Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both entities with a significant stake in ACRES Commercial Realty Corp. (NYSE:ACR), have recently sold a substantial number of shares in the company. The transactions, which occurred on September 18 and 19, 2024, resulted in the sale of preferred stock amounting to over $1.39 million.
The sales involved two different series of preferred stock. On September 18, 17,196 shares of 8.625% Series C Preferred Stock were sold at an average price of $25.08, and 10,000 shares of 7.875% Series D Preferred Stock were sold at an average price of $23.06. The following day, another 20,000 shares of Series C and 10,000 shares of Series D were sold at slightly higher average prices of $25.15 and $23.15, respectively.
The price ranges for the transactions were between $23.06 and $25.15 per share. The sales were executed over a range of prices within these bounds, and detailed information about the number of shares sold at each price point within the range is available upon request.
Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, which manage private investment funds and accounts, have indirect pecuniary interests in the securities sold, as noted in the footnotes of the SEC filing. They have also disclaimed beneficial ownership of the securities described in the report, as per Rule 16a-1(a)(4) under the Securities Exchange Act of 1934.
The recent transactions by Eagle Point entities in ACRES Commercial Realty Corp. shares have been disclosed in accordance with SEC regulations, providing investors with important information about significant trades by major stakeholders.
In other recent news, ACRES Commercial Realty Corp. reported a net decrease in its loan portfolio for Q2 2024, along with a strategic focus on improving the credit quality of its investments. The company, which reported a GAAP net income of $1.7 million and a book value per share of $27.20, is considering asset sales and dividend reinstatement as part of its future growth strategy. Despite a decrease in its loan portfolio, ACRES Commercial Realty successfully resolved a defaulted loan and is actively managing its real estate investments.
Similarly, InPoint Commercial Real Estate Income, Inc. recently concluded its 2024 Annual Meeting of Stockholders, where five directors were elected to its Board and the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified. Mitchell A. Sabshon, Donald MacKinnon, Norman A. Feinstein, Cynthia Foster Curry, and Robert N. Jenkins were elected to serve until the next annual meeting. The proposal to appoint KPMG LLP received overwhelming support from the shareholders.
These developments in both ACRES Commercial Realty Corp. and InPoint Commercial Real Estate Income, Inc. are part of recent efforts to enhance their respective portfolios and corporate governance structures.
InvestingPro Insights
In the wake of Eagle Point entities’ divestment from ACRES Commercial Realty Corp. (NYSE:ACR), investors may find the following InvestingPro data and tips particularly insightful. ACR has demonstrated a strong financial performance, with a Piotroski Score of 9 indicating sound fiscal health. Additionally, management’s strategy of aggressive share buybacks could signal confidence in the company’s value proposition. This aligns with the company’s robust net income growth expectations for the year.
InvestingPro Data reveals that ACRES Commercial Realty Corp. boasts a market capitalization of 111.67 million USD, coupled with a Price to Earnings (P/E) ratio of 18.14. Notably, the company has experienced a substantial year-to-date price total return of 60.6%, which underscores its impressive performance over the past year. Furthermore, the stock’s trading at a low Price / Book multiple of 0.26, as of the last twelve months ending in Q2 2024, could indicate that it is potentially undervalued relative to its book value.
Investors searching for additional insights can find more InvestingPro Tips tailored to ACRES Commercial Realty Corp., including information on the company’s profitability, liquidity, and stock price volatility. There are currently 10 additional tips available on InvestingPro, which can be accessed at offering a more comprehensive understanding of the company’s financial landscape and future prospects.
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