Leonard M. Tannenbaum Purchases 32,275 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Key Points

• Chairman Leonard M. Tannenbaum purchased 32,275 shares of Sunrise Realty Trust at an average price of $10.48 per share, increasing his ownership by 1.13%.
• The stock recently saw a 1.4% increase, trading at $10.78, with a market capitalization of $144.67 million.
• Sunrise Realty Trust announced a quarterly dividend of $0.30 per share, resulting in an annualized yield of 11.1% despite a high dividend payout ratio of 115.38%.

Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Get Free Report) Chairman Leonard M. Tannenbaum purchased 32,275 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were purchased at an average price of $10.48 per share, for a total transaction of $338,242.00. Following the completion of the purchase, the chairman directly 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 transaction was disclosed in a filing with the SEC, which is available at this link.

Sunrise Realty Trust Stock Up 1.4%

NASDAQ:SUNS traded up $0.15 during trading hours on Wednesday, hitting $10.78. 52,281 shares of the stock were exchanged, compared to its average volume of 61,088. The company's 50 day moving average is $10.69 and its two-hundred day moving average is $10.76. Sunrise Realty Trust, Inc. has a twelve month low of $7.80 and a twelve month high of $15.74. The company has a market capitalization of $144.67 million and a P/E ratio of 9.41.

Sunrise Realty Trust Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SUNS. PNC Financial Services Group Inc. bought a new stake in shares of Sunrise Realty Trust in the 1st quarter valued at $25,000. Nisa Investment Advisors LLC raised its stake in shares of Sunrise Realty Trust by 61.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,014 shares of the company's stock valued at $33,000 after purchasing an additional 1,149 shares during the period. Tower Research Capital LLC TRC raised 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 valued at $41,000 after purchasing an additional 2,279 shares during the period. Corebridge Financial Inc. raised its stake in shares of Sunrise Realty Trust by 82.4% in the 1st quarter. Corebridge Financial Inc. now owns 5,117 shares of the company's stock valued at $57,000 after purchasing an additional 2,312 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Sunrise Realty Trust by 90.1% in the 1st 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.

Wall Street Analysts Forecast Growth

SUNS has been the topic of several research reports. Oppenheimer initiated coverage on Sunrise Realty Trust in a research note on Thursday, April 17th. They set an "outperform" rating and a $12.00 price target on the stock. Keefe, Bruyette & Woods decreased their price objective on Sunrise Realty Trust from $11.50 to $11.25 and set an "outperform" rating on the stock in a report on Wednesday. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $13.19.

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.

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