Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Purchases 80,514 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 80,514 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was bought at an average price of $11.26 per share, for a total transaction of $906,587.64. Following the purchase, the chairman now directly owns 2,623,803 shares in the company, valued at $29,544,021.78. The trade was a 3.17 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Sunrise Realty Trust Price Performance

Shares of NASDAQ SUNS traded up $0.02 during midday trading on Thursday, hitting $11.37. 119,527 shares of the stock traded hands, compared to its average volume of 96,657. The firm has a 50-day moving average of $11.95 and a two-hundred day moving average of $13.53. Sunrise Realty Trust, Inc. has a one year low of $8.11 and a one year high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS) last released 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 firm had revenue of $3.45 million for the quarter, compared to the consensus estimate of $3.25 million. On average, equities analysts predict that Sunrise Realty Trust, Inc. will post 0.58 earnings per share for the current year.

Sunrise Realty Trust Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a yield of 10.55%.

Hedge Funds Weigh In On Sunrise Realty Trust

A number of institutional investors have recently bought and sold shares of SUNS. Wasatch Advisors LP purchased a new stake in Sunrise Realty Trust in the 3rd quarter worth $8,875,000. Castalian Partners LLC purchased a new stake in Sunrise Realty Trust in the 4th quarter worth $2,709,000. Geode Capital Management LLC purchased a new stake in Sunrise Realty Trust in the 3rd quarter worth $1,785,000. State Street Corp purchased a new stake in Sunrise Realty Trust in the 3rd quarter worth $1,788,000. Finally, Renaissance Technologies LLC purchased a new stake in Sunrise Realty Trust in the 4th quarter worth $594,000.

Analyst Ratings Changes

Several research firms recently issued reports on SUNS. Raymond James lowered their price objective on Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Keefe, Bruyette & Woods lowered their price objective on 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. Finally, B. Riley began coverage on Sunrise Realty Trust in a research report on Thursday, February 13th. They issued a “buy” rating and a $15.00 price objective 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.