Sunrise Realty Trust (NASDAQ:SUNS) Coverage Initiated at Oppenheimer
Oppenheimer has initiated coverage on Sunrise Realty Trust (NASDAQ:SUNS), assigning an "outperform" rating and a price target of $12.00, indicating a potential upside of 44.93% from its previous close. Other analysts have also rated the stock positively, with a consensus rating of "Buy" and an average target price of $13.06. The stock opened at $8.28, with a 52-week range of $7.80 to $15.74. Recent insider trading shows significant purchases by Chairman Leonard M. Tannenbaum, increasing his ownership by 69.72%.
Equities research analysts at Oppenheimer initiated coverage on shares of Sunrise Realty Trust (NASDAQ:SUNS - Get Free Report) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The brokerage set an "outperform" rating and a $12.00 price target on the stock. Oppenheimer's target price points to a potential upside of 44.93% from the company's previous close.
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SUNS has been the topic of several other reports. Keefe, Bruyette & Woods reduced their price objective on shares of Sunrise Realty Trust from $12.25 to $10.75 and set an "outperform" rating for the company in a research note on Monday, April 7th. Raymond James reduced 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 began coverage on shares of Sunrise Realty Trust in a research report on Thursday, February 13th. They set a "buy" rating and a $15.00 price target on the stock. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $13.06.
Check Out Our Latest Stock Analysis on SUNS
Sunrise Realty Trust Price Performance
Shares of SUNS opened at $8.28 on Thursday. Sunrise Realty Trust has a 52 week low of $7.80 and a 52 week high of $15.74. The business's 50 day moving average price is $10.83 and its 200-day moving average price is $12.89.
Sunrise Realty Trust (NASDAQ:SUNS - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $3.25 million. On average, analysts forecast that Sunrise Realty Trust will post 0.58 EPS for the current year.
Insider Buying and Selling
In related news, Chairman Leonard M. Tannenbaum purchased 1,000,000 shares of the firm's stock in a transaction on Wednesday, January 29th. The shares were bought at an average price of $12.00 per share, for a total transaction of $12,000,000.00. Following the acquisition, the chairman now directly owns 2,434,213 shares in the company, valued at $29,210,556. This trade represents a 69.72 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders have purchased 1,243,033 shares of company stock valued at $14,701,913. Corporate insiders own 5.70% of the company's stock.
Institutional Investors Weigh In On Sunrise Realty Trust
A number of institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. acquired a new position in shares of Sunrise Realty Trust in the 3rd quarter valued at about $231,000. State Street Corp purchased a new stake in Sunrise Realty Trust during the third quarter worth approximately $1,788,000. Barclays PLC purchased a new position in shares of Sunrise Realty Trust in the 3rd quarter valued at $106,000. Geode Capital Management LLC acquired a new position in shares of Sunrise Realty Trust during the 3rd quarter valued at $1,785,000. Finally, JPMorgan Chase & Co. purchased a new stake in Sunrise Realty Trust during the 3rd quarter worth $155,000.
Sunrise Realty Trust Company Profile
(Get Free Report)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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