Van ECK Associates Corp sells 62,727 shares of Ares Commercial Real Estate Co. (NYSE:ACRE)
Van ECK Associates Corp reduced its stake in Ares Commercial Real Estate Co. (NYSE:ACRE – Get Rating) by 16.1% in Q1, according to its latest filing with the Securities and Exchange Commission. The institutional investor held 326,480 shares of the REIT after selling 62,727 shares during the quarter. Van ECK Associates Corp owned approximately 0.69% of Ares Commercial Real Estate worth $5,067,000 at the end of the last quarter.
Several other institutional investors have also increased or reduced their stake in ACRE. Mirae Asset Global Investments Co. Ltd. bought a new position in Ares Commercial Real Estate in Q1 worth $13,895,000. Roble Belko & Company Inc purchased a new equity stake in Ares Commercial Real Estate in Q1 valued at approximately $2,180,000. JPMorgan Chase & Co. increased its position in Ares Commercial Real Estate shares by 10.6% in the fourth quarter. JPMorgan Chase & Co. now owns 975,313 shares of the real estate investment trust worth $14,181,000 after purchasing an additional 93,850 shares during the period. Arete Wealth Advisors LLC increased its position in Ares Commercial Real Estate shares by 48.6% in Q1. Arete Wealth Advisors LLC now owns 269,276 shares of the real estate investment trust worth $4,179,000 after purchasing an additional 88,049 shares during the period. Finally, Qube Research & Technologies Ltd purchased a new stake in the shares of Ares Commercial Real Estate in Q4 for a value of approximately $1,001,000. 46.66% of the shares are currently held by institutional investors.
Ares Commercial Property Price Performance
ACRE opened at $13.73 on Friday. The company has a debt ratio of 2.39, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a market capitalization of $747.46 million, a P/E ratio of 12.37 and a beta of 1.24. The company’s 50-day simple moving average is $12.87 and its two-hundred-day simple moving average is $14.23. Ares Commercial Real Estate Co. has a 52-week low of $11.18 and a 52-week high of $16.48.
Ares Commercial Real Estate cuts its dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 17. Shareholders of record on Friday, September 30 will receive a dividend of $0.33 per share. This represents an annualized dividend of $1.32 and a yield of 9.61%. The ex-date of this dividend is Thursday, September 29. Ares Commercial Real Estate’s dividend payout ratio is currently 118.92%.
Changes to analyst ratings
ACRE has been the subject of a number of recent research reports. Credit Suisse Group cut its price target on Ares Commercial Real Estate shares to $14.50 in a Friday, July 22 research report. JMP Securities cut its price target on Ares Commercial Real Estate shares from $16.50 to $15.00 and set a “market outperformance” rating on the stock in a Monday 1st research report august. Finally, JPMorgan Chase & Co. raised its price target on Ares Commercial Real Estate shares from $14.50 to $16.00 and gave the company a “neutral” rating in a Monday research report. April 25.
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 offers a range of financing solutions for owners, operators and sponsors of CRE properties. It issues first mortgage loans, subordinated debt products, mezzanine loans, preferred equity investments in real estate and other CRE investments, including commercial mortgage-backed securities.
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