Leonard M. Tannenbaum Buys 17,495 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum acquired 17,495 shares of the business’s stock in a transaction dated Friday, March 28th. The stock was acquired at an average cost of $11.17 per share, with a total value of $195,419.15. Following the completion of the transaction, the chairman now owns 2,667,257 shares of the company’s stock, valued at approximately $29,793,260.69. The trade was a 0.66 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Sunrise Realty Trust Price Performance

NASDAQ SUNS opened at $10.90 on Wednesday. Sunrise Realty Trust, Inc. has a 12-month low of $8.11 and a 12-month high of $15.74. The firm has a 50-day moving average price of $11.60 and a two-hundred day moving average price of $13.39.

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 for the quarter, compared to analyst estimates 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 11.01%. The ex-dividend date of this dividend is Monday, March 31st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew 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 buying an additional 2,279 shares in the last quarter. Bank of America Corp DE lifted its holdings 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 worth $73,000 after acquiring an additional 1,952 shares during the period. Barclays PLC acquired a new stake in shares of Sunrise Realty Trust during the 3rd quarter worth approximately $106,000. Spire Wealth Management bought a new position in Sunrise Realty Trust in the fourth quarter valued at approximately $137,000. Finally, JPMorgan Chase & Co. acquired a new position in Sunrise Realty Trust during the third quarter valued at approximately $155,000.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. B. Riley assumed coverage on Sunrise Realty Trust in a report on Thursday, February 13th. They set a “buy” rating and a $15.00 price target for the company. Raymond James decreased 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. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Sunrise Realty Trust from $12.75 to $12.25 and set an “outperform” rating for the company in a research report on Monday, March 10th.

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.