Brokerages Set ACRES Commercial Realty Corp. (NYSE:ACR) PT at $24.50

ACRES Commercial Realty Corp. (NYSE:ACR) has received an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $24.50.

A number of research firms recently weighed in on ACR. Wall Street Zen upgraded shares of ACRES Commercial Realty from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. JMP Securities set a $24.50 price target on shares of ACRES Commercial Realty in a report on Friday, October 31st. Citigroup restated an “outperform” rating on shares of ACRES Commercial Realty in a report on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ACRES Commercial Realty in a research report on Monday, December 29th. 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 report on Friday, October 31st.

Insider Activity at ACRES Commercial Realty

In other news, major shareholder Eagle Point Credit Management sold 13,979 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $24.93, for a total transaction of $348,496.47. Following the sale, the insider owned 363,830 shares of the company’s stock, valued at approximately $9,070,281.90. This trade represents a 3.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 51,309 shares of company stock valued at $1,239,645. Corporate insiders own 3.92% of the company’s stock.

Institutional Trading of ACRES Commercial Realty

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

ACRES Commercial Realty Price Performance

Shares of NYSE ACR opened at $20.33 on Wednesday. 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 market cap of $148.17 million, a price-to-earnings ratio of 21.17 and a beta of 1.19. The stock’s 50-day moving average is $21.72 and its two-hundred day moving average is $20.56. ACRES Commercial Realty has a 1-year low of $15.64 and a 1-year high of $24.61.

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

ACRES Commercial Realty Company Profile

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.