Rhumbline Advisers decreased its stake in shares of Ares Commercial Real (NYSE:ACRE) by 15.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 25,271 shares of the real estate investment trust’s stock after selling 4,741 shares during the quarter. Rhumbline Advisers’ holdings in Ares Commercial Real were worth $326,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Mackenzie Financial Corp increased its holdings in Ares Commercial Real by 68.6% during the third quarter. Mackenzie Financial Corp now owns 53,530 shares of the real estate investment trust’s stock valued at $712,000 after buying an additional 21,783 shares during the last quarter. Delphi Management Inc. MA purchased a new stake in Ares Commercial Real during the third quarter valued at approximately $850,000. JPMorgan Chase & Co. increased its holdings in Ares Commercial Real by 505.8% during the third quarter. JPMorgan Chase & Co. now owns 48,658 shares of the real estate investment trust’s stock valued at $649,000 after buying an additional 40,626 shares during the last quarter. California Public Employees Retirement System increased its holdings in Ares Commercial Real by 36.8% during the third quarter. California Public Employees Retirement System now owns 92,898 shares of the real estate investment trust’s stock valued at $1,236,000 after buying an additional 24,998 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Ares Commercial Real by 1.5% during the fourth quarter. Wells Fargo & Company MN now owns 400,619 shares of the real estate investment trust’s stock valued at $5,168,000 after buying an additional 5,799 shares during the last quarter. Institutional investors own 63.99% of the company’s stock.
Shares of ACRE stock opened at $12.38 on Monday. Ares Commercial Real has a 12 month low of $11.96 and a 12 month high of $14.22. The company has a market cap of $354.05, a price-to-earnings ratio of 11.05 and a beta of 0.59.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 17th. Stockholders of record on Thursday, March 29th will be paid a $0.28 dividend. The ex-dividend date is Wednesday, March 28th. This is a boost from Ares Commercial Real’s previous quarterly dividend of $0.27. This represents a $1.12 dividend on an annualized basis and a dividend yield of 9.05%. Ares Commercial Real’s dividend payout ratio is 100.90%.
Separately, Zacks Investment Research cut shares of Ares Commercial Real from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $14.13.
In other news, Director William Stephen Benjamin acquired 12,715 shares of Ares Commercial Real stock in a transaction dated Wednesday, March 7th. The stock was purchased at an average cost of $12.32 per share, with a total value of $156,648.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.75% of the company’s stock.
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Ares Commercial Real Profile
Ares Commercial Real Estate Corporation, a specialty finance company, originates and invests in commercial real estate loans and related investments in the United States. It provides a range of financing solutions for the owners, operators, and sponsors of commercial real estate (CRE) properties. The company originates senior mortgage loans, subordinate debt products, mezzanine loans, real estate preferred equity investments, and other CRE investments.
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