In a recent transaction, Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both managed by Eagle Point Credit Management LLC, have sold a significant amount of preferred stock in ACRES Commercial Realty Corp. (NYSE:ACR). The total value of the sold shares amounted to over $168,504, with prices ranging between $25.23 and $25.26 per share.
The sales, which took place on September 27 and September 30, 2024, involved 8.625% Series C Preferred Stock of ACRES Commercial Realty. On the first date, 6,063 shares were sold at an average price of $25.23, while on the latter date, 615 shares were sold at an average price of $25.26. These transactions were executed in multiple parts within the stated price ranges. Following the transactions, the entities still indirectly own a substantial number of shares in the company.
Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, through their management of private investment funds and accounts, have an indirect pecuniary interest in the securities reported. However, both entities have disclaimed beneficial ownership of these securities for purposes of Section 16 or any other context.
The preferred stock sales by Eagle Point entities are part of the routine disclosures that companies and their related entities are required to make about their transactions in company securities. These filings provide transparency into the trading activities of senior executives and other individuals with access to insider information.
Investors and the market at large often monitor these disclosures closely to gain insights into the sentiments of company insiders regarding the stock's performance and value.
In other recent news, InPoint Commercial Real Estate Income, Inc. disclosed the results of its 2024 Annual Meeting of Stockholders. The election of five directors to the Board and the ratification of the company's independent auditors, KPMG LLP, were among the major developments. The elected directors include Mitchell A. Sabshon, Donald MacKinnon, Norman A. Feinstein, Cynthia Foster Curry, and Robert N. Jenkins, who will serve until the next annual meeting.
In parallel, ACRES Commercial Realty Corp. reported its financial outcomes for the Second Quarter of 2024. The company experienced a net decrease in its loan portfolio and is strategically focusing on improving the credit quality of its investments. ACRES Commercial Realty reported a GAAP net income of $1.7 million and a book value per share of $27.20. The company is considering asset sales and dividend reinstatement as part of its future growth strategy.
These are just some of the recent developments for both companies. Investors should note that these facts are based on recent reports and do not include any predictions or personal opinions.
InvestingPro Insights
To complement the recent insider transaction report for ACRES Commercial Realty Corp. (NYSE:ACR), let's delve into some key financial metrics and insights provided by InvestingPro.
ACR's stock has shown remarkable performance, with a 1-year price total return of 88.67% as of the latest data. This strong performance aligns with one of the InvestingPro Tips, which highlights the company's high return over the last year. Additionally, the stock is currently trading near its 52-week high, with the price at 97.83% of its peak, suggesting continued investor confidence.
From a valuation perspective, ACR is trading at a Price to Book ratio of 0.27 for the last twelve months as of Q2 2024. This low P/B multiple, as pointed out by another InvestingPro Tip, could indicate that the stock might be undervalued relative to its book value, potentially offering an attractive entry point for investors.
The company's financial health appears robust, with liquid assets exceeding short-term obligations, according to an InvestingPro Tip. This strong liquidity position could provide ACR with financial flexibility and stability, which is particularly relevant given the recent preferred stock transactions reported in the article.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for ACR, providing a deeper understanding of the company's financial position and market performance. These insights can be valuable for those looking to make informed decisions in light of the recent insider transactions.
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