Eagle Point Credit Management Sells 2,089 Shares of ACRES Commercial Realty (NYSE:ACR) Stock

ACRES Commercial Realty Corp. (NYSE:ACR) major shareholder Eagle Point Credit Management sold 2,089 shares of the firm’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $25.19, for a total transaction of $52,621.91. Following the completion of the transaction, the insider directly owned 391,557 shares in the company, valued at approximately $9,863,320.83. The trade was a 0.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• 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 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 transaction 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 transaction of $4,414.00.
• On Tuesday, September 30th, Eagle Point Credit Management sold 2,500 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.68, for a total transaction of $56,700.00.
• On Wednesday, September 24th, Eagle Point Credit Management sold 100 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.60, for a total transaction of $2,260.00.
• On Monday, September 22nd, Eagle Point Credit Management sold 126 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.63, for a total transaction of $2,851.38.
• On Friday, September 19th, Eagle Point Credit Management sold 402 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.62, for a total transaction of $9,093.24.
• On Thursday, September 18th, Eagle Point Credit Management sold 2,456 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.61, for a total transaction of $55,530.16.
• On Wednesday, September 17th, Eagle Point Credit Management sold 2,825 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.61, for a total transaction of $63,873.25.
• On Tuesday, September 16th, Eagle Point Credit Management sold 10,062 shares of ACRES Commercial Realty stock. The shares were sold at an average price of $22.57, for a total transaction of $227,099.34.

ACRES Commercial Realty Trading Up 0.4%

NYSE:ACR opened at $21.68 on Thursday. The company has a debt-to-equity ratio of 3.01, a quick ratio of 69.53 and a current ratio of 69.53. The firm has a market cap of $160.96 million, a price-to-earnings ratio of -1,083.21 and a beta of 1.80. ACRES Commercial Realty Corp. has a 52 week low of $14.94 and a 52 week high of $23.81. The firm has a 50-day moving average price of $20.60 and a two-hundred day moving average price of $19.30.

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

Wall Street Analysts Forecast Growth

ACR has been the subject of several analyst reports. JMP Securities set a $24.50 price objective on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Wall Street Zen upgraded shares of 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 target on shares of 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. Citigroup restated an “outperform” rating on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of ACRES Commercial Realty in a research note on Wednesday, October 8th. 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Institutional Investors Weigh In On ACRES Commercial Realty

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. purchased a new stake in shares of ACRES Commercial Realty during the 2nd quarter worth approximately $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in ACRES Commercial Realty in the 2nd quarter worth approximately $60,000. Bank of America Corp DE boosted its holdings in ACRES Commercial Realty by 110.4% in the 2nd quarter. Bank of America Corp DE now owns 3,671 shares of the company’s stock worth $66,000 after buying an additional 1,926 shares during the period. Russell Investments Group Ltd. bought a new position in ACRES Commercial Realty in the 2nd quarter worth approximately $93,000. Finally, New York State Common Retirement Fund bought a new position in ACRES Commercial Realty in the 2nd quarter worth approximately $106,000. Hedge funds and other 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.