Key Points
- Eagle Point Credit Management sold 5,054 ACRES shares on Dec. 1 at an average price of $25.20 for $127,360.80, leaving it with 382,409 shares (a 1.3% reduction) after a string of additional sales throughout November.
- ACRES initiated a $7.5 million stock repurchase plan (authorized Oct. 29) to buy up to 5.3% of outstanding shares, while the stock opened at $20.63 and was trading down about 2.1% with a market cap near $150.4 million.
- Wall Street sentiment is a consensus "Moderate Buy" with a $24.50 target (three Buy, two Hold), and institutional investors own roughly 40.03% of the company.
ACRES Commercial Realty Corp. (NYSE:ACR - Get Free Report) major shareholder Eagle Point Credit Management sold 913 shares of the company's stock in a transaction on Friday, November 28th. The shares were sold at an average price of $25.19, for a total transaction of $22,998.47. Following the sale, the insider directly owned 387,463 shares in the company, valued at approximately $9,760,192.97. The trade was a 0.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major 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 Monday, December 1st, Eagle Point Credit Management sold 5,054 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.20, for a total transaction of $127,360.80.
- On Monday, November 24th, Eagle Point Credit Management sold 723 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.19, for a total transaction of $18,212.37.
- On Monday, November 17th, Eagle Point Credit Management sold 718 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.17, for a total transaction of $18,072.06.
- On Thursday, November 13th, Eagle Point Credit Management sold 733 shares of ACRES Commercial Realty stock. The stock was 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 stock was 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 value 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 value 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 value of $7,803.84.
ACRES Commercial Realty Stock Down 2.1%
NYSE ACR opened at $20.63 on Wednesday. The company has a quick ratio of 104.99, a current ratio of 104.99 and a debt-to-equity ratio of 2.73. ACRES Commercial Realty Corp. has a 52 week low of $14.94 and a 52 week high of $23.81. The firm has a market capitalization of $150.39 million, a price-to-earnings ratio of 21.49 and a beta of 1.21. The company has a fifty day moving average of $20.67 and a two-hundred day moving average of $19.67.
ACRES Commercial Realty declared that its board has approved a share repurchase program on Wednesday, October 29th that permits the company to buyback $7.50 million in shares. This buyback authorization permits the company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its stake in shares of 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 purchasing an additional 739 shares during the last quarter. Biltmore Family Office LLC lifted its position in shares of ACRES Commercial Realty by 6.6% during the first quarter. Biltmore Family Office LLC now owns 23,552 shares of the company's stock valued at $510,000 after buying an additional 1,448 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of ACRES Commercial Realty by 1.2% in the 1st quarter. Acadian Asset Management LLC now owns 156,453 shares of the company's stock valued at $3,386,000 after buying an additional 1,851 shares in the last quarter. Bank of America Corp DE grew its position 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 worth $66,000 after buying an additional 1,926 shares during the last quarter. Finally, Raymond James Financial Inc. raised its stake in shares of ACRES Commercial Realty by 2.5% during the 3rd quarter. Raymond James Financial Inc. now owns 80,129 shares of the company's stock worth $1,696,000 after acquiring an additional 1,979 shares in the last quarter. 40.03% of the stock is owned by institutional investors.
Analyst Ratings Changes
ACR has been the topic of several analyst reports. JMP Securities set a $24.50 price target on shares of ACRES Commercial Realty in a report on Friday, October 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ACRES Commercial Realty in a research note on Monday. Citigroup reissued an "outperform" rating on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Wall Street Zen raised ACRES Commercial Realty from a "strong sell" rating to a "hold" rating in a research report on Saturday, November 1st. Finally, Citizens Jmp increased their target price on 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. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, ACRES Commercial Realty currently has a consensus rating of "Moderate Buy" and a consensus price target of $24.50.
Get Our Latest Report on ACR
About ACRES Commercial Realty
(
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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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