IndexIQ Advisors LLC purchased a new position in Ares Commercial Real Estate Co. (NYSE:ACRE – Get Rating) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 26,192 shares of the real estate investment trust’s stock, valued at approximately $406,000. IndexIQ Advisors LLC owned about 0.06% of Ares Commercial Real Estate at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. Rhumbline Advisers raised its stake in shares of Ares Commercial Real Estate by 4.1% in the fourth quarter. Rhumbline Advisers now owns 55,252 shares of the real estate investment trust’s stock worth $803,000 after purchasing an additional 2,194 shares during the last quarter. Raymond James & Associates increased its position in Ares Commercial Real Estate by 8.9% during the fourth quarter. Raymond James & Associates now owns 37,630 shares of the real estate investment trust’s stock valued at $547,000 after acquiring an additional 3,078 shares during the last quarter. Selective Wealth Management Inc. purchased a new stake in Ares Commercial Real Estate during the first quarter valued at $53,000. BNP Paribas Arbitrage SA increased its position in Ares Commercial Real Estate by 48.5% during the fourth quarter. BNP Paribas Arbitrage SA now owns 19,032 shares of the real estate investment trust’s stock valued at $277,000 after acquiring an additional 6,216 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its position in Ares Commercial Real Estate by 0.4% during the fourth quarter. 1832 Asset Management L.P. now owns 1,584,857 shares of the real estate investment trust’s stock valued at $23,189,000 after acquiring an additional 6,711 shares during the last quarter. Hedge funds and other institutional investors own 46.66% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently commented on ACRE shares. JPMorgan Chase & Co. upped their price objective on Ares Commercial Real Estate from $14.50 to $16.00 and gave the company a “neutral” rating in a research report on Monday, April 25th. Credit Suisse Group cut their price target on Ares Commercial Real Estate to $14.50 in a report on Friday, July 22nd. Finally, JMP Securities cut their price target on Ares Commercial Real Estate from $16.50 to $15.00 and set a “market outperform” rating for the company in a report on Monday, August 1st.
Ares Commercial Real Estate Stock Performance
NYSE:ACRE opened at $13.36 on Monday. The stock has a 50-day simple moving average of $13.00 and a two-hundred day simple moving average of $14.28. Ares Commercial Real Estate Co. has a 52-week low of $11.18 and a 52-week high of $16.48. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a market capitalization of $727.29 million, a PE ratio of 12.04 and a beta of 1.24.
Ares Commercial Real Estate Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 9.88%. The ex-dividend date is Thursday, September 29th. Ares Commercial Real Estate’s dividend payout ratio is presently 118.92%.
Ares Commercial Real Estate Company Profile
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Ares Commercial Real Estate Corporation, a specialty finance company, originates and invests in commercial real estate (CRE) loans and related investments in the United States. The company provides a range of financing solutions for the owners, operators, and sponsors of CRE properties. It originates senior mortgage loans, subordinate debt products, mezzanine loans, real estate preferred equity investments, and other CRE investments, including commercial mortgage backed securities.
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