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

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

Sunrise Realty Trust Price Performance

SUNS stock traded down $0.16 during midday trading on Thursday, hitting $11.29. 74,145 shares of the company’s stock were exchanged, compared to its average volume of 99,615. The firm has a 50 day moving average price of $11.72 and a 200-day moving average price of $13.43. 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 issued its quarterly earnings results on Thursday, March 6th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $3.45 million during the quarter, compared to the consensus estimate of $3.25 million. Analysts predict that Sunrise Realty Trust, Inc. will post 0.58 earnings per share for the current fiscal year.

Sunrise Realty Trust Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid 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 dividend yield of 10.63%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SUNS shares. Keefe, Bruyette & Woods lowered their target price on 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. 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 target price on the stock. Finally, Raymond James dropped their price target on shares of 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.

Hedge Funds Weigh In On Sunrise Realty Trust

Several large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. acquired a new stake in Sunrise Realty Trust during the third quarter valued at approximately $231,000. Wasatch Advisors LP acquired a new stake in shares of Sunrise Realty Trust during the 3rd quarter valued at approximately $8,875,000. State Street Corp bought a new position in Sunrise Realty Trust during the third quarter worth $1,788,000. Barclays PLC acquired a new position in Sunrise Realty Trust in the third quarter worth $106,000. Finally, Geode Capital Management LLC bought a new stake in Sunrise Realty Trust during the third quarter valued at $1,785,000.

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.