Leonard M. Tannenbaum Buys 44,065 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 44,065 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were purchased at an average cost of $10.89 per share, for a total transaction of $479,867.85. Following the completion of the purchase, the chairman now directly owns 2,711,322 shares in the company, valued at $29,526,296.58. The trade was a 1.65 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Sunrise Realty Trust Stock Performance

SUNS stock opened at $10.94 on Thursday. The business has a fifty day simple moving average of $11.56 and a 200-day simple moving average of $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 announced its quarterly earnings results on Thursday, March 6th. The company reported $0.30 EPS for the quarter, hitting 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. Research analysts expect that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current year.

Sunrise Realty Trust Cuts Dividend

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

Hedge Funds Weigh In On Sunrise Realty Trust

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE increased 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 in the last quarter. Castalian Partners LLC acquired a new stake in shares of Sunrise Realty Trust in the fourth quarter valued at about $2,709,000. Tower Research Capital LLC TRC raised its holdings in shares of Sunrise Realty Trust by 353.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock valued at $41,000 after buying an additional 2,279 shares during the period. Marshall Wace LLP acquired a new position in Sunrise Realty Trust during the 4th quarter worth approximately $475,000. Finally, Barclays PLC boosted its holdings in Sunrise Realty Trust by 14.8% in the 4th quarter. Barclays PLC now owns 8,484 shares of the company’s stock worth $120,000 after acquiring an additional 1,092 shares during the period.

Analysts Set New Price Targets

SUNS has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lowered 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. Raymond James dropped their target price on 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. Finally, B. Riley assumed coverage on Sunrise Realty Trust in a research note on Thursday, February 13th. They issued a “buy” rating and a $15.00 price target on the stock.

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.