Acadian Asset Management LLC Buys New Position in Sunrise Realty Trust, Inc. $SUNS

Key Points

• Acadian Asset Management LLC acquired a new stake in Sunrise Realty Trust, purchasing 131,153 shares worth approximately $1.45 million, now owning 0.98% of the company.
• Sunrise Realty Trust's stock saw a 2.4% increase, trading at $11.71, with a market capitalization of $157.15 million and a price-to-earnings ratio of 10.12.
• The company announced a quarterly dividend of $0.30 per share, scheduled for payment on October 15th, representing an annualized yield of 10.2%.

Acadian Asset Management LLC bought a new position in shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 131,153 shares of the company's stock, valued at approximately $1,450,000. Acadian Asset Management LLC owned 0.98% of Sunrise Realty Trust as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in Sunrise Realty Trust by 53.5% during 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 during the period. Philadelphia Financial Management of San Francisco LLC bought a new position in Sunrise Realty Trust during the first quarter worth about $6,629,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Sunrise Realty Trust by 90.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,077 shares of the company's stock worth $67,000 after purchasing an additional 2,880 shares during the period. Cubist Systematic Strategies LLC bought a new position in Sunrise Realty Trust during the first quarter worth about $139,000. Finally, MYDA Advisors LLC bought a new position in Sunrise Realty Trust during the first quarter worth about $775,000.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut 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 report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $13.19.

Sunrise Realty Trust Trading Down 5.2%

Shares of Sunrise Realty Trust stock traded down $0.61 on Friday, reaching $11.10. The stock had a trading volume of 259,748 shares, compared to its average volume of 61,354. Sunrise Realty Trust, Inc. has a 1 year low of $7.80 and a 1 year high of $15.74. The company has a market cap of $148.96 million, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 0.88 and a beta of 1.04. The business's 50 day moving average is $10.70 and its two-hundred day moving average is $10.59.

Sunrise Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 10.8%. The ex-dividend date of this dividend is Tuesday, September 30th. Sunrise Realty Trust's dividend payout ratio is presently 115.38%.

Insider Activity

In other news, Chairman Leonard M. Tannenbaum purchased 10,000 shares of the stock in a transaction dated Tuesday, August 26th. The shares were purchased at an average cost of $10.79 per share, with a total value of $107,900.00. Following the completion of the acquisition, the chairman owned 2,923,226 shares in the company, valued at $31,541,608.54. This represents a 0.34% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought 93,786 shares of company stock valued at $989,378 over the last quarter.

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.