Key Points
- Eagle Point Credit Management sold 692 shares of ACRES (NYSE:ACR) on Jan. 21 at an average price of $22.07, leaving it with 754,699 shares (a 0.09% reduction) valued at about $16.66 million.
- The firm has been steadily trimming its position in recent weeks, selling roughly 33,571 shares across multiple trades in December and January for an aggregate proceeds of about $811,000.
- Meanwhile, ACRES has authorized a $7.5 million buyback (up to 5.3% of shares) and carries a consensus "Moderate Buy" rating with an average target of $24.50 while trading near $19.96.
ACRES Commercial Realty Corp. (NYSE:ACR - Get Free Report) major shareholder Eagle Point Credit Management sold 692 shares of the firm's stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $22.07, for a total value of $15,272.44. Following the transaction, the insider directly owned 754,699 shares of the company's stock, valued at $16,656,206.93. This represents a 0.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Eagle Point Credit Management also recently made the following trade(s):
- On Friday, January 23rd, Eagle Point Credit Management sold 1,100 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.02, for a total transaction of $24,222.00.
- On Wednesday, January 14th, Eagle Point Credit Management sold 5,400 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $24.99, for a total transaction of $134,946.00.
- On Friday, January 9th, Eagle Point Credit Management sold 3,702 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $24.89, for a total transaction of $92,142.78.
- On Tuesday, January 13th, Eagle Point Credit Management sold 13,979 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $24.93, for a total transaction of $348,496.47.
- On Wednesday, December 31st, Eagle Point Credit Management sold 5,000 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.41, for a total transaction of $112,050.00.
- On Wednesday, December 24th, Eagle Point Credit Management sold 455 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.30, for a total transaction of $10,146.50.
- On Tuesday, December 23rd, Eagle Point Credit Management sold 499 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.26, for a total transaction of $11,107.74.
- On Monday, December 15th, Eagle Point Credit Management sold 1,372 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.26, for a total value of $30,540.72.
- 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 value 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.
ACRES Commercial Realty Trading Down 0.9%
Shares of NYSE ACR opened at $19.96 on Friday. 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 12 month low of $15.64 and a 12 month high of $24.61. The company has a market cap of $145.49 million, a price-to-earnings ratio of 20.79 and a beta of 1.19. The business has a fifty day simple moving average of $21.59 and a 200-day simple moving average of $20.63.
ACRES Commercial Realty announced that its board has initiated a stock buyback program on Wednesday, October 29th that authorizes the company to buyback $7.50 million in outstanding shares. This buyback authorization authorizes the company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the business. Ritholtz Wealth Management boosted its position in shares of ACRES Commercial Realty by 5.2% in the fourth quarter. Ritholtz Wealth Management now owns 42,300 shares of the company's stock valued at $903,000 after acquiring an additional 2,101 shares during the period. JPMorgan Chase & Co. boosted its holdings in ACRES Commercial Realty by 177.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,082 shares of the company's stock valued at $171,000 after purchasing an additional 5,173 shares during the period. Raymond James Financial Inc. grew its position in ACRES Commercial Realty by 2.5% in the 3rd quarter. Raymond James Financial Inc. now owns 80,129 shares of the company's stock worth $1,696,000 after purchasing an additional 1,979 shares during the last quarter. Oaktree Capital Management LP acquired a new stake in ACRES Commercial Realty in the 3rd quarter worth $8,282,000. Finally, BNP Paribas Financial Markets increased its holdings 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 period. 40.03% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
ACR has been the subject of a number of recent analyst reports. JMP Securities set a $24.50 price objective on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ACRES Commercial Realty in a research report on Monday, December 29th. Wall Street Zen upgraded shares of ACRES Commercial Realty from a "sell" rating to a "hold" rating in a report on Saturday, January 10th. Citizens Jmp boosted 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. Finally, Citigroup restated an "outperform" rating on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $24.50.
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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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