Sunrise Realty Trust, Inc. (NASDAQ:SUNS) to Issue $0.30 Quarterly Dividend

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) announced a quarterly dividend on Friday, June 13th, RTT News reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.30 per share on Tuesday, July 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.75%.

Sunrise Realty Trust Trading Down 0.3%

Shares of NASDAQ:SUNS opened at $11.16 on Friday. The firm has a market cap of $149.78 million and a price-to-earnings ratio of 11.05. Sunrise Realty Trust has a 12-month low of $7.80 and a 12-month high of $15.74. The stock’s 50-day moving average price is $10.15 and its two-hundred day moving average price is $11.73.

Insider Activity at Sunrise Realty Trust

In other news, Chairman Leonard M. Tannenbaum purchased 80,514 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was acquired at an average cost of $11.26 per share, with a total value of $906,587.64. Following the acquisition, the chairman now owns 2,623,803 shares in the company, valued at approximately $29,544,021.78. This trade represents a 3.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders purchased 286,927 shares of company stock worth $3,143,540. Corporate insiders own 24.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SUNS. Bank of America Corp DE increased its holdings in 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 purchasing an additional 1,952 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in Sunrise Realty Trust during the 1st quarter worth $139,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Sunrise Realty Trust by 90.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,077 shares of the company’s stock valued at $67,000 after purchasing an additional 2,880 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Sunrise Realty Trust by 53.5% in the first quarter. Goldman Sachs Group Inc. now owns 27,911 shares of the company’s stock worth $309,000 after purchasing an additional 9,732 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Sunrise Realty Trust by 22.5% during the first quarter. Rhumbline Advisers now owns 9,780 shares of the company’s stock valued at $108,000 after buying an additional 1,794 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts recently commented on SUNS shares. Oppenheimer began coverage on shares of Sunrise Realty Trust in a research report on Thursday, April 17th. They set an “outperform” rating and a $12.00 price target for the company. Keefe, Bruyette & Woods reduced their target price on Sunrise Realty Trust from $12.25 to $10.75 and set an “outperform” rating on the stock in a report on Monday, April 7th. B. Riley assumed coverage on Sunrise Realty Trust in a research report on Thursday, February 13th. They set a “buy” rating and a $15.00 price target for the company. Finally, Raymond James cut their price objective 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. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $13.06.

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.