Ares Commercial Real Estate Co. (NYSE:ACRE – Get Rating) saw a significant drop in short-selling rates in November. As of Nov. 30, there were 1.81 million shares shorted, down 11.7% from the Nov. 15 total of 2.05 million shares. Based on an average daily trading volume of 662,700 shares, the days coverage ratio is now 2.7 days.
Ares commercial real estate deals drop 2.5%
ACRE shares fell $0.28 in intraday trading on Friday to reach $11.07. 747,685 shares of the company’s stock were hand-traded, compared to an average turnover of 644,482. The stock has a market cap of $602.68 million, a PER of 12.16 and a beta of 1.30. The stock has a 50-day moving average of $11.72 and a 200-day moving average of $12.44. Ares Commercial Real Estate has a 12-month low of $9.99 and a 12-month high of $16.48. The company has a debt to equity ratio of 2.37, a current ratio of 0.74 and a quick ratio of 0.74.
Ares Commercial Property Increases Dividend
The company recently announced a quarterly dividend payable on Wednesday, January 18th. Dividends of $0.35 per share will be paid to shareholders of record on Friday, December 30. This is an increase from Ares Commercial Real Estate’s previous quarterly dividend of $0.33. The ex-dividend date for this dividend is Thursday, December 29. This represents his $1.40 dividend and his 12.65% dividend yield on an annual basis. Ares Commercial Real Estate currently has a dividend payout ratio of 145.05%.
Ares Commercial Real Estate Institutional Deal
A large investor recently changed its holding in the company. UBS Group AG boosted his position in Ares Commercial Real Estate by 1.1% in the first quarter. He now owns 95,757 shares in real estate investment trusts worth $1,486,000 after UBS Group AG acquired another 999 shares last quarter. Amalgamated Bank boosted its position in shares of Ares Commercial Real Estate by 18.3% in the third quarter. He owns 6,632 shares in a real estate investment trust worth $69,000 after Amalgamated Bank bought an additional 1,026 shares from him last quarter. All Season Financial Advisors Inc. boosted its position in shares of Ares Commercial Real Estate by 4.6% in the third quarter. All Season Financial Advisors Inc. now owns 25,397 real estate investment trust shares worth $265,000 after purchasing an additional 1,114 shares last quarter. Manufacturers Life Insurance Company boosted its position in Ares Commercial Real Estate shares by 4.3% in the third quarter. Manufacturers’ Life Insurance Company owns 28,579 shares of the real estate investment trust worth $299,000 after purchasing an additional 1,189 shares in the previous quarter. Finally, Janney Montgomery Scott LLC boosted its Ares Commercial Real Estate equity position by 4.9% in the third quarter. Janney Montgomery Scott LLC now owns 28,000 real estate investment trust shares worth $293,000 after purchasing an additional 1,300 shares last quarter. Hedge funds and other institutional investors own 46.49% of the company’s shares.
Wall Street Analyst Predicts Growth
ACRE has been the topic of several research reports. BTIG Research lowered its target price for Ares Commercial Real Estate from $16.50 to $14.00 in a report on Wednesday, November 2nd. StockNews.com began covering Ares Commercial Real Estate in a research note on Wednesday, October 12th. They put a “Hold” rating on the stock. Bank of America reissued a “buy” rating and set his $13.00 price target on shares of Ales Commercial Real Estate in a research note on Monday, Oct. 31. Raymond James lowered Ares Commercial Real Estate’s price target from his $15.00 to his $13.50, giving it an “outperform” rating in its research notes on Tuesday, Oct. 18. Finally, Credit Suisse Group lowered its price target for Ares Commercial Real Estate to $13.50 in a research note on Thursday, October 13th. Two equity research analysts rated this stock with a hold rating and three issued buy ratings on the stock. Based on MarketBeat.com data, Ares Commercial Real Estate currently has a Consensus Rating of “Moderate Buy” and a Consensus Target Price of $13.25.
About Ares Commercial Real Estate
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Ares Commercial Real Estate Corp. is engaged in the origination and investment of commercial real estate loans and related investments. Its covered investments include senior mortgage loans, subordinated debt, preferred stock, mezzanine loans, other of his CRE investments, and commercial mortgage-backed securities.
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