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

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) declared a quarterly dividend on Tuesday, March 4th, Wall Street Journal reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.30 per share on Tuesday, April 15th. This represents a $1.20 annualized dividend and a yield of 10.70%. The ex-dividend date of this dividend is Monday, March 31st.

Sunrise Realty Trust Price Performance

NASDAQ SUNS traded down $0.08 during mid-day trading on Friday, reaching $11.21. 154,336 shares of the stock were exchanged, compared to its average volume of 101,424. The stock has a 50 day simple moving average of $11.66 and a 200-day simple moving average of $13.42. Sunrise Realty Trust has a one year low of $8.11 and a one year high of $15.74.

Sunrise Realty Trust (NASDAQ:SUNS) last announced its quarterly earnings data on Thursday, March 6th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $3.45 million during the quarter, compared to analyst estimates of $3.25 million. On average, sell-side analysts forecast that Sunrise Realty Trust will post 0.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SUNS shares. Raymond James cut their price objective on shares of Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating on the stock in a research report on Monday, March 10th. B. Riley assumed coverage on Sunrise Realty Trust in a research report on Thursday, February 13th. They set a “buy” rating and a $15.00 target price on the stock. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Sunrise Realty Trust from $12.75 to $12.25 and set an “outperform” rating for the company in a research note on Monday, March 10th.

Insider Transactions at Sunrise Realty Trust

In other news, Chairman Leonard M. Tannenbaum acquired 25,000 shares of Sunrise Realty Trust stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $11.06 per share, with a total value of $276,500.00. Following the transaction, the chairman now owns 2,469,282 shares of the company’s stock, valued at approximately $27,310,258.92. This trade represents a 1.02 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased a total of 1,181,473 shares of company stock valued at $14,026,626 over the last ninety days. 5.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sunrise Realty Trust

An institutional investor recently raised its position in Sunrise Realty Trust stock. Bank of America Corp DE boosted its holdings in Sunrise Realty Trust, Inc. (NASDAQ:SUNS) by 60.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,183 shares of the company’s stock after purchasing an additional 1,952 shares during the period. Bank of America Corp DE owned about 0.07% of Sunrise Realty Trust worth $73,000 as of its most recent SEC filing.

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.