Key Points
- Eagle Point sold 718 ACRES shares on Nov. 17 at an average price of $25.17 (worth $18,072), part of a recent series of disposals that left it with 389,099 shares (~$9.79M), a 0.18% reduction in its position.
- ACRES' board has authorized a $7.5 million share buyback to repurchase up to 5.3% of shares, a move management says usually signals they view the stock as undervalued.
- Institutional activity includes Oaktree's new ~$8.28M stake and overall institutional ownership of 40.03%, while analysts hold a consensus "Moderate Buy" rating with a $24.50 price target.
ACRES Commercial Realty Corp. (NYSE:ACR - Get Free Report) major shareholder Eagle Point Credit Management sold 718 shares of ACRES Commercial Realty stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $25.17, for a total value of $18,072.06. Following the completion of the transaction, the insider owned 389,099 shares of the company's stock, valued at approximately $9,793,621.83. This represents a 0.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.
Eagle Point Credit Management also recently made the following trade(s):
- On Thursday, November 13th, Eagle Point Credit Management sold 733 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.15, for a total value of $18,434.95.
- On Wednesday, November 12th, Eagle Point Credit Management sold 2,593 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.80, for a total value of $59,120.40.
- On Tuesday, November 11th, Eagle Point Credit Management sold 1,161 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.20, for a total transaction of $25,774.20.
- On Friday, November 7th, Eagle Point Credit Management sold 140 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.15, for a total transaction of $3,521.00.
- On Thursday, November 6th, Eagle Point Credit Management sold 200 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.15, for a total transaction of $5,030.00.
- On Wednesday, November 5th, Eagle Point Credit Management sold 3,637 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.30, for a total transaction of $81,105.10.
- On Tuesday, November 4th, Eagle Point Credit Management sold 352 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.17, for a total value of $7,803.84.
- On Friday, October 31st, Eagle Point Credit Management sold 2,089 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.19, for a total value of $52,621.91.
- On Wednesday, October 29th, Eagle Point Credit Management sold 772 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.10, for a total value of $17,061.20.
- On Tuesday, October 28th, Eagle Point Credit Management sold 200 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.07, for a total value of $4,414.00.
ACRES Commercial Realty Price Performance
Shares of ACR traded down $0.19 during trading hours on Thursday, hitting $20.56. 1,508 shares of the stock were exchanged, compared to its average volume of 33,284. The stock's 50-day moving average price is $20.69 and its two-hundred day moving average price is $19.53. ACRES Commercial Realty Corp. has a 12-month low of $14.94 and a 12-month high of $23.81. The company has a debt-to-equity ratio of 3.01, a quick ratio of 69.53 and a current ratio of 69.53. The company has a market cap of $149.79 million, a price-to-earnings ratio of -1,028.79 and a beta of 1.77.
ACRES Commercial Realty announced that its board has initiated a share buyback program on Wednesday, October 29th that allows the company to buyback $7.50 million in shares. This buyback authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the stock. Oaktree Capital Management LP purchased a new stake in shares of ACRES Commercial Realty in the 3rd quarter valued at approximately $8,282,000. Geode Capital Management LLC increased its holdings in ACRES Commercial Realty by 125.1% in the 2nd quarter. Geode Capital Management LLC now owns 137,996 shares of the company's stock valued at $2,476,000 after purchasing an additional 76,688 shares during the last quarter. Gratia Capital LLC raised its position in ACRES Commercial Realty by 64.3% in the second quarter. Gratia Capital LLC now owns 125,994 shares of the company's stock valued at $2,260,000 after purchasing an additional 49,312 shares during the period. Informed Momentum Co LLC acquired a new position in ACRES Commercial Realty during the first quarter worth $697,000. Finally, Raymond James Financial Inc. lifted its stake in ACRES Commercial Realty by 60.6% during the second quarter. Raymond James Financial Inc. now owns 78,150 shares of the company's stock worth $1,402,000 after purchasing an additional 29,503 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on ACR shares. Citigroup reissued an "outperform" rating on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Wall Street Zen upgraded ACRES Commercial Realty from a "strong sell" rating to a "hold" rating in a report on Saturday, November 1st. JMP Securities set a $24.50 price target on ACRES Commercial Realty in a research report on Friday, October 31st. Weiss Ratings restated a "hold (c)" rating on shares of ACRES Commercial Realty in a research report on Monday. Finally, Citizens Jmp increased their price target on shares of ACRES Commercial Realty from $23.50 to $24.50 and gave the company a "market outperform" rating in a research note on Friday, October 31st. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.50.
Read Our Latest Report on ACRES Commercial Realty
ACRES Commercial Realty Company Profile
(
Get Free Report)
ACRES Commercial Realty Corp., a real estate investment trust (REIT), focuses on the origination, holding, and management of commercial real estate mortgage loans and equity investments in commercial real estate property in the United States. It invests in commercial real estate-related assets, including floating-rate first mortgage loans, first priority interests in first mortgage loans, subordinated interests in first mortgage loans, mezzanine financing, preferred equity investments, and commercial mortgage-backed securities.
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