State of New Jersey Common Pension Fund D Makes New Investment in Ares Commercial Real Estate Co. (NYSE:ACRE)


State of New Jersey Common Pension Fund D bought a new position in Ares Commercial Real Estate Co. (NYSE:ACREGet Rating) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 176,055 shares of the real estate investment trust’s stock, valued at approximately $1,840,000. State of New Jersey Common Pension Fund D owned approximately 0.32% of Ares Commercial Real Estate at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ACRE. Samalin Investment Counsel LLC purchased a new stake in Ares Commercial Real Estate in the first quarter worth approximately $50,000. Ensign Peak Advisors Inc purchased a new stake in shares of Ares Commercial Real Estate during the second quarter valued at approximately $71,000. Amalgamated Bank purchased a new stake in shares of Ares Commercial Real Estate during the first quarter valued at approximately $82,000. Worth Asset Management LLC purchased a new stake in shares of Ares Commercial Real Estate during the first quarter valued at approximately $97,000. Finally, Asset Management Corp IL ADV purchased a new stake in shares of Ares Commercial Real Estate during the third quarter valued at approximately $112,000. Hedge funds and other institutional investors own 46.63% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. BTIG Research dropped their price objective on Ares Commercial Real Estate from $16.50 to $14.00 in a research note on Wednesday, November 2nd. JMP Securities dropped their price objective on Ares Commercial Real Estate from $15.00 to $13.50 and set a “market outperform” rating for the company in a research note on Friday, October 14th. StockNews.com initiated coverage on Ares Commercial Real Estate in a report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James decreased their target price on Ares Commercial Real Estate from $15.00 to $13.50 and set an “outperform” rating for the company in a report on Tuesday, October 18th. Finally, Credit Suisse Group decreased their target price on Ares Commercial Real Estate to $13.50 in a report on Thursday, October 13th. Two analysts have rated the stock with a hold rating and three have assigned a buy 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 $13.25.

Ares Commercial Real Estate Price Performance

ACRE opened at $11.72 on Friday. The stock has a fifty day simple moving average of $11.42 and a two-hundred day simple moving average of $12.11. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 2.37. The company has a market cap of $638.07 million, a price-to-earnings ratio of 12.88 and a beta of 1.33. Ares Commercial Real Estate Co. has a 12-month low of $9.90 and a 12-month high of $16.48.

Ares Commercial Real Estate Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 18th. Shareholders of record on Friday, December 30th were issued a $0.35 dividend. This is an increase from Ares Commercial Real Estate’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, December 29th. This represents a $1.40 dividend on an annualized basis and a yield of 11.95%. Ares Commercial Real Estate’s dividend payout ratio is 145.05%.

Insider Activity

In other news, CEO Bryan Patrick Donohoe sold 15,072 shares of the firm’s stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $10.91, for a total transaction of $164,435.52. Following the completion of the transaction, the chief executive officer now directly owns 157,282 shares in the company, valued at $1,715,946.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Bryan Patrick Donohoe sold 15,072 shares of the firm’s stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $10.91, for a total transaction of $164,435.52. Following the completion of the transaction, the chief executive officer now directly owns 157,282 shares in the company, valued at $1,715,946.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Anton Feingold sold 3,166 shares of Ares Commercial Real Estate stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $10.87, for a total value of $34,414.42. Following the completion of the sale, the vice president now owns 53,865 shares of the company’s stock, valued at $585,512.55. The disclosure for this sale can be found here. Corporate insiders own 1.95% of the company’s stock.

About Ares Commercial Real Estate

(Get Rating)

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. The company provides a range of financing solutions for the owners, operators, and sponsors of CRE properties. It originates senior mortgage loans, subordinate debt products, mezzanine loans, real estate preferred equity investments, 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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