Eagle Point Credit Management Sells 718 Shares of ACRES Commercial Realty (NYSE:ACR) Stock

ACRES Commercial Realty Corp. (NYSE:ACR) major shareholder Eagle Point Credit Management sold 718 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $25.17, for a total value of $18,072.06. Following the sale, the insider directly owned 389,099 shares of the company’s stock, valued at approximately $9,793,621.83. This trade represents a 0.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Eagle Point Credit Management also recently made the following trade(s):

• On Thursday, November 13th, Eagle Point Credit Management sold 733 shares of ACRES Commercial Realty stock. The stock was 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 shares were 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 stock was 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 stock was sold at an average price of $25.15, for a total transaction of $3,521.00.
• On Thursday, November 6th, Eagle Point Credit Management sold 200 shares of ACRES Commercial Realty stock. The shares were 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 stock was 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 stock was 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 transaction of $52,621.91.
• On Wednesday, October 29th, Eagle Point Credit Management sold 772 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.10, for a total value of $17,061.20.
• On Tuesday, October 28th, Eagle Point Credit Management sold 200 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.07, for a total value of $4,414.00.

ACRES Commercial Realty Stock Down 2.8%

Shares of ACR traded down $0.61 during mid-day trading on Wednesday, reaching $20.73. 20,247 shares of the stock traded hands, compared to its average volume of 33,428. The stock has a fifty day simple moving average of $20.70 and a 200 day simple moving average of $19.52. ACRES Commercial Realty Corp. has a 12-month low of $14.94 and a 12-month high of $23.81. 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 cap of $151.05 million, a price-to-earnings ratio of -1,036.08 and a beta of 1.77.

ACRES Commercial Realty announced that its board has initiated a stock buyback program on Wednesday, October 29th that permits the company to buyback $7.50 million in outstanding shares. This buyback authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ACR. BNP Paribas Financial Markets increased its holdings in shares of 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. acquired a new position in ACRES Commercial Realty in the second quarter worth $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in ACRES Commercial Realty during the second quarter valued at $60,000. Bank of America Corp DE raised its holdings in shares of ACRES Commercial Realty by 110.4% during 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. bought a new position in shares of ACRES Commercial Realty in the 2nd quarter worth about $93,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JMP Securities set a $24.50 price objective on shares of ACRES Commercial Realty in a research report on Friday, October 31st. Wall Street Zen upgraded ACRES Commercial Realty from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 1st. Citizens Jmp raised their price objective on ACRES Commercial Realty from $23.50 to $24.50 and gave the company a “market outperform” rating in a research note on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of ACRES Commercial Realty in a research report on Monday. Finally, Citigroup restated an “outperform” rating on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, ACRES Commercial Realty 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.