Ares Commercial Real Estate Co. (NYSE:ACRE) Sees Significant Increase in Short Interest
Ares Commercial Real Estate Co. (NYSE:ACRE – Get Rating) was the recipient of a significant growth in short interest in May. As of May 31st, there was short interest totalling 1,180,000 shares, a growth of 40.2% from the May 15th total of 841,400 shares. Based on an average trading volume of 679,300 shares, the days-to-cover ratio is presently 1.7 days.
Several hedge funds and other institutional investors have recently modified their holdings of ACRE. Morgan Stanley grew its holdings in shares of Ares Commercial Real Estate by 185.6% during the second quarter. Morgan Stanley now owns 415,058 shares of the real estate investment trust’s stock worth $6,098,000 after purchasing an additional 269,735 shares in the last quarter. Geode Capital Management LLC lifted its position in Ares Commercial Real Estate by 14.9% in the 3rd quarter. Geode Capital Management LLC now owns 754,888 shares of the real estate investment trust’s stock worth $11,383,000 after buying an additional 97,622 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Ares Commercial Real Estate by 47.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 33,380 shares of the real estate investment trust’s stock worth $503,000 after buying an additional 10,801 shares during the last quarter. Voya Investment Management LLC lifted its position in Ares Commercial Real Estate by 7.1% in the 3rd quarter. Voya Investment Management LLC now owns 14,494 shares of the real estate investment trust’s stock worth $219,000 after buying an additional 961 shares during the last quarter. Finally, Penserra Capital Management LLC bought a new stake in Ares Commercial Real Estate in the 3rd quarter worth approximately $81,000. 46.66% of the stock is owned by institutional investors.
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ACRE has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Ares Commercial Real Estate from $14.50 to $16.00 and gave the company a “neutral” rating in a report on Monday, April 25th. JMP Securities reiterated a “buy” rating and issued a $16.50 price objective on shares of Ares Commercial Real Estate in a report on Tuesday, May 24th. Finally, StockNews.com assumed coverage on shares of Ares Commercial Real Estate in a report on Thursday, March 31st. They issued a “hold” rating on the stock.
Shares of NYSE ACRE traded up $0.10 during mid-day trading on Wednesday, reaching $11.97. 1,226,443 shares of the company’s stock were exchanged, compared to its average volume of 644,518. The firm has a market capitalization of $567.83 million, a price-to-earnings ratio of 8.86 and a beta of 1.20. Ares Commercial Real Estate has a 52 week low of $11.62 and a 52 week high of $16.97. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a 50-day moving average price of $14.99 and a two-hundred day moving average price of $14.82.
Ares Commercial Real Estate (NYSE:ACRE – Get Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The real estate investment trust reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Ares Commercial Real Estate had a net margin of 58.09% and a return on equity of 9.74%. During the same period in the prior year, the firm earned $0.38 earnings per share. As a group, sell-side analysts forecast that Ares Commercial Real Estate will post 1.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 11.70%. The ex-dividend date is Wednesday, June 29th. This is a positive change from Ares Commercial Real Estate’s previous quarterly dividend of $0.33. Ares Commercial Real Estate’s payout ratio is presently 98.51%.
Ares Commercial Real Estate Company Profile (Get Rating)
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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