Key Points
- Eagle Point Credit Management sold 1,372 ACR shares on Dec. 15 at $22.26 and has been steadily trimming its stake—selling roughly $274,000 of ACRES stock across trades from Nov. 13 to Dec. 15—leaving it with 761,345 shares (a 0.18% position decrease).
- ACRES announced a $7.5 million share repurchase plan to buy up to about 5.3% of its stock; the shares were trading at $24.31 (up 1.8%), with a market cap of ~$177.2 million and a trailing PE of 25.1.
ACRES Commercial Realty Corp. (NYSE:ACR - Get Free Report) major shareholder Eagle Point Credit Management sold 1,372 shares of the company's stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $22.26, for a total transaction of $30,540.72. Following the transaction, the insider directly owned 761,345 shares of the company's stock, valued at $16,947,539.70. This trade represents a 0.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own at least 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 Friday, December 12th, Eagle Point Credit Management sold 114 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.26, for a total transaction of $2,537.64.
- On Thursday, December 11th, Eagle Point Credit Management sold 1,258 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $23.82, for a total value of $29,965.56.
- On Wednesday, December 10th, Eagle Point Credit Management sold 98 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.24, for a total value of $2,473.52.
- On Friday, December 5th, Eagle Point Credit Management sold 99 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.22, for a total value of $2,496.78.
- On Thursday, December 4th, Eagle Point Credit Management sold 48 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.22, for a total value of $1,210.56.
- 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 value of $127,360.80.
- On Friday, November 28th, Eagle Point Credit Management sold 913 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.19, for a total value of $22,998.47.
- 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 transaction of $18,434.95.
ACRES Commercial Realty Stock Up 1.8%
Shares of NYSE:ACR traded up $0.44 during midday trading on Thursday, hitting $24.31. 17,298 shares of the company's stock traded hands, compared to its average volume of 35,001. The firm's fifty day moving average price is $21.25 and its two-hundred day moving average price is $20.04. The company has a market cap of $177.22 million, a PE ratio of 25.10 and a beta of 1.21. ACRES Commercial Realty Corp. has a twelve month low of $14.94 and a twelve month high of $24.45. The company has a debt-to-equity ratio of 2.73, a quick ratio of 104.99 and a current ratio of 104.99.
ACRES Commercial Realty announced that its board has initiated a share repurchase plan on Wednesday, October 29th that authorizes the company to repurchase $7.50 million in shares. This repurchase authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.
Institutional Trading of ACRES Commercial Realty
Several institutional investors and hedge funds have recently bought and sold shares of ACR. Oaktree Capital Management LP bought a new position in ACRES Commercial Realty during the 3rd quarter worth approximately $8,282,000. Geode Capital Management LLC boosted its holdings in ACRES Commercial Realty by 125.1% in the second quarter. Geode Capital Management LLC now owns 137,996 shares of the company's stock worth $2,476,000 after purchasing an additional 76,688 shares during the period. Gratia Capital LLC boosted its holdings in shares of ACRES Commercial Realty by 64.3% in the 2nd quarter. Gratia Capital LLC now owns 125,994 shares of the company's stock valued at $2,260,000 after buying an additional 49,312 shares during the period. Raymond James Financial Inc. lifted its holdings in ACRES Commercial Realty by 60.6% in the second quarter. Raymond James Financial Inc. now owns 78,150 shares of the company's stock worth $1,402,000 after acquiring an additional 29,503 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in ACRES Commercial Realty by 16.8% in the second quarter. Acadian Asset Management LLC now owns 182,679 shares of the company's stock valued at $3,272,000 after acquiring an additional 26,226 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on ACR. Citigroup reissued an "outperform" rating on shares of 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 note on Monday. Wall Street Zen upgraded ACRES Commercial Realty from a "strong sell" rating to a "hold" rating in a research note on Saturday, November 1st. JMP Securities set a $24.50 price objective on ACRES Commercial Realty in a report on Friday, October 31st. Finally, Citizens Jmp increased their target price on 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 analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, ACRES Commercial Realty currently has an average rating of "Moderate Buy" and an average price target of $24.50.
Check Out Our Latest Stock Analysis on ACRES Commercial Realty
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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