Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum Purchases 50,000 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 50,000 shares of the stock in a transaction dated Monday, March 17th. The shares were bought at an average price of $11.03 per share, with a total value of $551,500.00. Following the completion of the acquisition, the chairman now directly owns 2,543,289 shares of the company’s stock, valued at approximately $28,052,477.67. This represents a 2.01 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Sunrise Realty Trust Stock Performance

SUNS opened at $11.00 on Tuesday. Sunrise Realty Trust, Inc. has a fifty-two week low of $8.11 and a fifty-two week high of $15.74. The company’s 50-day moving average is $12.14 and its 200 day moving average is $13.60.

Sunrise Realty Trust (NASDAQ:SUNS) last posted its 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 during the quarter, compared to analyst estimates of $3.25 million. As a group, research analysts predict that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current year.

Sunrise Realty Trust Cuts Dividend

The company 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 $0.30 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 10.91%.

Institutional Investors Weigh In On Sunrise Realty Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC increased its stake in Sunrise Realty Trust by 14.8% in the 4th quarter. Barclays PLC now owns 8,484 shares of the company’s stock valued at $120,000 after buying an additional 1,092 shares during the last quarter. Geode Capital Management LLC increased its stake in Sunrise Realty Trust by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 125,942 shares of the company’s stock valued at $1,773,000 after buying an additional 1,887 shares during the last quarter. Bank of America Corp DE grew its position in shares of Sunrise Realty Trust by 60.4% during the 4th quarter. Bank of America Corp DE now owns 5,183 shares of the company’s stock valued at $73,000 after acquiring an additional 1,952 shares during the period. Tower Research Capital LLC TRC grew its position 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 acquiring an additional 2,279 shares during the period. Finally, Spire Wealth Management bought a new position in shares of Sunrise Realty Trust during the 4th quarter valued at approximately $137,000.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Raymond James lowered their price target on shares of Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating for the company in a report on Monday, March 10th. B. Riley started 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 on the stock. Finally, Keefe, Bruyette & Woods cut their price target on shares of Sunrise Realty Trust from $12.75 to $12.25 and set an “outperform” rating on the stock in a research report on Monday, March 10th.

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.