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Eagle Point Credit Management LLC, a significant stakeholder in ACRES Commercial Realty Corp. (NYSE:ACR), recently disclosed the sale of shares valued at approximately $34,985, as per a recent filing with the Securities and Exchange Commission. The transactions, which took place on March 24 and March 25, involved the sale of 1,559 shares of 7.875% Series D Preferred Stock, with prices ranging from $22.43 to $22.45 per share. According to InvestingPro data, ACR currently trades at a notably low Price/Book multiple of 0.34, suggesting potential undervaluation.
Following these sales, Eagle Point Credit Management, along with Eagle Point DIF GP I LLC, maintains a substantial position in ACRES Commercial Realty, holding 865,612 shares of the Series D Preferred Stock. Both entities are classified as ten percent owners, indicating their significant investment in the real estate investment trust, which has delivered an impressive 69% return over the past year and maintains a strong current ratio of 67.05.
These transactions are part of routine portfolio management activities by Eagle Point, which manages private investment funds and accounts holding these securities. The firm has stated that it disclaims beneficial ownership of the securities as reported. For deeper insights into ACR’s valuation and 8 additional exclusive ProTips, visit InvestingPro.
In other recent news, Acres Commercial Realty reported its fourth-quarter 2024 earnings, exceeding analysts’ expectations with an earnings per share (EPS) of $0.52, surpassing the projected $0.36. However, the company’s revenue slightly missed forecasts, coming in at $21.43 million against an anticipated $21.96 million. Despite the revenue shortfall, the company demonstrated robust financial performance, with a significant increase in GAAP net income to $4.1 million. The company’s strategic focus on high-quality investments and proactive asset management contributed to the positive earnings surprise. Additionally, the GAAP book value per share increased to $28.87 from $27.92 in the previous quarter. Acres Commercial Realty also reduced its debt-to-equity leverage ratio to 3.0x, down from 3.3x, reflecting improved financial stability. Looking ahead, the company aims to grow its portfolio to $1.8-$2.0 billion by the end of the year, with a focus on sectors such as multifamily, hospitality, and self-storage. Analysts from firms like Jones Trading and Citizens Bank have noted the company’s strategic moves and potential for future growth.
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