Leonard M. Tannenbaum Buys 80,514 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 80,514 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were purchased at an average cost of $11.26 per share, with a total value of $906,587.64. Following the purchase, the chairman now owns 2,623,803 shares of the company’s stock, valued at approximately $29,544,021.78. The trade was a 3.17 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Sunrise Realty Trust Trading Up 0.2 %

Shares of NASDAQ SUNS traded up $0.02 during midday trading on Thursday, reaching $11.37. The company had a trading volume of 119,527 shares, compared to its average volume of 96,657. Sunrise Realty Trust, Inc. has a one year low of $8.11 and a one year high of $15.74. The firm’s fifty day moving average price is $11.95 and its 200-day moving average price is $13.53.

Sunrise Realty Trust (NASDAQ:SUNS) last released 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 business had revenue of $3.45 million for the quarter, compared to the consensus estimate of $3.25 million. As a group, sell-side analysts forecast 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 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 is Monday, March 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.55%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE grew its holdings in shares of 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 acquiring an additional 1,952 shares during the period. Castalian Partners LLC purchased a new position in shares of Sunrise Realty Trust during the 4th quarter worth approximately $2,709,000. Tower Research Capital LLC TRC grew its holdings in shares of Sunrise Realty Trust by 353.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock worth $41,000 after acquiring an additional 2,279 shares during the period. Marshall Wace LLP purchased a new position in shares of Sunrise Realty Trust during the 4th quarter worth approximately $475,000. Finally, Barclays PLC grew its holdings in shares of Sunrise Realty Trust by 14.8% during the 4th quarter. Barclays PLC now owns 8,484 shares of the company’s stock worth $120,000 after acquiring an additional 1,092 shares during the period.

Analyst Ratings Changes

SUNS has been the subject of several research analyst reports. Raymond James dropped their price target on 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 lowered their target price on Sunrise Realty Trust from $12.75 to $12.25 and set an “outperform” rating for the company in a research note on Monday, March 10th. Finally, B. Riley initiated coverage on Sunrise Realty Trust in a research note on Thursday, February 13th. They issued a “buy” rating and a $15.00 target price for the company.

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.