Leonard M. Tannenbaum Purchases 50,000 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 50,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were acquired at an average cost of $11.03 per share, with a total value of $551,500.00. Following the completion of the purchase, the chairman now directly owns 2,543,289 shares in the company, valued at $28,052,477.67. The trade was a 2.01 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Sunrise Realty Trust Stock Performance

Shares of NASDAQ SUNS opened at $11.20 on Wednesday. Sunrise Realty Trust, Inc. has a 1-year low of $8.11 and a 1-year high of $15.74. The business has a fifty day moving average price of $12.03 and a 200 day moving average price of $13.56.

Sunrise Realty Trust (NASDAQ:SUNS) last issued its quarterly earnings data on Thursday, March 6th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $3.45 million for the quarter, compared to analysts’ expectations of $3.25 million. On average, research analysts predict that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current year.

Sunrise Realty Trust Cuts Dividend

The firm also recently announced 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. This represents a $1.20 annualized dividend and a yield of 10.71%. The ex-dividend date of this dividend is Monday, March 31st.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. B. Riley assumed coverage on Sunrise Realty Trust in a research note on Thursday, February 13th. They set a “buy” rating and a $15.00 price target for the company. 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 report on Monday, March 10th. Finally, Raymond James lowered their target price on Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating for the company in a report on Monday, March 10th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wasatch Advisors LP acquired a new position in Sunrise Realty Trust during the 3rd quarter valued at about $8,875,000. Castalian Partners LLC acquired a new position in Sunrise Realty Trust during the 4th quarter valued at about $2,709,000. Geode Capital Management LLC increased its position in Sunrise Realty Trust by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 125,942 shares of the company’s stock valued at $1,773,000 after buying an additional 1,887 shares in the last quarter. State Street Corp acquired a new position in shares of Sunrise Realty Trust in the third quarter valued at about $1,788,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Sunrise Realty Trust in the fourth quarter valued at about $594,000.

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.