Northern Trust Corp trimmed its holdings in Sunrise Realty Trust, Inc. (NASDAQ:SUNS – Free Report) by 6.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,528 shares of the company’s stock after selling 3,214 shares during the quarter. Northern Trust Corp’s holdings in Sunrise Realty Trust were worth $655,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its position in shares of Sunrise Realty Trust by 353.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,923 shares of the company’s stock valued at $41,000 after acquiring an additional 2,279 shares during the period. Barclays PLC boosted its position in shares of Sunrise Realty Trust by 14.8% in the fourth quarter. Barclays PLC now owns 8,484 shares of the company’s stock valued at $120,000 after acquiring an additional 1,092 shares during the period. Spire Wealth Management bought a new stake in shares of Sunrise Realty Trust in the fourth quarter valued at approximately $137,000. JPMorgan Chase & Co. bought a new stake in shares of Sunrise Realty Trust in the third quarter valued at approximately $155,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Sunrise Realty Trust in the fourth quarter valued at approximately $158,000.
Sunrise Realty Trust Trading Down 1.0%
Shares of NASDAQ SUNS opened at $10.69 on Friday. The business has a fifty day simple moving average of $10.12 and a 200 day simple moving average of $11.98. The firm has a market capitalization of $143.47 million and a price-to-earnings ratio of 10.58. Sunrise Realty Trust, Inc. has a one year low of $7.80 and a one year high of $15.74.
Sunrise Realty Trust Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 11.23%. Sunrise Realty Trust’s dividend payout ratio is currently 118.81%.
Insiders Place Their Bets
In related news, Chairman Leonard M. Tannenbaum acquired 50,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was purchased at an average cost of $11.03 per share, for a total transaction of $551,500.00. Following the completion of the purchase, the chairman now directly owns 2,543,289 shares of the company’s stock, valued at $28,052,477.67. The trade was a 2.01% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 311,927 shares of company stock worth $3,420,040 over the last three months. 24.80% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reduced their price objective on 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. Oppenheimer initiated coverage on Sunrise Realty Trust in a research note on Thursday, April 17th. They issued an “outperform” rating and a $12.00 target price for the company. Raymond James cut their target price on Sunrise Realty Trust from $15.00 to $14.50 and set an “outperform” rating for the company in a research note on Monday, March 10th. Finally, B. Riley initiated coverage on Sunrise Realty Trust in a research note on Thursday, February 13th. They issued a “buy” rating and a $15.00 target price for the company. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.06.
Get Our Latest Analysis on SUNS
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.
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