial Real Estate had a net margin of 30.86% and a return on equity of 8.57%. Sell-side analysts anticipate that Ares Commercial Real Estate Corp will post 1.36 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Friday, December 28th will be given a dividend of $0.31 per share. The ex-dividend date is Thursday, December 27th. This is an increase from Ares Commercial Real Estate’s previous quarterly dividend of $0.29. This represents a $1.24 annualized dividend and a yield of 8.51%. Ares Commercial Real Estate’s dividend payout ratio (DPR) is 104.50%.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research upgraded 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 research note on Thursday, November 1st. JPMorgan Chase & Co. raised their target price on shares of Ares Commercial Real Estate from $14.00 to $14.50 and gave the company a “neutral” rating in a research note on Wednesday, October 24th. BTIG Research assumed coverage on shares of Ares Commercial Real Estate in a research note on Monday, October 8th. They issued a “buy” rating and a $15.00 target price for the company. Credit Suisse Group raised their target price on shares of Ares Commercial Real Estate from $14.00 to $14.50 and gave the company a “neutral” rating in a research note on Tuesday, August 21st. Finally, JMP Securities raised their target price on shares of Ares Commercial Real Estate from $14.50 to $15.00 and gave the company a “market outperform” rating in a research note on Monday, July 30th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $14.71.

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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.

Read More: Preferred Stock

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Institutional Ownership by Quarter for Ares Commercial Real Estate (NYSE:ACRE)

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