Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Buys 44,065 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum acquired 44,065 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were bought at an average cost of $10.89 per share, with a total value of $479,867.85. Following the transaction, the chairman now directly owns 2,711,322 shares in the company, valued at $29,526,296.58. This trade represents a 1.65 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Sunrise Realty Trust Price Performance

SUNS opened at $10.90 on Wednesday. The business has a fifty day moving average price of $11.60 and a 200 day moving average price of $13.39. 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 announced its quarterly earnings data on Thursday, March 6th. The company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $3.45 million for the quarter, compared to analyst estimates of $3.25 million. Research analysts anticipate 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. Stockholders of record on Monday, March 31st will be given a dividend of $0.30 per share. The ex-dividend date is Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 11.01%.

Hedge Funds Weigh In On Sunrise Realty Trust

A number of institutional investors and hedge funds have recently modified their holdings of SUNS. Bank of America Corp DE raised its stake in Sunrise Realty Trust by 60.4% in the fourth quarter. Bank of America Corp DE now owns 5,183 shares of the company’s stock valued at $73,000 after buying an additional 1,952 shares in the last quarter. Castalian Partners LLC acquired a new stake in shares of Sunrise Realty Trust during the 4th quarter worth about $2,709,000. Tower Research Capital LLC TRC lifted its stake in Sunrise Realty Trust by 353.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock worth $41,000 after purchasing an additional 2,279 shares during the last quarter. Marshall Wace LLP acquired a new position in Sunrise Realty Trust in the fourth quarter valued at approximately $475,000. Finally, Barclays PLC increased its stake in Sunrise Realty Trust by 14.8% in the fourth quarter. Barclays PLC now owns 8,484 shares of the company’s stock valued at $120,000 after purchasing an additional 1,092 shares during the last quarter.

Analysts Set New Price Targets

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