Insider Buying: Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Purchases 1,000,000 Shares of Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum acquired 1,000,000 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was purchased at an average cost of $12.00 per share, with a total value of $12,000,000.00. Following the transaction, the chairman now owns 2,434,213 shares in the company, valued at approximately $29,210,556. This trade represents a 69.72 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Sunrise Realty Trust Trading Down 0.1 %

Shares of NASDAQ SUNS traded down $0.01 during trading on Wednesday, reaching $11.86. The company had a trading volume of 343,485 shares, compared to its average volume of 163,101. The company has a fifty day simple moving average of $13.85. Sunrise Realty Trust, Inc. has a 12 month low of $8.11 and a 12 month high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. The firm had revenue of $3.18 million during the quarter, compared to analyst estimates of $2.50 million. As a group, analysts forecast that Sunrise Realty Trust, Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Raymond James assumed coverage on Sunrise Realty Trust in a research note on Thursday, October 3rd. They set an “outperform” rating and a $17.50 target price on the stock.

Institutional Trading of Sunrise Realty Trust

Several hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC bought a new stake in Sunrise Realty Trust in the 3rd quarter valued at about $28,000. Barclays PLC bought a new position in Sunrise Realty Trust in the 3rd quarter worth about $106,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Sunrise Realty Trust during the 3rd quarter valued at $125,000. Spire Wealth Management purchased a new position in shares of Sunrise Realty Trust in the 4th quarter worth about $137,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Sunrise Realty Trust during the 3rd quarter valued at $155,000.

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.