ACRES Commercial Realty (NYSE:ACR) Major Shareholder Eagle Point Credit Management Sells 5,000 Shares of Stock

ACRES Commercial Realty Corp. (NYSE:ACR) major shareholder Eagle Point Credit Management sold 5,000 shares of the business’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $22.41, for a total value of $112,050.00. Following the sale, the insider owned 755,391 shares in the company, valued at approximately $16,928,312.31. The trade was a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Eagle Point Credit Management also recently made the following trade(s):

• On Wednesday, December 24th, Eagle Point Credit Management sold 455 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.30, for a total value of $10,146.50.
• On Tuesday, December 23rd, Eagle Point Credit Management sold 499 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.26, for a total transaction of $11,107.74.
• On Monday, December 15th, Eagle Point Credit Management sold 1,372 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.26, for a total transaction of $30,540.72.
• On Friday, December 12th, Eagle Point Credit Management sold 114 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.26, for a total transaction of $2,537.64.
• On Thursday, December 11th, Eagle Point Credit Management sold 1,258 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $23.82, for a total transaction of $29,965.56.
• On Wednesday, December 10th, Eagle Point Credit Management sold 98 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.24, for a total transaction of $2,473.52.
• On Friday, December 5th, Eagle Point Credit Management sold 99 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.22, for a total transaction of $2,496.78.
• On Thursday, December 4th, Eagle Point Credit Management sold 48 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.22, for a total value of $1,210.56.
• On Monday, December 1st, Eagle Point Credit Management sold 5,054 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.20, for a total value of $127,360.80.
• On Friday, November 28th, Eagle Point Credit Management sold 913 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.19, for a total value of $22,998.47.

ACRES Commercial Realty Stock Performance

NYSE:ACR opened at $20.43 on Tuesday. The stock has a market cap of $148.91 million, a P/E ratio of 21.28 and a beta of 1.19. The company has a quick ratio of 104.99, a current ratio of 104.99 and a debt-to-equity ratio of 2.73. The business’s 50-day moving average price is $21.82 and its two-hundred day moving average price is $20.42. ACRES Commercial Realty Corp. has a twelve month low of $15.64 and a twelve month high of $24.61.

ACRES Commercial Realty announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 29th that authorizes the company to buyback $7.50 million in shares. This buyback authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On ACRES Commercial Realty

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its position in ACRES Commercial Realty by 120.2% in the third quarter. BNP Paribas Financial Markets now owns 1,354 shares of the company’s stock valued at $29,000 after purchasing an additional 739 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of ACRES Commercial Realty in the second quarter worth $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in ACRES Commercial Realty during the 2nd quarter valued at $60,000. Bank of America Corp DE grew its holdings in ACRES Commercial Realty by 110.4% in the 2nd quarter. Bank of America Corp DE now owns 3,671 shares of the company’s stock worth $66,000 after acquiring an additional 1,926 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in ACRES Commercial Realty in the 2nd quarter worth $93,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ACR shares. Citigroup reaffirmed an “outperform” rating on shares of ACRES Commercial Realty in a report on Friday, October 31st. Citizens Jmp lifted their price target on ACRES Commercial Realty from $23.50 to $24.50 and gave the stock a “market outperform” rating in a research note on Friday, October 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of ACRES Commercial Realty in a research report on Monday, December 29th. Wall Street Zen downgraded ACRES Commercial Realty from a “hold” rating to a “sell” rating in a research report on Saturday, December 20th. Finally, JMP Securities set a $24.50 target price on ACRES Commercial Realty in a research note on Friday, October 31st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.50.

About ACRES Commercial Realty

ACRES Commercial Realty Corp., a real estate investment trust (REIT), focuses on the origination, holding, and management of commercial real estate mortgage loans and equity investments in commercial real estate property in the United States. It invests in commercial real estate-related assets, including floating-rate first mortgage loans, first priority interests in first mortgage loans, subordinated interests in first mortgage loans, mezzanine financing, preferred equity investments, and commercial mortgage-backed securities.