Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Acquires 80,514 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum bought 80,514 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were bought at an average cost of $11.26 per share, with a total value of $906,587.64. Following the purchase, the chairman now directly owns 2,623,803 shares of the company’s stock, valued at approximately $29,544,021.78. This represents a 3.17 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Sunrise Realty Trust Stock Performance

SUNS opened at $11.25 on Friday. Sunrise Realty Trust, Inc. has a twelve month low of $8.11 and a twelve month high of $15.74. The firm’s 50-day moving average price is $11.90 and its 200 day moving average price is $13.51.

Sunrise Realty Trust (NASDAQ:SUNS) last posted its quarterly earnings results on Thursday, March 6th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $3.45 million for the quarter, compared to analyst estimates of $3.25 million. As a group, sell-side analysts predict that Sunrise Realty Trust, Inc. will post 0.58 earnings per share for the current year.

Sunrise Realty Trust Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 10.67%.

Hedge Funds Weigh In On Sunrise Realty Trust

Institutional investors and hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its holdings in Sunrise Realty Trust by 353.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock valued at $41,000 after purchasing an additional 2,279 shares during the last quarter. Bank of America Corp DE boosted its holdings in Sunrise Realty Trust by 60.4% in the 4th quarter. Bank of America Corp DE now owns 5,183 shares of the company’s stock valued at $73,000 after purchasing an additional 1,952 shares during the last quarter. Barclays PLC acquired a new position in Sunrise Realty Trust in the 3rd quarter valued at about $106,000. Spire Wealth Management acquired a new position in Sunrise Realty Trust in the 4th quarter valued at about $137,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of Sunrise Realty Trust in the 3rd quarter worth approximately $155,000.

Analysts Set New Price Targets

A number of research firms have recently commented on SUNS. Raymond James cut their target price on shares of Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating for the company in a research note on Monday, March 10th. Keefe, Bruyette & Woods cut their target price on shares of Sunrise Realty Trust from $12.75 to $12.25 and set an “outperform” rating for the company in a research note on Monday, March 10th. Finally, B. Riley began coverage on shares of Sunrise Realty Trust in a research note on Thursday, February 13th. They set a “buy” rating and a $15.00 target price for the company.

Sunrise Realty Trust Company Profile

Sunrise Realty Trust, Inc engages in commercial real estate (CRE) lending business. It focuses on originating CRE debt investments and providing capital to borrowers and sponsors with transitional business plans collateralized by CRE assets. The company intends to create a diversified investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, whole loans, B-notes, CMBS, and debt-like preferred equity securities across CRE asset classes.