Leonard M. Tannenbaum Acquires 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 Sunrise Realty Trust stock in a transaction that occurred on Monday, March 31st. The stock was acquired at an average cost 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 in the company, valued at $29,526,296.58. This trade represents a 1.65 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Sunrise Realty Trust Stock Down 7.1 %

NASDAQ:SUNS traded down $0.75 during trading hours on Friday, hitting $9.82. The stock had a trading volume of 202,944 shares, compared to its average volume of 102,318. Sunrise Realty Trust, Inc. has a 1-year low of $8.11 and a 1-year high of $15.74. The business has a 50 day simple moving average of $11.49 and a two-hundred day simple moving average of $13.28.

Sunrise Realty Trust (NASDAQ:SUNS - Get Free Report) last issued its earnings results on Thursday, March 6th. The company reported $0.30 earnings per share 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, analysts forecast that Sunrise Realty Trust, Inc. will post 0.58 earnings per share for the current fiscal year.

Sunrise Realty Trust Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 12.22%. The ex-dividend date of this dividend is Monday, March 31st.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SUNS shares. B. Riley started coverage on shares of Sunrise Realty Trust in a report on Thursday, February 13th. They issued a "buy" rating and a $15.00 target price for the company. Keefe, Bruyette & Woods lowered their target price on shares of 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, Raymond James lowered 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 report on Monday, March 10th.

Institutional Investors Weigh In On Sunrise Realty Trust

A number of institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased 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 worth $41,000 after acquiring an additional 2,279 shares in the last quarter. Bank of America Corp DE raised its position in Sunrise Realty Trust by 60.4% during the fourth 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 during the period. Barclays PLC purchased a new stake in Sunrise Realty Trust in the 3rd quarter worth about $106,000. Spire Wealth Management acquired a new stake in Sunrise Realty Trust during the 4th quarter worth about $137,000. Finally, JPMorgan Chase & Co. purchased a new position in Sunrise Realty Trust during the 3rd quarter valued at about $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.