Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both significant stakeholders in ACRES Commercial Realty Corp. (NYSE:ACR), disclosed recent stock sales in a regulatory filing. The companies reported selling a total of 8,830 shares of the 8.625% Series C Preferred Stock over two transactions. These sales, conducted on October 11 and October 14, amounted to $219,467, with prices ranging from $24.85 to $24.86 per share.
Following these transactions, Eagle Point entities continue to hold substantial positions in ACRES Commercial Realty, including 506,995 shares of the Series C Preferred Stock, 961,293 shares of the 7.875% Series D Preferred Stock, and 1,191,307 shares of Common Stock. The entities maintain indirect ownership through various private investment funds and accounts they manage, as noted in the filing's footnotes.
In other recent news, Acres Commercial Realty Corp has been in the spotlight for its strategic moves and financial outcomes. Jones Trading initiated coverage on Acres Commercial Realty Corp, assigning a Hold rating to the stock. The firm underscored Acres Commercial Realty's ongoing efforts to enhance its loan portfolio's quality and its strategy to monetize equity assets in upcoming quarters.
Acres Commercial Realty reported its second quarter of 2024 financial outcomes, emphasizing a net decrease in its loan portfolio and a strategic focus on improving the credit quality of its investments. The company posted a GAAP net income of $1.7 million and a book value per share of $27.20. Acres Commercial Realty has been actively repurchasing its stock below book value, spending $44.4 million since November 2020 to buy back approximately 4 million shares.
In other company news, InPoint Commercial Real Estate Income, Inc. successfully concluded its 2024 Annual Meeting of Stockholders, electing five directors to its Board and ratifying the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. These are among the recent developments within the companies.
InvestingPro Insights
While Eagle Point entities have reduced their holdings in ACRES Commercial Realty Corp. (NYSE:ACR), the company's financial metrics and market performance paint an intriguing picture for investors. According to InvestingPro data, ACR's market capitalization stands at $111.38 million, with a price-to-book ratio of 0.26 as of the last twelve months ending Q2 2024. This low P/B ratio suggests the stock may be undervalued relative to its book value, potentially offering an attractive entry point for value investors.
InvestingPro Tips highlight that ACR has been aggressively buying back shares, which could indicate management's confidence in the company's future prospects and potentially support the stock price. Additionally, the company boasts a perfect Piotroski Score of 9, signaling strong financial health across various metrics.
Despite the recent insider sales, ACR's stock has shown remarkable performance, with a one-year price total return of 90.05% as of the most recent data. This impressive gain underscores the stock's volatility, which is another characteristic noted in the InvestingPro Tips.
For investors seeking a deeper understanding of ACR's potential, InvestingPro offers 10 additional tips that could provide valuable insights into the company's financial position and future outlook. These tips, along with real-time metrics, can help investors make more informed decisions in the dynamic real estate finance sector.
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