Sunrise Realty Trust (NASDAQ:SUNS) Releases Earnings Results, Hits Estimates

Sunrise Realty Trust (NASDAQ:SUNS) announced its quarterly earnings results on Thursday. The company reported $0.31 earnings per share for the quarter, hitting the consensus estimate of $0.31, FiscalAI reports. The company had revenue of $6.06 million for the quarter, compared to analysts’ expectations of $6.81 million. Sunrise Realty Trust had a net margin of 59.41% and a return on equity of 7.28%.

Sunrise Realty Trust Price Performance

Shares of NASDAQ:SUNS traded up $0.32 on Friday, hitting $9.73. 71,385 shares of the company’s stock were exchanged, compared to its average volume of 98,223. The stock has a market capitalization of $130.58 million, a price-to-earnings ratio of 9.36, a price-to-earnings-growth ratio of 0.74 and a beta of 0.93. Sunrise Realty Trust has a 12 month low of $7.80 and a 12 month high of $15.70. The business’s 50 day simple moving average is $10.18 and its two-hundred day simple moving average is $10.52.

Sunrise Realty Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 12.3%. The ex-dividend date of this dividend was Tuesday, September 30th. Sunrise Realty Trust’s dividend payout ratio is 115.38%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Sunrise Realty Trust from $11.50 to $11.25 and set an “outperform” rating for the company in a research note on Wednesday, August 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Sunrise Realty Trust in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.19.

Insiders Place Their Bets

In related news, Chairman Leonard M. Tannenbaum acquired 10,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was bought at an average cost of $10.79 per share, with a total value of $107,900.00. Following the transaction, the chairman directly owned 2,923,226 shares in the company, valued at approximately $31,541,608.54. This represents a 0.34% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders have bought 40,611 shares of company stock worth $438,583. Company insiders own 24.80% of the company’s stock.

Institutional Trading of Sunrise Realty Trust

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE raised its position in 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 buying an additional 1,952 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Sunrise Realty Trust by 90.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,077 shares of the company’s stock worth $67,000 after purchasing an additional 2,880 shares in the last quarter. Rhumbline Advisers grew its stake in 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. Cubist Systematic Strategies LLC acquired a new position in Sunrise Realty Trust during the first quarter worth $139,000. Finally, Curi Capital LLC purchased a new stake in shares of Sunrise Realty Trust during the second quarter worth about $138,000.

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.