Ares Commercial Real Estate Co. (NYSE:ACRE) Sees Large Drop in Short Interest

Ares Commercial Real Estate Co. (NYSE:ACRE – Get Rating) was the recipient of a significant decline in short interest during the month of November. As of November 30th, there was short interest totaling 1,810,000 shares, a decline of 11.7% from the November 15th total of 2,050,000 shares. Based on an average daily volume of 662,700 shares, the days-to-cover ratio is currently 2.7 days.

Ares Commercial Real Estate Trading Down 2.5%

Shares of ACRE traded down $0.28 during mid-day trading on Friday, reaching $11.07. 747,685 shares of the company’s stock traded hands, compared to its average volume of 644,482. The stock has a market cap of $602.68 million, a P/E ratio of 12.16 and a beta of 1.30. The stock’s 50-day moving average is $11.72 and its two-hundred day moving average is $12.44. Ares Commercial Real Estate has a 12 month low of $9.99 and a 12 month high of $16.48. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.74 and a quick ratio of 0.74.

Ares Commercial Real Estate Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 18th. Stockholders of record on Friday, December 30th will be paid a dividend of $0.35 per share. This is a boost from Ares Commercial Real Estate’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 12.65%. Ares Commercial Real Estate’s dividend payout ratio is currently 145.05%.

Institutional Trading of Ares Commercial Real Estate

Large investors have recently modified their holdings of the company. UBS Group AG boosted its position in Ares Commercial Real Estate by 1.1% during the 1st quarter. UBS Group AG now owns 95,757 shares of the real estate investment trust’s stock valued at $1,486,000 after acquiring an additional 999 shares in the last quarter. Amalgamated Bank boosted its position in shares of Ares Commercial Real Estate by 18.3% in the 3rd quarter. Amalgamated Bank now owns 6,632 shares of the real estate investment trust’s stock worth $69,000 after purchasing an additional 1,026 shares in the last quarter. All Season Financial Advisors Inc. boosted its position in shares of Ares Commercial Real Estate by 4.6% in the 3rd quarter. All Season Financial Advisors Inc. now owns 25,397 shares of the real estate investment trust’s stock worth $265,000 after purchasing an additional 1,114 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Ares Commercial Real Estate by 4.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 28,579 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 1,189 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Ares Commercial Real Estate by 4.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 28,000 shares of the real estate investment trust’s stock worth $293,000 after purchasing an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 46.49% of the company’s stock.

Wall Street Analysts Forecast Growth

ACRE has been the topic of several research reports. BTIG Research reduced their target price on Ares Commercial Real Estate from $16.50 to $14.00 in a report on Wednesday, November 2nd. StockNews.com initiated coverage on Ares Commercial Real Estate in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Bank of America reissued a “buy” rating and set a $13.00 price objective on shares of Ares Commercial Real Estate in a research note on Monday, October 31st. Raymond James reduced their price objective on Ares Commercial Real Estate from $15.00 to $13.50 and set an “outperform” rating on the stock in a research note on Tuesday, October 18th. Finally, Credit Suisse Group reduced their price objective on Ares Commercial Real Estate to $13.50 in a research note on Thursday, October 13th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Ares Commercial Real Estate presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.25.

About Ares Commercial Real Estate

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Ares Commercial Real Estate Corp. engages in originating and investing in commercial real estate loans and related investments. Its target investments include senior mortgage loans, subordinated debt, preferred equity, mezzanine loans, and other CRE investments, as well as commercial mortgage-backed securities.

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