BTIG downgraded Ares Commercial Real Estate to Neutral from Buy after assuming coverage of the name. The analyst estimate Ares is likely to produce lower dividend coverage relative to the peer group on both a distributable earnings and net interest margin basis in 2023 and 2024. The company’s under-earning of the dividend distribution represents a "meaningful risk" for the total return profile, the analyst tells investors in a research note.
Published first on TheFly
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