ACRE Expects 2016 EPS To Exceed Its New Level Of Dividends On Annual Basis

(RTTNews) - Ares Commercial Real Estate Corp. (ACRE) reported net income to shareholders of $8.9 million or $0.31 per share, for the fourth quarter of 2015. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.27 for the quarter. Analysts' estimates typically exclude special items.

Total revenue was $20.92 million, for the fourth quarter of 2015. Analysts expected revenue of $20.96 million for the quarter.

The company announced that its board declared a first quarter 2016 dividend of $0.26 per common share payable on April 15, 2016 to common stockholders of record on March 31, 2016.

Robert Rosen, Interim Co-Chief Executive Officer, said: "Our strong execution against our goals and objectives positions ACRE to capitalize on the current market opportunity in 2016 and beyond. As a result, the Board of Directors has increased the quarterly dividend to $0.26 per common share. We currently expect our 2016 earnings per share to exceed our new level of dividends on an annual basis."

The company's board has increased the size of the existing $20.0 million stock repurchase program to $30.0 million and extended the stock repurchase program through March 31, 2017.