Bank of New York Mellon Corp Cuts Stock Holdings in Sunrise Realty Trust, Inc. (NASDAQ:SUNS)

Bank of New York Mellon Corp lessened its position in Sunrise Realty Trust, Inc. (NASDAQ:SUNS) by 23.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,071 shares of the company’s stock after selling 6,602 shares during the quarter. Bank of New York Mellon Corp’s holdings in Sunrise Realty Trust were worth $297,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SUNS. Barclays PLC acquired a new position in Sunrise Realty Trust in the 3rd quarter valued at $106,000. Spire Wealth Management purchased a new stake in shares of Sunrise Realty Trust during the fourth quarter worth $137,000. JPMorgan Chase & Co. acquired a new stake in shares of Sunrise Realty Trust in the third quarter valued at about $155,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Sunrise Realty Trust in the third quarter worth about $231,000. Finally, Geode Capital Management LLC acquired a new position in Sunrise Realty Trust during the third quarter worth about $1,785,000.

Wall Street Analyst Weigh In

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

Sunrise Realty Trust Stock Down 0.7 %

Shares of SUNS stock opened at $11.21 on Friday. The firm’s 50-day moving average is $11.66 and its two-hundred day moving average is $13.42. 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 released its quarterly earnings results on Thursday, March 6th. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $3.45 million for the quarter, compared to analysts’ expectations of $3.25 million. As a group, equities analysts predict that Sunrise Realty Trust, Inc. will post 0.58 EPS for the current fiscal year.

Sunrise Realty Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 10.70%. The ex-dividend date of this dividend is Monday, March 31st.

Insider Transactions at Sunrise Realty Trust

In related news, Chairman Leonard M. Tannenbaum purchased 25,959 shares of Sunrise Realty Trust stock in a transaction dated Wednesday, March 26th. The shares were acquired at an average cost of $11.25 per share, with a total value of $292,038.75. Following the purchase, the chairman now owns 2,649,762 shares of the company’s stock, valued at approximately $29,809,822.50. The trade was a 0.99 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders acquired 1,181,473 shares of company stock worth $14,026,626. 5.70% of the stock is currently owned by company insiders.

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.