Creative Planning Invests $177,000 in Ares Commercial Real Estate Co. (NYSE:ACRE)

Posted by on Oct 26th, 2023

Creative Planning purchased a new position in Ares Commercial Real Estate Co. (NYSE:ACRE – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,486 shares of the real estate investment trust’s stock, valued at approximately $177,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. raised its holdings in shares of Ares Commercial Real Estate by 8.6% in the third quarter. BlackRock Inc. now owns 4,294,662 shares of the real estate investment trust’s stock worth $44,879,000 after buying an additional 339,231 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Ares Commercial Real Estate by 6.4% in the third quarter. Vanguard Group Inc. now owns 2,703,902 shares of the real estate investment trust’s stock valued at $28,255,000 after purchasing an additional 162,862 shares during the period. State Street Corp boosted its holdings in shares of Ares Commercial Real Estate by 10.1% in the third quarter. State Street Corp now owns 1,285,654 shares of the real estate investment trust’s stock valued at $13,884,000 after purchasing an additional 118,414 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Ares Commercial Real Estate by 62.3% in the first quarter. Wellington Management Group LLP now owns 1,145,612 shares of the real estate investment trust’s stock valued at $10,414,000 after purchasing an additional 439,585 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Ares Commercial Real Estate by 7.2% in the first quarter. Geode Capital Management LLC now owns 1,057,768 shares of the real estate investment trust’s stock valued at $9,615,000 after acquiring an additional 71,235 shares in the last quarter. 38.37% of the stock is currently owned by hedge funds and other institutional investors.

Ares Commercial Real Estate Stock Down 2.2 %

Shares of ACRE stock opened at $8.89 on Thursday. The stock’s fifty day moving average price is $9.78 and its 200 day moving average price is $9.67. Ares Commercial Real Estate Co. has a 1-year low of $7.52 and a 1-year high of $12.75. The company has a market cap of $481.30 million, a price-to-earnings ratio of -88.89 and a beta of 1.38. The company has a debt-to-equity ratio of 2.27, a current ratio of 1.36 and a quick ratio of 1.36.

Ares Commercial Real Estate Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 17th. Shareholders of record on Friday, September 29th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 14.85%. The ex-dividend date of this dividend was Thursday, September 28th. Ares Commercial Real Estate’s dividend payout ratio is presently -1,319.87%.

Analysts Set New Price Targets

ACRE has been the subject of several recent research reports. Wells Fargo & Company initiated coverage on Ares Commercial Real Estate in a report on Wednesday, September 13th. They issued an “equal weight” rating and a $10.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on shares of Ares Commercial Real Estate from $8.00 to $10.00 in a report on Monday, July 24th. JMP Securities lifted their price objective on shares of Ares Commercial Real Estate from $11.00 to $11.50 and gave the company an “outperform” rating in a report on Thursday, August 3rd. StockNews.com began coverage on shares of Ares Commercial Real Estate in a report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Raymond James downgraded Ares Commercial Real Estate from an “outperform” rating to a “market perform” rating in a research report on Friday, August 18th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Ares Commercial Real Estate currently has a consensus rating of “Hold” and a consensus target price of $11.29.

Get Our Latest Report on Ares Commercial Real Estate

Ares Commercial Real Estate Profile

(Free Report)

Ares Commercial Real Estate Corporation, a specialty finance company, originates and invests in commercial real estate (CRE) loans and related investments in the United States. It provides a range of financing solutions for the owners, operators, and sponsors of CRE properties. The company originates senior mortgage loans, subordinate debt and preferred equity products, mezzanine loans, and other CRE investments, including commercial mortgage-backed securities.

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Institutional Ownership by Quarter for Ares Commercial Real Estate (NYSE:ACRE)

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