Raymond James Cuts Sunrise Realty Trust (NASDAQ:SUNS) Price Target to $14.50

Sunrise Realty Trust (NASDAQ:SUNS) had its target price lowered by Raymond James from $15.00 to $14.50 in a research note released on Monday morning, Marketbeat.com reports. The firm currently has an outperform rating on the stock.

SUNS has been the topic of a number of other research reports. B. Riley began coverage on shares of Sunrise Realty Trust in a report on Thursday, February 13th. They set a “buy” rating and a $15.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective 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.

Sunrise Realty Trust Trading Up 0.3 %

NASDAQ:SUNS opened at $11.16 on Monday. The company’s 50 day moving average price is $12.33 and its 200-day moving average price is $13.66. Sunrise Realty Trust has a 52 week low of $8.11 and a 52 week high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS) last posted its quarterly earnings results on Thursday, March 6th. The company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $3.45 million for the quarter, compared to analysts’ expectations of $3.25 million. Sell-side analysts expect that Sunrise Realty Trust will post 0.58 EPS for the current year.

Sunrise Realty Trust Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 dividend on an annualized basis and a yield of 10.75%.

Insiders Place Their Bets

In other Sunrise Realty Trust news, Chairman Leonard M. Tannenbaum purchased 1,000,000 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were acquired at an average cost of $12.00 per share, for a total transaction of $12,000,000.00. Following the completion of the transaction, the chairman now owns 2,434,213 shares of the company’s stock, valued at approximately $29,210,556. The trade was a 69.72 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have acquired 1,087,429 shares of company stock worth $13,171,696. Company insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised 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 purchasing an additional 2,279 shares during the period. Bank of America Corp DE raised 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 purchasing an additional 1,952 shares during the period. Barclays PLC bought a new stake in shares of Sunrise Realty Trust during the 3rd quarter valued at $106,000. Spire Wealth Management bought a new stake in shares of Sunrise Realty Trust during the 4th quarter valued at $137,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Sunrise Realty Trust during the 3rd quarter valued at $155,000.

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.