Sunrise Realty Trust’s executive chairman acquires $675k in shares

WEST PALM BEACH, FL—Leonard M. Tannenbaum, the Executive Chairman of Sunrise Realty Trust , Inc. (NASDAQ:SUNS), recently increased his stake in the company with substantial purchases of common stock. According to a recent SEC filing, Tannenbaum acquired a total of 61,560 shares over two transactions in the $148.6 million market cap company, which currently offers an attractive 10.8% dividend yield.

On March 28, Tannenbaum purchased 17,495 shares at a weighted average price of $11.17 per share. A few days later, on March 31, he bought an additional 44,065 shares at a weighted average price of $10.89 per share. These transactions fall within a price range of $10.89 to $11.17, representing a total investment of approximately $675,287. According to InvestingPro data, the stock has fallen significantly over the past three months, trading at 11.1x earnings with a FAIR financial health score.

Following these acquisitions, Tannenbaum’s direct ownership in Sunrise Realty Trust increased to 2,711,322 shares. Additionally, he holds indirect interests through various trusts and family arrangements, as detailed in the filing.

This move by Tannenbaum, who also serves as a director and holds more than ten percent of the company, reflects a significant vote of confidence in Sunrise Realty Trust’s future prospects.

In other recent news, Sunrise Realty Trust reported its fourth-quarter 2024 earnings, surpassing Wall Street expectations with an EPS of $0.27 and revenue of $3.4 million. Despite the positive earnings report, the company plans to maintain a dividend of $0.30 per share for the first quarter of 2025. Analysts from Keefe, Bruyette & Woods and Raymond (NSE:RYMD) James have made adjustments to their price targets for Sunrise Realty Trust, setting them at $12.25 and $14.50 respectively, while both firms continue to maintain an Outperform rating on the stock. The adjustments were partly due to the timing of new investments and an increase in unfunded commitments. Keefe, Bruyette & Woods noted the company’s shares are appealing at 0.79 times the pro forma book value, which is favorable compared to peers. Additionally, Sunrise Realty Trust completed a $77 million equity raise in January 2025, which is expected to support future growth. The company’s portfolio remains concentrated in Florida and Texas, with 85% of loans being floating-rate. Analysts from both firms remain optimistic about Sunrise Realty Trust’s strategic focus and future performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.