Eagle Point Credit Management's Preferred Stock Moves Explained
Recent Stock Transactions by Eagle Point Credit Management
Eagle Point Credit Management LLC and its affiliate Eagle Point DIF GP I LLC recently made headlines with their sale of preferred stock in ACRES Commercial Realty Corp. (NYSE: ACR). This significant move, documented in recent filings, involved transactions yielding over $540,000 from the sale of their holdings.
The sale included the 8.625% Series C Preferred Stock and the 7.875% Series D Preferred Stock. Specifically, on one occasion, the Eagle Point entities sold approximately 6,675 shares of the Series C at an average price of $25.21 per share and 10,400 shares of the Series D at an average price of $23.44 per share. Shortly after, they sold an additional 5,159 shares of the Series C Preferred Stock at an average price of $25.22 per share.
In total, these transactions took place between a range of $23.44 and $25.22 per share, amassing a total sale value of approximately $542,162. Following these sales, Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC maintained indirect interests in ACRES through certain private investment funds they manage. However, both organizations disclaim beneficial ownership of the specified securities as indicated in their filing documentation.
For those interested in more intricate details surrounding the pricing of shares sold during these trades, inquiries can be directed to the reporting entities. The transactions were verified by Kenneth P. Onorio, serving as the Chief Financial Officer for both Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC.
Latest Developments at ACRES Commercial Realty Corp.
Switching gears, ACRES Commercial Realty Corp. reported its second-quarter results this year, revealing a net decrease in its loan portfolio while showing a proactive approach towards enhancing the credit quality of its investments. The firm effectively resolved a defaulted loan and keeps a focused eye on managing its real estate investments, including a promising student housing project at Florida State University.
Notably, the company's GAAP net income stood at $1.7 million, complemented by a solid book value per share of $27.20. As part of their growth strategy moving forward, ACRES is eyeing potential asset sales and contemplating dividend reinstatement, which could signal a bullish outlook for future revenue generation.
ACR's Performance and Strategic Considerations
Additionally, insights into relevant market dynamics have emerged regarding ACR's stock, which has exhibited considerable volatility yet achieved an impressive annual return of 91.25%. Investors evaluating ACRES Commercial Realty Corp. will appreciate the current market capitalization of $115.25 million as they analyze its broader financial health.
A key highlight is ACR's perfect Piotroski Score of 9, indicating robust operational efficiency and strong financial standing. Furthermore, management's commitment to a share buyback strategy might reflect confidence in the company’s undervaluation, aiming to enhance shareholder value substantially. As of recent assessments leading up to Q2 2024, ACR's stock is trading at a low Price/Book ratio of 0.27, making it potentially attractive for value-focused investors.
In terms of revenue performance, ACR showcased a revenue growth of 13.82% over the past year, marking its capacity to expand its market share despite facing a quarterly revenue dip of 6.32% in Q2 2024. Overall, the company's robust return of 24.9% over the last three months adds a bullish undertone, pairing nicely with a notable year-to-date price total return of 65.8%.
Looking Forward for Eagle Point Credit Management and ACR
In summary, the recent preferred stock transactions by Eagle Point Credit Management signal a strategic moment for ACRES Commercial Realty Corp. Investors and stakeholders will be keen to observe how these developments unfold as both entities navigate the evolving landscape ahead.
Frequently Asked Questions
What preferred stock did Eagle Point sell?
Eagle Point sold shares of the 8.625% Series C Preferred Stock and the 7.875% Series D Preferred Stock.
What was the total sales amount for the preferred stock?
The total value of the sold securities amounted to approximately $542,162.
What is the GAAP net income reported by ACRES?
ACRES reported a GAAP net income of $1.7 million for the second quarter.
What is ACR's Price/Book ratio as of Q2 2024?
ACR's Price/Book ratio is 0.27, which may attract value investors.
Hello! What is the current performance trend for ACR's stock?
ACR has demonstrated a strong annual return of 91.25% and a year-to-date price total return of 65.8%.
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