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Leonard M. Tannenbaum, the Executive Chairman of Sunrise Realty Trust , Inc. (NASDAQ:SUNS), has made notable purchases of the company’s common stock, according to a recent SEC filing. On March 10 and 11, Tannenbaum acquired a total of 10,069 shares, with transaction prices ranging from $10.80 to $10.83 per share. The total value of these transactions is approximately $109,045. The purchases come as the stock trades at $11.16, offering a substantial 10.8% dividend yield and following a 19% decline over the past six months.
Following these purchases, Tannenbaum holds a direct ownership of 2,444,282 shares. Additionally, he maintains indirect ownership in various capacities, including through family trusts and as a custodian for his son. According to InvestingPro analysis, the company maintains strong financial health with liquid assets exceeding short-term obligations.
These purchases reflect Tannenbaum’s continued investment in Sunrise Realty Trust, a real estate investment trust headquartered in West Palm Beach, Florida. The company has remained profitable over the last twelve months, with analysts expecting continued profitability and net income growth this year.
In other recent news, Sunrise Realty Trust reported its fourth-quarter 2024 earnings, posting an EPS of $0.27, which exceeded Wall Street expectations. The company also reported a revenue of $3.4 million, aligning with its net interest income. Despite the positive earnings report, both Keefe, Bruyette & Woods and Raymond (NSE:RYMD) James adjusted their price targets for Sunrise Realty Trust, reducing them to $12.25 and $14.50, respectively. Both firms maintained an Outperform rating on the stock, indicating continued confidence in the company’s strategic direction.
Keefe, Bruyette & Woods noted that the adjustment in the price target was due to a reset in the dividend, which was lowered to $0.30 per quarter. However, they anticipate an upward trend in earnings and dividends, supported by the company’s loan origination activities. Similarly, Raymond James attributed their price target revision to the fourth-quarter earnings shortfall, which was linked to the timing of new investments and increased unfunded commitments. Despite this, Raymond James remains optimistic about Sunrise Realty Trust’s portfolio potential and strategic focus.
Sunrise Realty Trust also completed a $77 million equity raise in January 2025, which contributed to its financial stability. The company’s book value per share was reported at $13.93 following this equity offering. Analysts have highlighted the company’s strong position in the Southern U.S. real estate market, particularly in Florida and Texas, with 85% of loans being floating-rate. These developments underscore a positive outlook for Sunrise Realty Trust as it continues to navigate the real estate investment landscape.
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