Director James C. Fagan of Sunrise Realty Trust, Inc. (NYSE:SUNS) has recently increased his stake in the company by purchasing additional shares. On July 10, 2024, Fagan acquired 5,000 shares of common stock at a price of $10.75 per share, totaling an investment of $53,750.
The transaction has bolstered Fagan's total holdings to 5,813 shares directly owned. Additionally, a footnote in the report indicates that Fagan also received 813 shares as part of a spin-off from AFC Gamma, Inc., which includes 427 restricted shares that are set to vest on January 2, 2025. This is subject to certain conditions as outlined in the restricted stock grant agreement.
Furthermore, Fagan has an indirect ownership through Civic Reserve LLC, holding an additional 8,840 shares. Civic Reserve LLC is entirely controlled by Fagan and his spouse, as stated in the footnotes of the SEC filing.
This purchase reflects a significant investment by a key member of Sunrise Realty Trust's leadership and could be a signal of confidence in the future prospects of the company. Investors often monitor such transactions as they can provide insights into the executives' perspectives on the company's valuation and potential.
Sunrise Realty Trust, based in West Palm Beach, Florida, operates as a real estate investment trust, focusing on properties and projects that drive value for their stakeholders. The company's stock is publicly traded under the ticker symbol SUNS on the New York Stock Exchange.
In other recent news, Sunrise Realty Trust, a real estate investment trust, has launched its common stock trading on the Nasdaq Capital Market. This development marks a significant milestone for the company, which is a spin-off from AFC Gamma, Inc., as it provides liquidity and a market for its shares. The commencement of trading is a major step for Sunrise Realty Trust as it establishes itself as an independent entity in the marketplace. The exact trading prices for SUNS and AFC Gamma's common stock are currently unknown. These developments are recent and are part of Sunrise Realty Trust's progress in the financial market. The initiation of trading on Nasdaq represents a significant event in the company's trajectory. This news follows the company's announcement that it will begin trading on a "when-issued" basis.
InvestingPro Insights
In light of Director James C. Fagan's recent investment in Sunrise Realty Trust, Inc. (NYSE:SUNS), current and potential investors may find the following data from InvestingPro useful to gauge the company's recent market performance. Over the past week, SUNS has seen a price total return of 6.55%, indicating a bullish trend in the short term. Looking at a broader timeframe, the company has maintained a steady climb with a price total return of 9.45% over the last six months, which aligns with the year-to-date and one-year returns as of mid-July 2024. This suggests a consistent upward trajectory for SUNS in the market.
Moreover, with an average daily trading volume of 0.26 million USD in the past three months, SUNS exhibits a decent level of liquidity, making it easier for investors to enter or exit positions without significantly impacting the stock price. This liquidity, combined with the consistent return figures, may contribute to investors' confidence in the stability and growth potential of Sunrise Realty Trust.
For those looking for more in-depth analysis and strategic insights, InvestingPro offers additional tips that could further inform investment decisions regarding SUNS. Currently, there are 5 additional InvestingPro Tips available, providing a more comprehensive understanding of the company's financial health and market position. Interested investors can take advantage of these insights and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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