Raymond James Financial Inc. Takes $3.34 Million Position in Sunrise Realty Trust, Inc. $SUNS

Raymond James Financial Inc. purchased a new position in shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 301,430 shares of the company's stock, valued at approximately $3,337,000. Raymond James Financial Inc. owned 2.25% of Sunrise Realty Trust at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. PNC Financial Services Group Inc. bought a new position in Sunrise Realty Trust in the first quarter valued at approximately $25,000. Tower Research Capital LLC TRC grew its stake in Sunrise Realty Trust by 353.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company's stock valued at $41,000 after purchasing an additional 2,279 shares in the last quarter. Bank of America Corp DE grew its stake in Sunrise Realty Trust by 60.4% in the fourth quarter. Bank of America Corp DE now owns 5,183 shares of the company's stock valued at $73,000 after purchasing an additional 1,952 shares in the last quarter. Rhumbline Advisers grew its stake in Sunrise Realty Trust by 22.5% in the first quarter. Rhumbline Advisers now owns 9,780 shares of the company's stock valued at $108,000 after purchasing an additional 1,794 shares in the last quarter. Finally, Barclays PLC grew its stake in Sunrise Realty Trust by 14.8% in the fourth quarter. Barclays PLC now owns 8,484 shares of the company's stock valued at $120,000 after purchasing an additional 1,092 shares in the last quarter.

Insider Transactions at Sunrise Realty Trust

In other news, Chairman Leonard M. Tannenbaum bought 32,275 shares of the stock in a transaction on Tuesday, August 12th. The stock was acquired at an average price of $10.48 per share, with a total value of $338,242.00. Following the acquisition, the chairman directly owned 2,878,209 shares in the company, valued at approximately $30,163,630.32. This trade represents a 1.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders bought 99,786 shares of company stock valued at $1,054,538.

Sunrise Realty Trust Price Performance

Shares of SUNS stock traded up $0.07 on Tuesday, hitting $11.04. 39,070 shares of the company's stock were exchanged, compared to its average volume of 53,791. Sunrise Realty Trust, Inc. has a 12 month low of $7.80 and a 12 month high of $15.74. The stock has a market cap of $148.16 million, a P/E ratio of 9.71, a price-to-earnings-growth ratio of 0.87 and a beta of 1.05. The company has a 50 day moving average of $10.66 and a 200 day moving average of $10.64.

Sunrise Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 10.9%. The ex-dividend date of this dividend was Monday, June 30th. Sunrise Realty Trust's dividend payout ratio is presently 115.38%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods decreased their target price on shares of Sunrise Realty Trust from $11.50 to $11.25 and set an "outperform" rating on the stock in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "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.