Short Interest in Ares Commercial Real Estate Co. (NYSE:ACRE) Drops By 13.1%

Ares Commercial Real Estate Co. (NYSE:ACRE) was the target of a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 1,520,000 shares, a drop of 13.1% from the September 30th total of 1,750,000 shares. Based on an average daily trading volume, of 484,100 shares, the days-to-cover ratio is currently 3.1 days.

Institutional Investors Weigh In On Ares Commercial Real Estate

Several institutional investors have recently modified their holdings of ACRE. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Ares Commercial Real Estate by 28.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 96,443 shares of the real estate investment trust’s stock valued at $1,497,000 after purchasing an additional 21,438 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Ares Commercial Real Estate by 141.5% during the 1st quarter. HighTower Advisors LLC now owns 43,713 shares of the real estate investment trust’s stock worth $678,000 after buying an additional 25,611 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Ares Commercial Real Estate by 3,015.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 43,000 shares of the real estate investment trust’s stock worth $668,000 after buying an additional 41,620 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Ares Commercial Real Estate by 57.9% in the 1st quarter. MetLife Investment Management LLC now owns 21,275 shares of the real estate investment trust’s stock worth $330,000 after purchasing an additional 7,805 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its stake in Ares Commercial Real Estate by 6.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 25,266 shares of the real estate investment trust’s stock valued at $394,000 after acquiring an additional 1,557 shares in the last quarter. Institutional investors and hedge funds own 38.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ACRE. Raymond James cut 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. 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 target on the stock. JMP Securities increased their price objective on Ares Commercial Real Estate from $11.00 to $11.50 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. StockNews.com began coverage on Ares Commercial Real Estate in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Ares Commercial Real Estate from $8.00 to $10.00 in a research note on Monday, July 24th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $11.29.

Ares Commercial Real Estate Stock Down 1.8 %

ACRE stock opened at $8.89 on Friday. The company has a 50 day moving average of $9.75 and a two-hundred day moving average of $9.68. Ares Commercial Real Estate has a 12-month low of $7.52 and a 12-month 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 quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 2.27.

Ares Commercial Real Estate Cuts Dividend

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

About Ares Commercial Real Estate

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.