Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Buys 25,959 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 25,959 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was bought at an average cost of $11.25 per share, for a total transaction of $292,038.75. Following the acquisition, the chairman now directly owns 2,649,762 shares of the company’s stock, valued at $29,809,822.50. This represents a 0.99 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Sunrise Realty Trust Price Performance

Shares of NASDAQ:SUNS opened at $11.21 on Friday. The company’s fifty day moving average is $11.66 and its two-hundred day moving average is $13.42. Sunrise Realty Trust, Inc. has a 12-month low of $8.11 and a 12-month 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 for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $3.45 million for the quarter, compared to analyst estimates of $3.25 million. On average, equities research analysts forecast that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current fiscal year.

Sunrise Realty Trust Cuts Dividend

The business 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. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.70%. The ex-dividend date is Monday, March 31st.

Institutional Trading of Sunrise Realty Trust

Several institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its stake 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 buying an additional 2,279 shares during the period. Bank of America Corp DE raised its holdings in shares of Sunrise Realty Trust by 60.4% during the fourth quarter. Bank of America Corp DE now owns 5,183 shares of the company’s stock worth $73,000 after acquiring an additional 1,952 shares in the last quarter. Barclays PLC acquired a new stake in Sunrise Realty Trust during the third quarter valued at $106,000. Spire Wealth Management purchased a new position in Sunrise Realty Trust in the fourth quarter valued at about $137,000. Finally, JPMorgan Chase & Co. acquired a new position in Sunrise Realty Trust in the 3rd quarter worth about $155,000.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SUNS. Raymond James decreased their target price on Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating on the stock in a report on Monday, March 10th. B. Riley began 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. Finally, Keefe, Bruyette & Woods reduced their price objective 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.

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.