Key Points
- Eagle Point Credit Management sold 723 shares of ACRES Commercial Realty on Nov. 24 at an average price of $25.19 for $18,212.37, part of a string of recent disposals that trimmed its stake by 0.19% to 388,376 shares valued at about $9.78 million.
- ACRES shares traded down 0.3% to $21.21 and the company announced a $7.5 million buyback program authorizing repurchases of up to 5.3% of outstanding shares.
- Analysts have a consensus rating of “Moderate Buy” on ACR with an average target price of $24.50 (three Buy, two Hold ratings).
ACRES Commercial Realty Corp. (NYSE:ACR - Get Free Report) major shareholder Eagle Point Credit Management sold 723 shares of ACRES Commercial Realty stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $25.19, for a total transaction of $18,212.37. Following the completion of the sale, the insider owned 388,376 shares of the company's stock, valued at $9,783,191.44. This trade represents a 0.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Eagle Point Credit Management also recently made the following trade(s):
- On Monday, November 17th, Eagle Point Credit Management sold 718 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.17, for a total value of $18,072.06.
- 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 shares were sold at an average price of $22.20, for a total value 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 value 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 stock was 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 shares were sold at an average price of $22.17, for a total transaction of $7,803.84.
- On Friday, October 31st, Eagle Point Credit Management sold 2,089 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.19, for a total transaction 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 transaction of $17,061.20.
ACRES Commercial Realty Stock Down 0.3%
Shares of NYSE:ACR traded down $0.07 during trading on Thursday, hitting $21.21. The company's stock had a trading volume of 16,734 shares, compared to its average volume of 34,785. ACRES Commercial Realty Corp. has a fifty-two week low of $14.94 and a fifty-two week high of $23.81. The business has a 50 day moving average price of $20.67 and a two-hundred day moving average price of $19.60. 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 capitalization of $154.50 million, a PE ratio of -1,059.72 and a beta of 1.77.
ACRES Commercial Realty declared that its board has approved a stock buyback program on Wednesday, October 29th that authorizes the company to buyback $7.50 million in shares. This buyback authorization authorizes the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
ACR has been the topic of a number of analyst reports. Citigroup reaffirmed an "outperform" rating on shares of ACRES Commercial Realty in a research report on Friday, October 31st. JMP Securities set a $24.50 target price on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Citizens Jmp lifted their price target on shares of ACRES Commercial Realty from $23.50 to $24.50 and gave the stock a "market outperform" rating in a research note on Friday, October 31st. Wall Street Zen upgraded shares of ACRES Commercial Realty from a "strong sell" rating to a "hold" rating in a report on Saturday, November 1st. Finally, Weiss Ratings restated a "hold (c)" rating on shares of ACRES Commercial Realty in a report on Monday. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $24.50.
Get Our Latest Analysis on ACR
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its stake in ACRES Commercial Realty by 120.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,354 shares of the company's stock worth $29,000 after acquiring an additional 739 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of ACRES Commercial Realty during the second quarter worth about $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of ACRES Commercial Realty during the second quarter worth about $60,000. Bank of America Corp DE lifted its holdings in shares of ACRES Commercial Realty by 110.4% in the 2nd quarter. Bank of America Corp DE now owns 3,671 shares of the company's stock valued at $66,000 after purchasing an additional 1,926 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of ACRES Commercial Realty in the 2nd quarter valued at about $93,000. Institutional investors and hedge funds own 40.03% of the company's stock.
About ACRES Commercial Realty
(
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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