Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Acquires $479,867.85 in Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum bought 44,065 shares of the stock in a transaction dated Monday, March 31st. The shares were acquired at an average price of $10.89 per share, with a total value of $479,867.85. Following the completion of the purchase, the chairman now directly owns 2,711,322 shares of the company’s stock, valued at approximately $29,526,296.58. This represents a 1.65 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Sunrise Realty Trust Stock Performance

Shares of NASDAQ SUNS opened at $10.94 on Thursday. The stock’s 50 day moving average price is $11.56 and its two-hundred day moving average price is $13.35. Sunrise Realty Trust, Inc. has a 52-week low of $8.11 and a 52-week high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS) last posted its quarterly earnings results on Thursday, March 6th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $3.45 million for the quarter, compared to analyst estimates of $3.25 million. On average, analysts anticipate that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current year.

Sunrise Realty Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.30 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SUNS shares. Keefe, Bruyette & Woods lowered their price objective on 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. B. Riley assumed coverage on shares of Sunrise Realty Trust in a research report on Thursday, February 13th. They set a “buy” rating and a $15.00 price target for the company. Finally, Raymond James cut their price target on shares of Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating on the stock in a report on Monday, March 10th.

Institutional Investors Weigh In On Sunrise Realty Trust

A number of institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its holdings in Sunrise Realty Trust by 353.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock worth $41,000 after acquiring an additional 2,279 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of 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 worth $73,000 after purchasing an additional 1,952 shares during the last quarter. Barclays PLC acquired a new position in Sunrise Realty Trust during the 3rd quarter valued at approximately $106,000. Spire Wealth Management bought a new position in Sunrise Realty Trust during the 4th quarter worth $137,000. Finally, JPMorgan Chase & Co. acquired a new stake in Sunrise Realty Trust in the third quarter worth $155,000.

About Sunrise Realty Trust

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.