Resource Capital Corp (NYSE:ACR) stock has reached a new 52-week high, hitting $17.57, as investors rally behind the company's robust performance over the past year. This milestone reflects a significant surge in the company's market valuation, with the stock delivering an exceptional 124% return over the past year. Trading at just 0.28 times book value, InvestingPro analysis suggests the stock remains undervalued despite its recent gains. The climb to a 52-week high represents a period of sustained growth for Resource Capital Corp, as the company continues to capitalize on strategic initiatives, including aggressive share buybacks, that have resonated well with investors and stakeholders alike. The remarkable year-over-year growth, coupled with a strong gross profit margin of 46%, underlines the market's confidence in ACR's business model and future prospects. InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of ACR's growth trajectory.
In other recent news, InPoint Commercial Real Estate Income, Inc. has announced major changes in its executive leadership, appointing Donald MacKinnon as the new Chairman of the Board and Denise C. Kramer as CEO, following the resignation of Mitchell A. Sabshon. Kramer, who has held various senior roles at Inland InPoint Advisor, LLC, brings extensive experience to her new position. This leadership transition comes as the company navigates the complexities of the real estate investment trust sector.
In recent developments, ACRES Commercial Realty Corp reported its Q3 2024 financial results, revealing a net decrease in its loan portfolio and a dip in earnings available for distribution (EAD), but a slight increase in GAAP book value per share. The company's management is preparing to reinvest in new loans, with a focus on achieving mid to high teens return on equity outcomes. A student housing development near Florida State University, which opened at high occupancy, is planned to be marketed for sale.
Analysts from Raymond (NS:RYMD) James questioned ACRES' management about upcoming asset liquidations and the treatment of REO assets and their impact on EAD. Both CEO Mark Fogel and CFO Eldron Blackwell indicated that the company is focused on asset monetization and credit quality improvement, and anticipates a potential return to a market-based dividend as capital is redeployed. These are the latest updates in the commercial real estate sector.
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