The Ares Commercial Real Estate Corp. (ACRE) Position Boosted by Bank of New York Mellon Corp

The Ares Commercial Real Estate Corp. (ACRE) Position Boosted by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in shares of Ares Commercial Real Estate Corp. (NYSE:ACRE) by 9.0% during the second quarter, Holdings Channel reports. The firm owned 105,926 shares of the company’s stock after buying an additional 8,706 shares during the period. Bank of New York Mellon Corp owned 0.37% of Ares Commercial Real Estate Corp. worth $1,302,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Menta Capital LLC bought a new stake in Ares Commercial Real Estate Corp. during the first quarter worth about $162,000. National Planning Corp increased its stake in Ares Commercial Real Estate Corp. by 7.0% in the first quarter. National Planning Corp now owns 19,495 shares of the company’s stock worth $226,000 after buying an additional 1,275 shares in the last quarter. Edge Wealth Management LLC increased its stake in Ares Commercial Real Estate Corp. by 39.1% in the second quarter. Edge Wealth Management LLC now owns 18,493 shares of the company’s stock worth $227,000 after buying an additional 5,200 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in Ares Commercial Real Estate Corp. by 77.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 57,030 shares of the company’s stock worth $624,000 after buying an additional 24,900 shares in the last quarter. Finally, James Investment Research Inc. bought a new stake in Ares Commercial Real Estate Corp. during the second quarter worth about $675,000. Hedge funds and other institutional investors own 65.92% of the company’s stock.

Shares of Ares Commercial Real Estate Corp. (NYSE:ACRE) traded up 1.43% during trading on Wednesday, hitting $12.79. 59,182 shares of the stock traded hands. The firm’s 50-day moving average price is $12.56 and its 200-day moving average price is $12.18. The stock has a market cap of $363.48 million, a PE ratio of 11.41 and a beta of 0.82. Ares Commercial Real Estate Corp. has a 12 month low of $8.91 and a 12 month high of $13.07.

Ares Commercial Real Estate Corp. (NYSE:ACRE) last posted its earnings results on Thursday, August 4th. The company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.04. The company earned $10.51 million during the quarter, compared to analysts’ expectations of $20.10 million. Ares Commercial Real Estate Corp. had a net margin of 40.58% and a return on equity of 6.33%. Ares Commercial Real Estate Corp.’s quarterly revenue was down 14.6% on a year-over-year basis. During the same period last year, the company posted $0.31 earnings per share. Analysts anticipate that Ares Commercial Real Estate Corp. will post $1.13 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.04 annualized dividend and a yield of 8.25%. Ares Commercial Real Estate Corp.’s payout ratio is 92.04%.

Several analysts have weighed in on ACRE shares. Zacks Investment Research downgraded shares of Ares Commercial Real Estate Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 31st. Credit Suisse Group AG reissued a “hold” rating and issued a $13.00 price target on shares of Ares Commercial Real Estate Corp. in a research note on Friday, September 9th. FBR & Co reissued a “buy” rating and issued a $13.00 price target on shares of Ares Commercial Real Estate Corp. in a research note on Wednesday, September 14th. Citigroup Inc. boosted their price target on shares of Ares Commercial Real Estate Corp. from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, August 11th. Finally, Bank of America Corp. reissued a “buy” rating on shares of Ares Commercial Real Estate Corp. in a research note on Thursday, June 30th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $13.00.

In other news, CEO Robert L. Rosen bought 10,000 shares of the stock in a transaction dated Wednesday, September 14th. The stock was purchased at an average price of $12.35 per share, for a total transaction of $123,500.00. Following the acquisition, the chief executive officer now owns 50,013 shares of the company’s stock, valued at $617,660.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James E. Skinner bought 2,000 shares of the stock in a transaction dated Thursday, August 25th. The stock was purchased at an average price of $12.52 per share, with a total value of $25,040.00. Following the acquisition, the director now directly owns 11,936 shares in the company, valued at approximately $149,438.72. The disclosure for this purchase can be found here. Corporate 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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