ACRES Commercial Realty Corp. (NYSE:ACR) Sees Large Increase in Short Interest

ACRES Commercial Realty Corp. (NYSE:ACR) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totaling 185,430 shares, a growth of 37.3% from the December 15th total of 135,007 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average daily volume of 52,298 shares, the days-to-cover ratio is currently 3.5 days. Based on an average daily volume of 52,298 shares, the days-to-cover ratio is currently 3.5 days. Approximately 2.6% of the shares of the company are short sold.

ACRES Commercial Realty Price Performance

Shares of NYSE ACR traded down $0.27 during mid-day trading on Monday, hitting $20.33. 12,203 shares of the stock were exchanged, compared to its average volume of 29,137. ACRES Commercial Realty has a twelve month low of $15.64 and a twelve month high of $24.61. The stock’s fifty day simple moving average is $21.72 and its two-hundred day simple moving average is $20.59. The company has a debt-to-equity ratio of 2.73, a quick ratio of 104.99 and a current ratio of 104.99. The company has a market cap of $148.17 million, a P/E ratio of 21.17 and a beta of 1.19.

ACRES Commercial Realty announced that its board has approved a share buyback program on Wednesday, October 29th that allows the company to buyback $7.50 million in outstanding shares. This buyback authorization allows the company to repurchase up to 5.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

ACR has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ACRES Commercial Realty in a report on Monday, December 29th. Citizens Jmp increased their price target on shares of ACRES Commercial Realty from $23.50 to $24.50 and gave the stock a “market outperform” rating in a research report on Friday, October 31st. Zacks Research raised ACRES Commercial Realty to a “hold” rating in a report on Friday, December 19th. JMP Securities set a $24.50 price objective on ACRES Commercial Realty in a research note on Friday, October 31st. Finally, Wall Street Zen upgraded ACRES Commercial Realty from a “sell” rating to a “hold” rating in a research report on Saturday, January 10th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, ACRES Commercial Realty presently has an average rating of “Moderate Buy” and a consensus price target of $24.50.

Insider Buying and Selling

In other ACRES Commercial Realty news, major shareholder Eagle Point Credit Management sold 13,979 shares of ACRES Commercial Realty 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 sale, the insider owned 363,830 shares in the company, valued at $9,070,281.90. The trade was a 3.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 51,309 shares of company stock valued at $1,239,645 over the last three months. 3.92% of the stock is owned by company insiders.

Institutional Trading of ACRES Commercial Realty

Large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its stake 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 buying an additional 739 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of ACRES Commercial Realty during the second quarter worth approximately $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of ACRES Commercial Realty during the second quarter valued at approximately $60,000. Bank of America Corp DE increased its holdings in shares of ACRES Commercial Realty by 110.4% in the second quarter. Bank of America Corp DE now owns 3,671 shares of the company’s stock valued at $66,000 after purchasing an additional 1,926 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of ACRES Commercial Realty in the second quarter valued at approximately $93,000. Institutional investors 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.