Leonard M. Tannenbaum Acquires 6,000 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum purchased 6,000 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was purchased at an average price of $10.86 per share, for a total transaction of $65,160.00. Following the acquisition, the chairman now owns 2,825,034 shares in the company, valued at approximately $30,679,869.24. This trade represents a 0.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Sunrise Realty Trust Stock Performance

SUNS stock opened at $10.89 on Thursday. The stock’s 50 day moving average price is $10.33 and its 200 day moving average price is $11.61. The firm has a market cap of $146.14 million and a P/E ratio of 10.78. Sunrise Realty Trust, Inc. has a 1 year low of $7.80 and a 1 year high of $15.74.

Sunrise Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 11.02%. The ex-dividend date of this dividend is Monday, June 30th. Sunrise Realty Trust’s payout ratio is 118.81%.

Analyst Ratings Changes

SUNS has been the topic of a number of research analyst reports. Raymond James Financial decreased their target price on Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Oppenheimer assumed coverage on Sunrise Realty Trust in a research note on Thursday, April 17th. They set an “outperform” rating and a $12.00 price target for the company. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Sunrise Realty Trust from $12.25 to $10.75 and set an “outperform” rating on the stock in a research note on Monday, April 7th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Sunrise Realty Trust currently has a consensus rating of “Buy” and an average target price of $13.06.

Institutional Investors Weigh In On Sunrise Realty Trust

Hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new position in shares of Sunrise Realty Trust during the first quarter valued at approximately $25,000. Tower Research Capital LLC TRC raised its holdings in Sunrise Realty Trust by 353.9% in the 4th 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 last quarter. Corebridge Financial Inc. lifted its stake in shares of Sunrise Realty Trust by 82.4% during the 1st quarter. Corebridge Financial Inc. now owns 5,117 shares of the company’s stock worth $57,000 after purchasing an additional 2,312 shares during the period. Bank of America Corp DE boosted its holdings in shares of 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 worth $73,000 after purchasing an additional 1,952 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Sunrise Realty Trust by 90.1% in the first 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 during the period.

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.