Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Acquires $276,500.00 in Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 25,000 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average price of $11.06 per share, for a total transaction of $276,500.00. Following the completion of the acquisition, the chairman now directly owns 2,469,282 shares of the company’s stock, valued at $27,310,258.92. This trade represents a 1.02 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Sunrise Realty Trust Trading Up 1.3 %

SUNS stock opened at $11.35 on Thursday. Sunrise Realty Trust, Inc. has a fifty-two week low of $8.11 and a fifty-two week high of $15.74. The stock has a fifty day moving average of $12.03 and a 200-day moving average of $13.56.

Sunrise Realty Trust (NASDAQ:SUNS) last issued its earnings results on Thursday, March 6th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $3.45 million for the quarter, compared to the consensus estimate of $3.25 million. Analysts anticipate that Sunrise Realty Trust, Inc. will post 0.58 earnings per share for the current fiscal year.

Sunrise Realty Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.30 per share. 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 10.57%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Sunrise Realty Trust

A number of large investors have recently made changes to their positions in SUNS. Wasatch Advisors LP bought a new stake in shares of Sunrise Realty Trust during the 3rd quarter valued at $8,875,000. Castalian Partners LLC purchased 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 shares of Sunrise Realty Trust by 1.5% during the fourth 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 during the period. State Street Corp purchased a new stake in shares of Sunrise Realty Trust in the third quarter worth about $1,788,000. Finally, Renaissance Technologies LLC bought a new position in shares of Sunrise Realty Trust in the fourth quarter valued at approximately $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.