Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Buys 80,514 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Get Free Report) Chairman Leonard M. Tannenbaum purchased 80,514 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was purchased at an average price of $11.26 per share, for a total transaction of $906,587.64. Following the completion of the acquisition, the chairman now owns 2,623,803 shares of the company's stock, valued at approximately $29,544,021.78. This represents a 3.17 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Sunrise Realty Trust Stock Performance

SUNS traded up $0.25 during trading on Monday, hitting $11.50. The stock had a trading volume of 114,585 shares, compared to its average volume of 99,696. The company has a 50 day moving average price of $11.90 and a 200-day moving average price of $13.49. Sunrise Realty Trust, Inc. has a one year low of $8.11 and a one year high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS - Get Free Report) last issued its quarterly earnings data on Thursday, March 6th. The company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $3.45 million during the quarter, compared to analyst estimates of $3.25 million. Research analysts expect 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 declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 10.43%. The ex-dividend date is Monday, March 31st.

Institutional Trading of Sunrise Realty Trust

Large investors have recently modified their holdings of the stock. Barclays PLC boosted its stake in Sunrise Realty Trust by 14.8% in the fourth quarter. Barclays PLC now owns 8,484 shares of the company's stock valued at $120,000 after buying an additional 1,092 shares in the last quarter. Geode Capital Management LLC increased its position in Sunrise Realty Trust by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 125,942 shares of the company's stock worth $1,773,000 after purchasing an additional 1,887 shares in the last quarter. Bank of America Corp DE lifted its stake 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 last quarter. Tower Research Capital LLC TRC grew its stake in shares of Sunrise Realty Trust by 353.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company's stock worth $41,000 after buying an additional 2,279 shares during the last quarter. Finally, Spire Wealth Management acquired a new position in shares of Sunrise Realty Trust during the fourth quarter worth $137,000.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SUNS shares. Raymond James reduced their price target on Sunrise Realty Trust from $15.00 to $14.50 and set an "outperform" rating for the company in a research report on Monday, March 10th. Keefe, Bruyette & Woods lowered their price target on 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. Finally, B. Riley started coverage on shares of Sunrise Realty Trust in a research note on Thursday, February 13th. They set 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.