Geode Capital Management LLC Acquires 16,309 Shares of Ares Commercial Real Estate Co. (NYSE:ACRE)

Geode Capital Management LLC boosted its holdings in shares of Ares Commercial Real Estate Co. (NYSE:ACRE) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,272,163 shares of the real estate investment trust’s stock after purchasing an additional 16,309 shares during the quarter. Geode Capital Management LLC owned about 2.33% of Ares Commercial Real Estate worth $8,907,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Ares Commercial Real Estate by 211.0% in the third quarter. FMR LLC now owns 7,741 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 5,252 shares during the period. State Street Corp raised its stake in Ares Commercial Real Estate by 2.3% during the 3rd quarter. State Street Corp now owns 1,052,314 shares of the real estate investment trust’s stock valued at $7,627,000 after purchasing an additional 23,845 shares during the last quarter. Prevail Innovative Wealth Advisors LLC bought a new stake in Ares Commercial Real Estate in the 2nd quarter valued at $894,000. Victory Capital Management Inc. grew its position in Ares Commercial Real Estate by 4.3% in the 3rd quarter. Victory Capital Management Inc. now owns 88,093 shares of the real estate investment trust’s stock worth $617,000 after purchasing an additional 3,593 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Ares Commercial Real Estate by 26.9% in the 2nd quarter. Van ECK Associates Corp now owns 524,694 shares of the real estate investment trust’s stock worth $3,489,000 after purchasing an additional 111,194 shares during the last quarter. Institutional investors and hedge funds own 41.34% of the company’s stock.

Ares Commercial Real Estate Trading Down 2.3 %

Shares of ACRE opened at $5.89 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.38. The stock has a market cap of $321.25 million, a PE ratio of -4.99 and a beta of 1.48. Ares Commercial Real Estate Co. has a 1 year low of $5.77 and a 1 year high of $10.53. The stock has a 50 day simple moving average of $6.75 and a 200-day simple moving average of $6.95.

Ares Commercial Real Estate Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 16.98%. Ares Commercial Real Estate’s dividend payout ratio is currently -84.75%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ACRE shares. JMP Securities reiterated a “market perform” rating on shares of Ares Commercial Real Estate in a research note on Monday, December 9th. Wells Fargo & Company cut Ares Commercial Real Estate from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $7.50 to $7.00 in a report on Friday, September 20th. JPMorgan Chase & Co. decreased their price objective on Ares Commercial Real Estate from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Finally, StockNews.com upgraded Ares Commercial Real Estate from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, Ares Commercial Real Estate currently has a consensus rating of “Hold” and an average price target of $7.10.

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.