Today, Advisors Capital Management LLC Buys New Stake in Ares Commercial Real Estate Corp. (ACRE)

Today, Advisors Capital Management LLC Buys New Stake in Ares Commercial Real Estate Corp. (ACRE)

Advisors Capital Management LLC acquired a new stake in shares of Ares Commercial Real Estate Corp. (NYSE:ACRE) during the third quarter, Holdings Channel reports. The fund acquired 64,227 shares of the company’s stock, valued at approximately $809,000. Advisors Capital Management LLC owned approximately 0.23% of Ares Commercial Real Estate Corp. at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Panagora Asset Management Inc. raised its position in shares of Ares Commercial Real Estate Corp. by 125.3% in the second quarter. Panagora Asset Management Inc. now owns 9,593 shares of the company’s stock worth $118,000 after buying an additional 5,336 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Ares Commercial Real Estate Corp. during the second quarter worth approximately $133,000. BOKF NA raised its position in shares of Ares Commercial Real Estate Corp. by 0.5% in the second quarter. BOKF NA now owns 11,167 shares of the company’s stock worth $138,000 after buying an additional 58 shares during the last quarter. BlackRock Advisors LLC raised its position in shares of Ares Commercial Real Estate Corp. by 36.5% in the second quarter. BlackRock Advisors LLC now owns 12,595 shares of the company’s stock worth $155,000 after buying an additional 3,365 shares during the last quarter. Finally, Suntrust Banks Inc. raised its position in shares of Ares Commercial Real Estate Corp. by 1.8% in the second quarter. Suntrust Banks Inc. now owns 14,747 shares of the company’s stock worth $180,000 after buying an additional 255 shares during the last quarter. 68.37% of the stock is owned by institutional investors.

Shares of Ares Commercial Real Estate Corp. (NYSE:ACRE) traded up 0.82% during mid-day trading on Friday, hitting $13.56. The stock had a trading volume of 45,022 shares. The stock has a 50 day moving average price of $13.01 and a 200 day moving average price of $12.53. Ares Commercial Real Estate Corp. has a 52 week low of $8.91 and a 52 week high of $13.80. The firm has a market cap of $385.82 million, a PE ratio of 9.38 and a beta of 0.78.

Ares Commercial Real Estate Corp. (NYSE:ACRE) last issued its earnings results on Thursday, November 3rd. The company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. Ares Commercial Real Estate Corp. had a return on equity of 6.34% and a net margin of 54.20%. During the same period in the prior year, the company earned $0.33 EPS. Equities research analysts expect that Ares Commercial Real Estate Corp. will post $1.41 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, December 28th. This represents a $1.04 annualized dividend and a dividend yield of 7.67%. Ares Commercial Real Estate Corp.’s dividend payout ratio is currently 71.72%.

A number of research analysts recently commented on ACRE shares. Citigroup Inc. upped their target price on Ares Commercial Real Estate Corp. from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, August 11th. FBR & Co restated a “buy” rating and issued a $13.00 target price on shares of Ares Commercial Real Estate Corp. in a research note on Wednesday, September 14th. JPMorgan Chase & Co. restated a “buy” rating and issued a $14.00 target price on shares of Ares Commercial Real Estate Corp. in a research note on Friday, November 4th. Zacks Investment Research upgraded Ares Commercial Real Estate Corp. from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Thursday, October 13th. Finally, Credit Suisse Group AG reiterated a “hold” rating and set a $13.00 price objective on shares of Ares Commercial Real Estate Corp. in a research note on Friday, September 9th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Ares Commercial Real Estate Corp. has a consensus rating of “Buy” and a consensus target price of $13.54.

In other Ares Commercial Real Estate Corp. news, CEO Robert L. Rosen bought 10,000 shares of Ares Commercial Real Estate Corp. stock in a transaction dated Wednesday, September 14th. The stock was bought at an average cost of $12.35 per share, for a total transaction of $123,500.00. Following the purchase, the chief executive officer now owns 50,013 shares of the company’s stock, valued at approximately $617,660.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Ares Commercial Real Estate Corp. Company Profile

Ares Commercial Real Estate Corporation is a specialty finance company. The Company is focused on directly originating, managing and servicing a portfolio of commercial real estate (CRE) debt-related investments for its own account. It operates in two segments: principal lending and mortgage banking.

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