Site icon Market Globalist

Why Ares Commercial Real Estate Corp (ACRE) stock plummeted on Thursday?

NAK

NAK

Ares Commercial Real Estate Corporation (ACRE) shares slipped 4.35% in after-hours on Thursday, June 17, 2021, and close the trading at $15.60. Earlier, ACRE’s stock lost -2.97% to close Thursday’s normal trading session at $16.31 per share. ACRE shares have risen 79.88% over the last 12 months, and they have moved down 1.69% in the past week. Over the past three months, the stock has gained 16.67%, while over the past six months, it has shed 29.94%.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Let’s see is there any news behind the ACRE loss on Thursday?


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


Common stock offering

On June 17, 2021, Ares Commercial Real Estate Corporation launched an underwritten public offering of 6,500,000 shares of common stock. The underwriters will get an option to purchase up to 975,000 additional shares of common stock as well.

Read More

The net proceeds from the offering will be used for general corporate purposes, including investing in mortgage loans and other target assets.

Completing the acquisition of Landmark Partners

On June 6, 2021, the subsidiary of Ares Management Corporation completed its previously disclosed acquisition of Landmark Partners, LLC.

Founded in 1989, Landmark Partners has more than $19.6 billion in assets under management as of March 31, 2021, and it provides private equity, real estate, and infrastructure secondary solutions for institutional investors.

Recent financial results

On May 4, 2021, Ares Commercial Real Estate Corporation announced its financial results for the first quarter of 2021.

Q1 2021 financial highlights

Ares Commercial Real Estate Corporation reported a GAAP net income of $15.7 million or $0.45 per diluted common share and
Distributable Earnings of $13.9 million or $0.40 per diluted common share in Q1 2021 compared to

Common Stock Dividend Declaration

The Company declared a regular cash dividend of $0.33 per common share and a supplemental cash dividend of $0.02 per common share for the first quarter of 2021. The Company declared a regular cash dividend of $0.33 per common share and a supplemental cash dividend of $0.02 per common share for the second quarter of 2021.

Pricing of Offering of Common Stock

On March 16, 2021, Ares Commercial Real Estate Corporation announced the pricing of an underwritten public offering of 7,000,000 shares of common stock.

The company will get estimated gross proceeds of approximately $101.9 million. Underwriters will get a 30-day limit to purchase up to an additional 1,050,000 shares of common stock.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Conclusion

The recent offering of common stock is the only new development in the past 24 hours which may or may not be the reason behind its loss on Thursday. we hope that ACRE will recover its loss on Friday.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Exit mobile version