Sunrise Realty Trust (NASDAQ:SUNS) Issues Earnings Results, Hits Expectations

Sunrise Realty Trust (NASDAQ:SUNS) released its quarterly earnings results on Thursday. The company reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31, FiscalAI reports. The company had revenue of $6.06 million for the quarter, compared to analysts’ expectations of $6.81 million. Sunrise Realty Trust had a net margin of 62.48% and a return on equity of 8.04%.

Sunrise Realty Trust Stock Performance

Shares of SUNS stock traded up $0.32 during trading hours on Friday, hitting $9.73. The company had a trading volume of 71,385 shares, compared to its average volume of 45,427. Sunrise Realty Trust has a 12 month low of $7.80 and a 12 month high of $15.70. The firm’s fifty day moving average is $10.16 and its 200 day moving average is $10.52. The firm has a market capitalization of $130.58 million, a price-to-earnings ratio of 8.04, a PEG ratio of 0.74 and a beta of 0.93.

Sunrise Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.20 dividend on an annualized basis and a yield of 12.3%. Sunrise Realty Trust’s payout ratio is presently 115.38%.

Insiders Place Their Bets

In related news, Chairman Leonard M. Tannenbaum acquired 10,000 shares of the company’s stock in a transaction on Tuesday, August 26th. The stock was purchased at an average cost of $10.79 per share, for a total transaction of $107,900.00. Following the completion of the purchase, the chairman directly owned 2,923,226 shares of the company’s stock, valued at $31,541,608.54. The trade was a 0.34% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired 40,611 shares of company stock valued at $438,583 in the last quarter. Corporate insiders own 24.80% of the company’s stock.

Hedge Funds Weigh In On Sunrise Realty Trust

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Sunrise Realty Trust by 19.2% during the third quarter. Vanguard Group Inc. now owns 588,554 shares of the company’s stock worth $6,115,000 after buying an additional 94,628 shares during the period. Curi Capital LLC bought a new stake in Sunrise Realty Trust in the 2nd quarter valued at approximately $138,000. Cubist Systematic Strategies LLC acquired a new position in Sunrise Realty Trust during the 1st quarter worth approximately $139,000. Goldman Sachs Group Inc. grew its stake in shares of Sunrise Realty Trust by 53.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 27,911 shares of the company’s stock worth $309,000 after acquiring an additional 9,732 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 last quarter.

Analyst Ratings Changes

SUNS has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their target price on shares of Sunrise Realty Trust from $11.50 to $11.25 and set an “outperform” rating for the company in a research note on Wednesday, August 13th. Weiss Ratings restated a “sell (d)” rating on shares of Sunrise Realty Trust in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.19.

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.