Russell Investments Group Ltd. Lowers Position in Sunrise Realty Trust, Inc. $SUNS

Key Points

• Russell Investments Group Ltd. cut its holdings in Sunrise Realty Trust by 83.7%, selling over 190,000 shares, leaving it with approximately 37,040 shares valued at $410,000.
• Sunrise Realty Trust's stock has been rated as a "Buy" by the consensus of analysts, with a recent average price target of $13.19.
• The company recently announced a quarterly dividend of $0.30, reflecting an annual yield of 10.8%, despite having a high dividend payout ratio of 115.38%.

Russell Investments Group Ltd. trimmed its holdings in shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Free Report) by 83.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 37,040 shares of the company's stock after selling 190,561 shares during the period. Russell Investments Group Ltd. owned approximately 0.28% of Sunrise Realty Trust worth $410,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. purchased a new stake in Sunrise Realty Trust during the 1st quarter valued at $25,000. Tower Research Capital LLC TRC boosted its stake in shares of 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 worth $41,000 after buying an additional 2,279 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Sunrise Realty Trust by 60.4% in the 4th quarter. Bank of America Corp DE now owns 5,183 shares of the company's stock worth $73,000 after buying an additional 1,952 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Sunrise Realty Trust by 22.5% in the 1st quarter. Rhumbline Advisers now owns 9,780 shares of the company's stock worth $108,000 after buying an additional 1,794 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Sunrise Realty Trust by 14.8% in the 4th quarter. Barclays PLC now owns 8,484 shares of the company's stock worth $120,000 after buying an additional 1,092 shares during the last quarter.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods dropped their price target on Sunrise Realty Trust from $11.50 to $11.25 and set an "outperform" rating on the stock in a research note 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, the stock currently has a consensus rating of "Buy" and a consensus price target of $13.19.

Sunrise Realty Trust Stock Performance

Shares of SUNS stock traded down $0.21 on Friday, reaching $10.84. The stock had a trading volume of 39,153 shares, compared to its average volume of 58,861. The stock has a market cap of $145.47 million, a P/E ratio of 10.42, a price-to-earnings-growth ratio of 0.87 and a beta of 1.05. The company has a 50 day simple moving average of $10.65 and a 200 day simple moving average of $10.66. Sunrise Realty Trust, Inc. has a 1 year low of $7.80 and a 1 year high of $15.74.

Sunrise Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.30 per share. The ex-dividend date was Monday, June 30th. This represents a $1.20 annualized dividend and a yield of 11.1%. Sunrise Realty Trust's payout ratio is 115.38%.

Insiders Place Their Bets

In related news, Chairman Leonard M. Tannenbaum bought 32,275 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average cost of $10.48 per share, for a total transaction of $338,242.00. Following the completion of the transaction, the chairman owned 2,878,209 shares of the company's stock, valued at approximately $30,163,630.32. This trade represents a 1.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired 99,786 shares of company stock worth $1,054,538 in the last quarter. 24.80% of the stock is currently owned by insiders.

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.