Leonard Tannenbaum Buys 23,109 Shares of Sunrise Realty Trust (NASDAQ:SUNS) Stock

Key Points

• Chairman Leonard Tannenbaum bought 23,109 SUNS shares at an average price of $7.73, increasing his direct ownership by 0.76% to 3.05 million shares.
• Sunrise Realty Trust reported quarterly earnings of $0.29 per share, slightly below estimates, while revenue of $8.56 million exceeded forecasts. The stock recently traded at $7.49, near its 52-week low.
• The company pays a quarterly dividend of $0.30 per share, equal to a 16.0% annualized yield, although its 123.71% payout ratio exceeds earnings. Analysts broadly rate the stock “Reduce,” with an average price target of $8.00.

Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Get Free Report) Chairman Leonard Tannenbaum acquired 23,109 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were bought at an average price of $7.73 per share, with a total value of $178,632.57. Following the completion of the transaction, the chairman directly owned 3,047,719 shares in the company, valued at approximately $23,558,867.87. The trade was a 0.76% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Sunrise Realty Trust Price Performance

NASDAQ:SUNS traded down $0.24 during trading hours on Tuesday, reaching $7.49. 99,930 shares of the company traded hands, compared to its average volume of 99,755. The firm's 50-day moving average is $8.21 and its 200-day moving average is $8.40. The stock has a market cap of $101.26 million, a P/E ratio of 7.72, a P/E/G ratio of 0.59 and a beta of 1.02. Sunrise Realty Trust, Inc. has a 1-year low of $7.34 and a 1-year high of $11.78.

Sunrise Realty Trust (NASDAQ:SUNS - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). Sunrise Realty Trust had a return on equity of 8.24% and a net margin of 53.33%.The company had revenue of $8.56 million during the quarter, compared to analyst estimates of $7.17 million. As a group, research analysts predict that Sunrise Realty Trust, Inc. will post 1.2 earnings per share for the current year.

Sunrise Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 16.0%. The ex-dividend date was Tuesday, June 30th. Sunrise Realty Trust's dividend payout ratio (DPR) is currently 123.71%.

Wall Street Analyst Weigh In

Several research firms have issued reports on SUNS. Keefe, Bruyette & Woods raised their price target on shares of Sunrise Realty Trust from $7.75 to $8.00 and gave the stock a "market perform" rating in a research note on Monday, May 18th. Weiss Ratings lowered shares of Sunrise Realty Trust from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, July 16th. Wall Street Zen upgraded shares of Sunrise Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Zacks Research raised shares of Sunrise Realty Trust from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Sunrise Realty Trust has an average rating of "Reduce" and an average price target of $8.00.

Hedge Funds Weigh In On Sunrise Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Sunrise Realty Trust during the second quarter worth approximately $1,038,000. Vanguard Group Inc. grew its stake in shares of Sunrise Realty Trust by 19.2% during the 3rd quarter. Vanguard Group Inc. now owns 588,554 shares of the company's stock valued at $6,115,000 after buying an additional 94,628 shares during the period. GatePass Capital LLC purchased a new stake in shares of Sunrise Realty Trust during the 1st quarter valued at $588,000. Corsair Capital Management L.P. increased its holdings in shares of Sunrise Realty Trust by 407.0% during the 4th quarter. Corsair Capital Management L.P. now owns 50,704 shares of the company's stock worth $478,000 after buying an additional 40,704 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Sunrise Realty Trust by 8.4% during the 4th quarter. Geode Capital Management LLC now owns 252,711 shares of the company's stock worth $2,383,000 after buying an additional 19,565 shares during the last quarter.

About Sunrise Realty Trust

Sunrise Realty Trust is a real estate investment trust (REIT) that focuses on acquiring, owning and leasing convenience store and fuel retail properties under long-term net leases. The company targets sale-leaseback transactions and joint-venture investments with high-credit tenants in the convenience retail sector. Sunrise Realty Trust's portfolio comprises single-tenant properties that benefit from predictable cash flows, structured lease agreements and tenant-driven site improvements, providing exposure to a segment of the retail real estate market that aligns closely with consumer essentials.

The company's primary business activities include sourcing and underwriting new property investments, negotiating sale-leaseback and ground lease transactions, and managing asset performance throughout the lease term.

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