Sunrise Realty Trust (NASDAQ:SUNS) Releases Earnings Results, Meets Estimates

Sunrise Realty Trust (NASDAQ:SUNS - Get Free Report) posted its earnings results on Thursday. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30, Zacks reports. The company had revenue of $3.45 million for the quarter, compared to the consensus estimate of $3.25 million.

Sunrise Realty Trust Price Performance

Shares of SUNS traded up $0.04 during trading hours on Friday, reaching $11.10. 366,515 shares of the company's stock traded hands, compared to its average volume of 159,623. Sunrise Realty Trust has a twelve month low of $8.11 and a twelve month high of $15.74. The business's fifty day simple moving average is $12.46 and its two-hundred day simple moving average is $13.67.

Sunrise Realty Trust Cuts Dividend

The firm 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 10.81%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Raymond James restated an "outperform" rating and set a $15.00 price objective (down from $17.50) on shares of Sunrise Realty Trust in a research note on Monday, February 3rd. Keefe, Bruyette & Woods initiated coverage on shares of Sunrise Realty Trust in a research report on Tuesday, February 11th. They set an "outperform" rating and a $12.75 price target for the company. Finally, 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 price objective on the stock.

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Insider Activity at Sunrise Realty Trust

In other news, Chairman Leonard M. Tannenbaum bought 1,000,000 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were purchased at an average price of $12.00 per share, with a total value of $12,000,000.00. Following the completion of the acquisition, the chairman now directly owns 2,434,213 shares in the company, valued at approximately $29,210,556. This trade represents a 69.72 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 1,087,429 shares of company stock worth $13,171,696 in the last 90 days. Corporate insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Sunrise Realty Trust

A hedge fund recently raised its stake in Sunrise Realty Trust stock. Bank of America Corp DE raised its stake in Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Free Report) by 60.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,183 shares of the company's stock after buying an additional 1,952 shares during the period. Bank of America Corp DE owned approximately 0.07% of Sunrise Realty Trust worth $73,000 as of its most recent filing with the SEC.

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.