Short Interest in ACRES Commercial Realty Corp. (NYSE:ACR) Grows By 37.3%

ACRES Commercial Realty Corp. (NYSE:ACR) was the target of a large growth in short interest during the month of December. As of December 31st, there was short interest totaling 185,430 shares, a growth of 37.3% from the December 15th total of 135,007 shares. Based on an average daily volume of 52,298 shares, the short-interest ratio is currently 3.5 days. Currently, 2.6% of the shares of the company are short sold. Currently, 2.6% of the shares of the company are short sold. Based on an average daily volume of 52,298 shares, the short-interest ratio is currently 3.5 days.

ACRES Commercial Realty Price Performance

ACRES Commercial Realty stock traded down $0.27 during trading hours on Monday, hitting $20.33. The stock had a trading volume of 12,203 shares, compared to its average volume of 29,137. ACRES Commercial Realty has a 1-year low of $15.64 and a 1-year high of $24.61. The stock has a market capitalization of $148.17 million, a price-to-earnings ratio of 21.17 and a beta of 1.19. The stock’s fifty day moving average is $21.72 and its two-hundred day moving average is $20.59. The company has a debt-to-equity ratio of 2.73, a current ratio of 104.99 and a quick ratio of 104.99.

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

Insider Activity

In related news, major shareholder Eagle Point Credit Management sold 5,400 shares of the company’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $24.99, for a total value of $134,946.00. Following the completion of the sale, the insider owned 358,430 shares in the company, valued at $8,957,165.70. This represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 51,309 shares of company stock valued at $1,239,645. 3.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ACRES Commercial Realty

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its holdings in 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 buying an additional 739 shares during the period. JPMorgan Chase & Co. purchased a new position in shares of ACRES Commercial Realty during the 2nd quarter worth about $52,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of ACRES Commercial Realty in the second quarter worth approximately $60,000. Bank of America Corp DE grew its holdings in 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 valued at $66,000 after purchasing an additional 1,926 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in ACRES Commercial Realty during the second quarter worth approximately $93,000. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ACR. Citizens Jmp lifted their target price on shares of ACRES Commercial Realty from $23.50 to $24.50 and gave the company a “market outperform” rating in a report on Friday, October 31st. Citigroup reiterated an “outperform” rating on shares of ACRES Commercial Realty in a research report on Friday, October 31st. Weiss Ratings reissued a “hold (c)” rating on shares of ACRES Commercial Realty in a research note on Monday, December 29th. Wall Street Zen upgraded ACRES Commercial Realty from a “sell” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, JMP Securities set a $24.50 price objective on ACRES Commercial Realty in a research report on Friday, October 31st. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.