Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Plans $0.30 Quarterly Dividend

Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Get Free Report) announced a quarterly dividend on Friday, June 13th, RTT News reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.30 per share on Tuesday, July 15th. This represents a $1.20 annualized dividend and a dividend yield of 10.97%. The ex-dividend date of this dividend is Monday, June 30th.

Sunrise Realty Trust Stock Down 0.5%

NASDAQ SUNS traded down $0.06 on Monday, reaching $10.94. The company had a trading volume of 85,149 shares, compared to its average volume of 100,626. The stock has a market cap of $146.83 million and a price-to-earnings ratio of 10.83. The stock's 50 day moving average is $10.20 and its 200-day moving average is $11.65. Sunrise Realty Trust has a 52 week low of $7.80 and a 52 week high of $15.74.

Insider Activity

In other news, Chairman Leonard M. Tannenbaum bought 80,514 shares of the firm's stock in a transaction on Wednesday, March 19th. The shares were purchased at an average cost of $11.26 per share, with a total value of $906,587.64. Following the acquisition, the chairman now directly owns 2,623,803 shares in the company, valued at $29,544,021.78. This represents a 3.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders acquired 236,927 shares of company stock valued at $2,592,040. 24.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Sunrise Realty Trust by 90.1% during 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 last quarter. Bank of America Corp DE raised its position in shares of Sunrise Realty Trust by 60.4% during the fourth quarter. Bank of America Corp DE now owns 5,183 shares of the company's stock worth $73,000 after acquiring an additional 1,952 shares during the last quarter. Rhumbline Advisers lifted its position 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 purchasing an additional 1,794 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in Sunrise Realty Trust during the 1st quarter worth about $139,000. Finally, Goldman Sachs Group Inc. grew its stake in Sunrise Realty Trust by 53.5% during the first quarter. Goldman Sachs Group Inc. now owns 27,911 shares of the company's stock worth $309,000 after purchasing an additional 9,732 shares during the period.

Wall Street Analyst Weigh In

Several analysts recently commented on SUNS shares. 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 objective on the stock. Raymond James dropped their target price on Sunrise Realty Trust from $15.00 to $14.50 and set an "outperform" rating on the stock in a report on Monday, March 10th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Sunrise Realty Trust from $12.25 to $10.75 and set an "outperform" rating for the company in a research report on Monday, April 7th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Sunrise Realty Trust presently has an average rating of "Buy" and an average price target of $13.06.

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.