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lpine Global Management LLC acquired a new stake in Ares Commercial Real Estate Co. (NYSE:ACRE) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 62,492 shares of the real estate investment trust's stock, valued at approximately $368,000. As a result, Alpine Global Management LLC now owns 0.11% of Ares Commercial Real Estate.
Other institutional investors and hedge funds have also made significant moves in ACRE during the fourth quarter. McIlrath & Eck LLC acquired a new stake worth about $54,000, while Two Sigma Advisers LP grew its holdings by 220.8%. Two Sigma Investments LP increased its stake by 125.8%, and ProShare Advisors LLC boosted its position by 49.0%. Millennium Management LLC saw the largest increase, growing its holdings by 505.7%.
Institutional investors now own approximately 41.34% of ACRE's stock. Analysts have weighed in on the company, with UBS Group increasing its price target to $5.00 and JPMorgan Chase & Co. decreasing its target to $5.50. JMP Securities reiterated a "market perform" rating, while Keefe, Bruyette & Woods decreased its target to $4.50.
Ares Commercial Real Estate's stock opened at $4.57 on Friday, with a market capitalization of $251.37 million and a PE ratio of -7.03. The company has a debt-to-equity ratio of 2.17 and a current ratio of 0.87. Ares Commercial Real Estate recently announced a quarterly dividend of $0.15 per share, paid on July 15th to stockholders of record on June 30th.
Ares Commercial Real Estate Corporation is a specialty finance company that originates and invests in commercial real estate loans and related investments in the United States. It provides financing solutions for owners, operators, and sponsors of CRE properties through senior mortgage loans, subordinate debt, preferred equity products, mezzanine loans, and other CRE investments.
