24/7 Market News Snapshot 07 November, 2024 – Ares Commercial Real Estate Corporation (NYSE:ACRE)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NYSE:ACRE) are discussed in this article.
Ares Commercial Real Estate Corporation (ACRE) witnessed a notable uptick in its stock price today, opening at $6.44 and climbing to $7.29, marking a substantial increase of approximately 12.27% from the previous closing price of $6.49. The trading volume surged to 925.77K, indicating a strong investor interest in the company. This price movement suggests a bullish trend, with ACRE successfully breaking through key resistance levels. Investors are encouraged to monitor the stock closely as it nears essential psychological thresholds, and continued increases in volume may confirm the persistence of this upward trajectory, making ACRE an appealing option for those looking to invest in the commercial real estate sector.

In addition, Ares Commercial Real Estate Corporation has released its financial results for the third quarter of 2024, reporting a net loss of $5.9 million, equivalent to $0.11 per diluted share, alongside Distributable Earnings of $3.7 million or $0.07 per diluted share. Chief Executive Officer Bryan Donohoe highlighted the company’s ongoing efforts to strengthen its balance sheet and address underperforming loans, achieving a 33% reduction in risk-rated loans. Donohoe expressed confidence in the company’s potential for future growth, supported by the financial flexibility and expertise of the Ares Real Estate Group.

Chief Financial Officer Jeff Gonzales also pointed out the success in de-leveraging, noting an 8% decrease in outstanding debt during the quarter and solid liquidity levels to navigate current market conditions effectively. The Board of Directors declared a regular cash dividend of $0.25 per share for both the third and fourth quarters of 2024, reaffirming the company’s commitment to returning value to shareholders. A conference call is scheduled for November 7, 2024, to discuss the financial results and provide further insights to investors.

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