Leonard M. Tannenbaum Acquires 1,000,000 Shares of Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Stock

Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Leonard M. Tannenbaum bought 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were 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 directly owns 2,434,213 shares of the company’s stock, valued at $29,210,556. The trade was a 69.72 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

Sunrise Realty Trust Stock Down 0.1 %

SUNS stock opened at $11.86 on Thursday. Sunrise Realty Trust, Inc. has a 52 week low of $8.11 and a 52 week high of $15.74. The stock has a 50 day moving average of $13.78.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Wasatch Advisors LP purchased a new stake in Sunrise Realty Trust in the third quarter valued at approximately $8,875,000. Geode Capital Management LLC purchased a new stake in shares of Sunrise Realty Trust in the 3rd quarter valued at $1,785,000. State Street Corp acquired a new stake in shares of Sunrise Realty Trust in the third quarter worth $1,788,000. Los Angeles Capital Management LLC purchased a new position in shares of Sunrise Realty Trust during the third quarter worth $372,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in Sunrise Realty Trust during the third quarter valued at $231,000.

Wall Street Analysts Forecast Growth

Separately, Raymond James initiated coverage on Sunrise Realty Trust in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $17.50 price objective for the company.

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.