ACRES Commercial Realty (NYSE:ACR) Major Shareholder Eagle Point Credit Management Sells 723 Shares

ACRES Commercial Realty Corp. (NYSE:ACR) major shareholder Eagle Point Credit Management sold 723 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $25.19, for a total transaction of $18,212.37. Following the completion of the sale, the insider directly owned 388,376 shares of the company’s stock, valued at $9,783,191.44. This represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 Monday, November 17th, Eagle Point Credit Management sold 718 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.17, for a total value of $18,072.06.
• On Thursday, November 13th, Eagle Point Credit Management sold 733 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.15, for a total value of $18,434.95.
• On Wednesday, November 12th, Eagle Point Credit Management sold 2,593 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.80, for a total value of $59,120.40.
• On Tuesday, November 11th, Eagle Point Credit Management sold 1,161 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.20, for a total value of $25,774.20.
• On Friday, November 7th, Eagle Point Credit Management sold 140 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.15, for a total value of $3,521.00.
• On Thursday, November 6th, Eagle Point Credit Management sold 200 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $25.15, for a total transaction of $5,030.00.
• On Wednesday, November 5th, Eagle Point Credit Management sold 3,637 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.30, for a total transaction of $81,105.10.
• On Tuesday, November 4th, Eagle Point Credit Management sold 352 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.17, for a total transaction of $7,803.84.
• On Friday, October 31st, Eagle Point Credit Management sold 2,089 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $25.19, for a total value of $52,621.91.
• On Wednesday, October 29th, Eagle Point Credit Management sold 772 shares of ACRES Commercial Realty stock. The stock was sold at an average price of $22.10, for a total value of $17,061.20.

ACRES Commercial Realty Trading Down 0.3%

Shares of ACR traded down $0.07 during mid-day trading on Wednesday, hitting $21.21. 16,734 shares of the company’s stock traded hands, compared to its average volume of 34,785. The company has a quick ratio of 69.53, a current ratio of 69.53 and a debt-to-equity ratio of 3.01. The firm has a market capitalization of $154.50 million, a P/E ratio of -1,059.72 and a beta of 1.77. The business’s 50-day moving average price is $20.66 and its 200-day moving average price is $19.59. ACRES Commercial Realty Corp. has a 1 year low of $14.94 and a 1 year high of $23.81.

ACRES Commercial Realty declared that its Board of Directors has approved a stock buyback program on Wednesday, October 29th that authorizes the company to repurchase $7.50 million in shares. This repurchase authorization authorizes the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its stake in shares of ACRES Commercial Realty by 120.2% during 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 period. JPMorgan Chase & Co. bought a new stake in ACRES Commercial Realty during the 2nd quarter worth approximately $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in ACRES Commercial Realty during the second quarter valued at approximately $60,000. Bank of America Corp DE boosted its position 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 worth $66,000 after purchasing an additional 1,926 shares during the period. Finally, Russell Investments Group Ltd. purchased a new stake in shares of ACRES Commercial Realty in the second quarter worth $93,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ACR has been the topic of several research analyst reports. JMP Securities set a $24.50 price target on shares of ACRES Commercial Realty in a research report on Friday, October 31st. Citigroup reissued an “outperform” rating on shares of ACRES Commercial Realty in a research report on Friday, October 31st. Weiss Ratings restated a “hold (c)” rating on shares of ACRES Commercial Realty in a research note on Monday. Wall Street Zen raised ACRES Commercial Realty from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 1st. Finally, Citizens Jmp upped their target price 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. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $24.50.

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.