Eagle Point Credit Management Sells 13,979 Shares of ACRES Commercial Realty (NYSE:ACR) Stock

ACRES Commercial Realty Corp. (NYSE:ACR) major shareholder Eagle Point Credit Management sold 13,979 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $24.93, for a total transaction of $348,496.47. Following the completion of the sale, the insider directly owned 363,830 shares in the company, valued at $9,070,281.90. This trade represents a 3.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Friday, January 9th, Eagle Point Credit Management sold 3,702 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $24.89, for a total transaction of $92,142.78.
• On Wednesday, December 31st, Eagle Point Credit Management sold 5,000 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.41, for a total transaction of $112,050.00.
• 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 transaction of $10,146.50.
• On Tuesday, December 23rd, Eagle Point Credit Management sold 499 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.26, for a total value 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 value 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 value of $2,537.64.
• On Thursday, December 11th, Eagle Point Credit Management sold 1,258 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $23.82, for a total value 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 value 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 value 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 transaction of $1,210.56.

ACRES Commercial Realty Price Performance

NYSE:ACR opened at $20.19 on Thursday. The company has a debt-to-equity ratio of 2.73, a current ratio of 104.99 and a quick ratio of 104.99. The company has a 50 day moving average price of $21.78 and a 200-day moving average price of $20.54. ACRES Commercial Realty Corp. has a 1-year low of $15.64 and a 1-year high of $24.61. The firm has a market cap of $147.19 million, a price-to-earnings ratio of 21.03 and a beta of 1.19.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ACR. JMP Securities set a $24.50 target price on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Citigroup reiterated an “outperform” rating on shares of ACRES Commercial Realty in a research report on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of ACRES Commercial Realty in a report on Monday, December 29th. Wall Street Zen raised ACRES Commercial Realty from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Citizens Jmp increased their target price on ACRES Commercial Realty from $23.50 to $24.50 and gave the company a “market outperform” rating in a research report 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Hedge Funds Weigh In On ACRES Commercial Realty

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of ACRES Commercial Realty by 177.8% in the third quarter. JPMorgan Chase & Co. now owns 8,082 shares of the company’s stock worth $171,000 after acquiring an additional 5,173 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in ACRES Commercial Realty by 2.5% in the 3rd quarter. Raymond James Financial Inc. now owns 80,129 shares of the company’s stock valued at $1,696,000 after purchasing an additional 1,979 shares in the last quarter. Oaktree Capital Management LP acquired a new stake in ACRES Commercial Realty during the 3rd quarter worth $8,282,000. BNP Paribas Financial Markets grew its holdings in shares of ACRES Commercial Realty by 120.2% during the third quarter. BNP Paribas Financial Markets now owns 1,354 shares of the company’s stock worth $29,000 after buying an additional 739 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of ACRES Commercial Realty by 68.3% in the third quarter. Russell Investments Group Ltd. now owns 8,835 shares of the company’s stock valued at $186,000 after buying an additional 3,587 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

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.