Insider Buying: Sunrise Realty Trust (NASDAQ:SUNS) Chairman Purchases 10,411 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard Tannenbaum bought 10,411 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was acquired at an average cost of $10.42 per share, with a total value of $108,482.62. Following the transaction, the chairman owned 2,893,026 shares of the company’s stock, valued at $30,145,330.92. This represents a 0.36% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Sunrise Realty Trust Trading Up 5.2%

Sunrise Realty Trust stock opened at $11.07 on Friday. The company has a market cap of $148.56 million and a P/E ratio of 10.64. Sunrise Realty Trust, Inc. has a 1-year low of $7.80 and a 1-year high of $15.74. The company has a fifty day simple moving average of $10.64 and a 200 day simple moving average of $10.70.

Sunrise Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.20 dividend on an annualized basis and a yield of 10.8%. Sunrise Realty Trust’s dividend payout ratio (DPR) is 115.38%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods decreased their target price on shares of Sunrise Realty Trust from $11.50 to $11.25 and set an “outperform” rating for the company in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $13.19.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers grew its position in shares of Sunrise Realty Trust by 22.5% in the 1st quarter. Rhumbline Advisers now owns 9,780 shares of the company’s stock valued at $108,000 after acquiring an additional 1,794 shares during the period. Castalian Partners LLC bought a new position in shares of Sunrise Realty Trust in the 4th quarter valued at about $2,709,000. Pacific Ridge Capital Partners LLC acquired a new stake in shares of Sunrise Realty Trust during the 1st quarter worth about $2,142,000. Marshall Wace LLP acquired a new stake in shares of Sunrise Realty Trust during the 4th quarter worth about $475,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Sunrise Realty Trust by 31.0% during the 1st quarter. Bank of New York Mellon Corp now owns 27,609 shares of the company’s stock worth $306,000 after buying an additional 6,538 shares during the last quarter.

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.