Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Acquires 32,275 Shares of 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 bought 32,275 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $10.48 per share, for a total transaction of $338,242.00. Following the completion of the acquisition, 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 position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.

Sunrise Realty Trust Price Performance

Shares of Sunrise Realty Trust stock traded up $0.10 on Monday, hitting $10.67. The company had a trading volume of 23,762 shares, compared to its average volume of 113,574. The stock has a 50-day moving average of $10.68 and a 200-day moving average of $10.72. Sunrise Realty Trust, Inc. has a twelve month low of $7.80 and a twelve month high of $15.74. The firm has a market capitalization of $143.19 million and a P/E ratio of 10.26.

Sunrise Realty Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 yield of 11.2%. Sunrise Realty Trust's dividend payout ratio is presently 115.38%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods lowered their price target on Sunrise Realty Trust from $11.50 to $11.25 and set an "outperform" rating for the company in a report on Wednesday, August 13th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $13.19.

Hedge Funds Weigh In On Sunrise Realty Trust

A number of large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. bought a new position in shares of Sunrise Realty Trust in the 1st quarter valued at about $25,000. Tower Research Capital LLC TRC increased its holdings in shares of 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 during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Sunrise Realty Trust by 61.6% in the second 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. Corebridge Financial Inc. lifted its stake in shares of Sunrise Realty Trust by 82.4% during the 1st quarter. Corebridge Financial Inc. now owns 5,117 shares of the company's stock worth $57,000 after buying an additional 2,312 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Sunrise Realty Trust by 60.4% during 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.

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.