Leonard M. Tannenbaum Purchases 10,000 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 10,000 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was purchased at an average cost of $10.39 per share, for a total transaction of $103,900.00. Following the purchase, the chairman now directly owns 2,795,216 shares in the company, valued at approximately $29,042,294.24. This trade represents a 0.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Sunrise Realty Trust Stock Up 5.5%

Shares of Sunrise Realty Trust stock opened at $10.98 on Friday. The stock has a market cap of $147.36 million and a P/E ratio of 10.87. Sunrise Realty Trust, Inc. has a 12-month low of $7.80 and a 12-month high of $15.74. The business’s 50 day moving average is $10.22 and its 200-day moving average is $12.25.

Sunrise Realty Trust (NASDAQ:SUNS) last announced 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 during the quarter, compared to analyst estimates of $3.25 million. On average, sell-side analysts expect that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current year.

Sunrise Realty Trust Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 10.93%. Sunrise Realty Trust’s dividend payout ratio (DPR) is currently 118.81%.

Wall Street Analysts Forecast Growth

SUNS has been the subject of several recent research reports. B. Riley started coverage on Sunrise Realty Trust in a research report on Thursday, February 13th. They set a “buy” rating and a $15.00 price objective for the company. Raymond James reduced their price target on Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating for the company in a research report on Monday, March 10th. Keefe, Bruyette & Woods cut their price objective on shares of Sunrise Realty Trust from $12.25 to $10.75 and set an “outperform” rating on the stock in a research report on Monday, April 7th. Finally, Oppenheimer started coverage on shares of Sunrise Realty Trust in a report on Thursday, April 17th. They set an “outperform” rating and a $12.00 target price for the company. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $13.06.

Hedge Funds Weigh In On Sunrise Realty Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its holdings in shares of Sunrise Realty Trust by 53.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 27,911 shares of the company’s stock worth $309,000 after acquiring an additional 9,732 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new position in Sunrise Realty Trust during the first quarter worth $6,629,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Sunrise Realty Trust by 90.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,077 shares of the company’s stock valued at $67,000 after purchasing an additional 2,880 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Sunrise Realty Trust in the first quarter valued at about $139,000. Finally, MYDA Advisors LLC acquired a new stake in shares of Sunrise Realty Trust during the 1st quarter worth about $775,000.

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.