Eagle Point Credit Management Sells 2,593 Shares of ACRES Commercial Realty (NYSE:ACR) Stock

ACRES Commercial Realty Corp. (NYSE:ACR) major shareholder Eagle Point Credit Management sold 2,593 shares of the company’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $22.80, for a total transaction of $59,120.40. Following the completion of the transaction, the insider owned 390,550 shares in the company, valued at $8,904,540. This represents a 0.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 shares were sold at an average price of $25.15, for a total value of $18,434.95.
• 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 value 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 value 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 value 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 stock was 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 transaction of $17,061.20.
• On Tuesday, October 28th, Eagle Point Credit Management sold 200 shares of ACRES Commercial Realty stock. The stock was 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.

ACRES Commercial Realty Stock Performance

Shares of ACR stock opened at $21.51 on Friday. The firm has a market cap of $156.69 million, a price-to-earnings ratio of -1,074.71 and a beta of 1.77. The company’s 50 day moving average is $20.68 and its 200 day moving average is $19.47. The company has a quick ratio of 69.53, a current ratio of 69.53 and a debt-to-equity ratio of 3.01. ACRES Commercial Realty Corp. has a 52-week low of $14.94 and a 52-week high of $23.81.

ACRES Commercial Realty declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 29th that authorizes the company to repurchase $7.50 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On ACRES Commercial Realty

Several institutional investors have recently added to or reduced their stakes in ACR. BNP Paribas Financial Markets lifted its position in ACRES Commercial Realty by 120.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,354 shares of the company’s stock worth $29,000 after acquiring an additional 739 shares during the period. Biltmore Family Office LLC lifted its holdings in shares of ACRES Commercial Realty by 6.6% during the first quarter. Biltmore Family Office LLC now owns 23,552 shares of the company’s stock worth $510,000 after purchasing an additional 1,448 shares during the period. Acadian Asset Management LLC boosted its position in ACRES Commercial Realty by 1.2% in the first quarter. Acadian Asset Management LLC now owns 156,453 shares of the company’s stock valued at $3,386,000 after buying an additional 1,851 shares during the last quarter. Bank of America Corp DE increased 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. Finally, Raymond James Financial Inc. increased its holdings in ACRES Commercial Realty by 2.5% in the 3rd quarter. Raymond James Financial Inc. now owns 80,129 shares of the company’s stock worth $1,696,000 after buying an additional 1,979 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analysts Set New Price Targets

ACR has been the subject of a number of analyst reports. Citigroup restated an “outperform” rating on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Citizens Jmp boosted 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 report on Friday, October 31st. Wall Street Zen raised shares of ACRES Commercial Realty from a “strong sell” rating to a “hold” rating in a research report on Saturday, November 1st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of ACRES Commercial Realty in a research report on Wednesday, October 8th. Finally, JMP Securities set a $24.50 price objective on shares of ACRES Commercial Realty in a research note on Friday, October 31st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, ACRES Commercial Realty has an average rating of “Moderate Buy” and a consensus price target of $24.50.

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.