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

ACRES Commercial Realty Corp. (NYSE:ACR) major shareholder Eagle Point Credit Management sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $22.41, for a total value of $112,050.00. Following the completion of the sale, the insider owned 755,391 shares in the company, valued at $16,928,312.31. The trade was a 0.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions 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 stock was 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 value of $11,107.74.
• On Monday, December 15th, Eagle Point Credit Management sold 1,372 shares of ACRES Commercial Realty stock. The stock was 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 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 stock was 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 shares were 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 transaction of $1,210.56.
• On Monday, December 1st, Eagle Point Credit Management sold 5,054 shares of ACRES Commercial Realty stock. The shares were 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 shares were sold at an average price of $25.19, for a total value of $22,998.47.

ACRES Commercial Realty Stock Down 0.9%

Shares of ACR stock traded down $0.18 during mid-day trading on Monday, hitting $20.43. The company’s stock had a trading volume of 23,641 shares, compared to its average volume of 41,594. The stock has a market cap of $148.91 million, a price-to-earnings ratio of 21.28 and a beta of 1.19. The company has a debt-to-equity ratio of 2.73, a quick ratio of 104.99 and a current ratio of 104.99. ACRES Commercial Realty Corp. has a 52-week low of $15.64 and a 52-week high of $24.61. The business has a 50-day moving average price of $21.82 and a 200 day moving average price of $20.42.

ACRES Commercial Realty declared that its Board of Directors has authorized a share buyback program on Wednesday, October 29th that allows the company to repurchase $7.50 million in shares. This repurchase authorization allows the company to reacquire up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently commented on ACR. Weiss Ratings reiterated a “hold (c)” rating on shares of ACRES Commercial Realty in a research note on Monday, December 29th. Citigroup reiterated an “outperform” rating on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Citizens Jmp raised 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. JMP Securities set a $24.50 price objective on ACRES Commercial Realty in a report on Friday, October 31st. Finally, Wall Street Zen downgraded ACRES Commercial Realty from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.50.

Institutional Investors Weigh In On ACRES Commercial Realty

A number of institutional investors have recently added to or reduced their stakes in ACR. BNP Paribas Financial Markets increased its holdings in ACRES Commercial Realty by 120.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,354 shares of the company’s stock valued at $29,000 after acquiring an additional 739 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in ACRES Commercial Realty during the second quarter worth $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in ACRES Commercial Realty during the 2nd quarter valued at about $60,000. Bank of America Corp DE lifted its stake in shares of ACRES Commercial Realty by 110.4% during 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. purchased a new stake in shares of ACRES Commercial Realty during the second quarter valued at $93,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

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.