Leonard M. Tannenbaum Buys 44,065 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Get Free Report) Chairman Leonard M. Tannenbaum purchased 44,065 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were bought at an average price of $10.89 per share, with a total value of $479,867.85. Following the acquisition, the chairman now directly owns 2,711,322 shares of the company's stock, valued at $29,526,296.58. This represents a 1.65 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Sunrise Realty Trust Price Performance

NASDAQ:SUNS traded down $0.75 on Friday, reaching $9.82. 202,839 shares of the company's stock were exchanged, compared to its average volume of 102,317. The stock has a fifty day simple moving average of $11.54 and a 200-day simple moving average of $13.33. Sunrise Realty Trust, Inc. has a 52 week low of $8.11 and a 52 week high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS - Get Free Report) last released its quarterly earnings data on Thursday, March 6th. The company reported $0.30 earnings per share for the quarter, meeting analysts' consensus estimates of $0.30. The business had revenue of $3.45 million during the quarter, compared to analysts' expectations of $3.25 million. Equities analysts forecast that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current year.

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Sunrise Realty Trust Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 yield of 12.22%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its position in shares of 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 acquiring an additional 2,279 shares during the period. Bank of America Corp DE boosted its holdings in 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 purchasing an additional 1,952 shares during the period. Barclays PLC bought a new position in Sunrise Realty Trust in the 3rd quarter valued at $106,000. Spire Wealth Management purchased a new position in shares of Sunrise Realty Trust during the 4th quarter valued at $137,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Sunrise Realty Trust in the third quarter worth $155,000.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Sunrise Realty Trust from $12.75 to $12.25 and set an "outperform" rating on the stock in a research report on Monday, March 10th. Raymond James dropped their price target on Sunrise Realty Trust from $15.00 to $14.50 and set an "outperform" rating on the stock in a report on Monday, March 10th. Finally, B. Riley started coverage on Sunrise Realty Trust in a research report on Thursday, February 13th. They issued a "buy" rating and a $15.00 price objective on the stock.

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.