Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Buys $292,038.75 in Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 25,959 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The stock was acquired at an average price of $11.25 per share, for a total transaction of $292,038.75. Following the purchase, the chairman now owns 2,649,762 shares in the company, valued at $29,809,822.50. This trade represents a 0.99 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Sunrise Realty Trust Price Performance

Shares of Sunrise Realty Trust stock opened at $11.21 on Friday. Sunrise Realty Trust, Inc. has a 52-week low of $8.11 and a 52-week high of $15.74. The firm has a 50-day moving average of $11.66 and a 200-day moving average of $13.42.

Sunrise Realty Trust (NASDAQ:SUNS) last announced its 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 business had revenue of $3.45 million for the quarter, compared to analyst estimates of $3.25 million. As a group, equities analysts forecast that Sunrise Realty Trust, Inc. will post 0.58 earnings per share for the current year.

Sunrise Realty Trust Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid 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 10.70%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SUNS shares. Raymond James cut their target price on shares of Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating for the company in a research note on Monday, March 10th. 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. Finally, B. Riley assumed coverage on Sunrise Realty Trust in a research report on Thursday, February 13th. They issued a “buy” rating and a $15.00 target price on the stock.

Institutional Trading of Sunrise Realty Trust

A number of institutional investors have recently modified their holdings of SUNS. Tower Research Capital LLC TRC raised its stake in Sunrise Realty Trust by 353.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock valued at $41,000 after purchasing an additional 2,279 shares in the last quarter. Bank of America Corp DE raised its position in shares of Sunrise Realty Trust by 60.4% in the 4th quarter. Bank of America Corp DE now owns 5,183 shares of the company’s stock valued at $73,000 after buying an additional 1,952 shares in the last quarter. Barclays PLC bought a new stake in shares of Sunrise Realty Trust during the 3rd quarter worth approximately $106,000. Spire Wealth Management acquired a new stake in shares of Sunrise Realty Trust during the 4th quarter worth approximately $137,000. Finally, JPMorgan Chase & Co. bought a new position in Sunrise Realty Trust in the third quarter valued at approximately $155,000.

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.