Bank of New York Mellon Corp Sells 14,759 Shares of Ares Commercial Real Estate Co. (NYSE:ACRE)

Bank of New York Mellon Corp lessened its position in Ares Commercial Real Estate Co. (NYSE:ACRE) by 8.9% in the fourth quarter, HoldingsChannel reports. The firm owned 151,206 shares of the real estate investment trust’s stock after selling 14,759 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ares Commercial Real Estate were worth $891,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Ares Commercial Real Estate by 187.3% during the third quarter. JPMorgan Chase & Co. now owns 415,332 shares of the real estate investment trust’s stock valued at $2,907,000 after purchasing an additional 270,791 shares in the last quarter. Van ECK Associates Corp increased its position in Ares Commercial Real Estate by 19.5% during the 4th quarter. Van ECK Associates Corp now owns 591,036 shares of the real estate investment trust’s stock valued at $3,481,000 after buying an additional 96,551 shares in the last quarter. Barclays PLC raised its stake in Ares Commercial Real Estate by 279.8% during the third quarter. Barclays PLC now owns 69,821 shares of the real estate investment trust’s stock valued at $489,000 after buying an additional 51,435 shares during the last quarter. Centiva Capital LP bought a new stake in Ares Commercial Real Estate in the third quarter worth $253,000. Finally, Penserra Capital Management LLC grew its stake in shares of Ares Commercial Real Estate by 23.0% in the third quarter. Penserra Capital Management LLC now owns 149,365 shares of the real estate investment trust’s stock worth $1,045,000 after acquiring an additional 27,900 shares during the last quarter. 41.34% of the stock is currently owned by institutional investors.

Ares Commercial Real Estate Trading Down 0.8 %

Shares of ACRE stock opened at $4.77 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.17. Ares Commercial Real Estate Co. has a 12-month low of $4.61 and a 12-month high of $7.99. The stock has a market capitalization of $261.67 million, a P/E ratio of -7.34 and a beta of 1.57. The firm’s 50 day moving average is $5.26 and its 200 day moving average is $6.22.

Ares Commercial Real Estate Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 12.58%. Ares Commercial Real Estate’s dividend payout ratio (DPR) is currently -92.31%.

Insider Activity at Ares Commercial Real Estate

In other news, VP Anton Feingold sold 7,615 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $5.68, for a total value of $43,253.20. Following the completion of the sale, the vice president now directly owns 78,360 shares in the company, valued at $445,084.80. This represents a 8.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ACRE shares. UBS Group dropped their price target on shares of Ares Commercial Real Estate from $6.00 to $5.25 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. JPMorgan Chase & Co. cut their price target on shares of Ares Commercial Real Estate from $6.00 to $5.50 and set a “neutral” rating on the stock in a report on Thursday, February 13th. Keefe, Bruyette & Woods decreased their price objective on shares of Ares Commercial Real Estate from $6.00 to $5.50 and set a “market perform” rating for the company in a report on Thursday, February 13th. StockNews.com upgraded Ares Commercial Real Estate from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, JMP Securities reissued a “market perform” rating on shares of Ares Commercial Real Estate in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.81.

Ares Commercial Real Estate Company Profile

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.