Sunrise Realty Trust, Inc. (NYSE:SUNS) has reported a significant purchase of shares by Executive Chairman Leonard M. Tannenbaum, according to the latest SEC filings. Tannenbaum acquired a total of 56,584 shares of common stock in the real estate investment trust, with the transaction amounting to approximately $724,275.
The shares were bought at a weighted average price of $12.8, with individual transactions ranging from $12.66 to $12.87. This purchase reflects the executive's confidence in the company and adds to his already substantial holdings in Sunrise Realty Trust.
Following this transaction, Tannenbaum's direct and indirect holdings in the company have increased significantly. The shares purchased are held indirectly through the Tannenbaum Family Foundation, where Tannenbaum serves as the President. It should be noted that he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest. Additional shares are held by the Tannenbaum Family 2012 Trust and by his spouse, over which Tannenbaum also disclaims beneficial ownership.
This latest transaction is part of a series of filings that provide transparency into the actions of company insiders, offering investors a glimpse into the moves made by those who know the company best. The purchase by Tannenbaum aligns with the ongoing financial activities at Sunrise Realty Trust as it continues to navigate the real estate market.
In other recent news, Sunrise Realty Trust, a real estate investment trust, has commenced trading of its common stock on the Nasdaq Capital Market, marking a significant milestone for the company. This development is a crucial step for Sunrise Realty Trust, providing liquidity and a market for its shares. The company, which is a spin-off from AFC Gamma, Inc., did not have a public market for its common stock prior to this. The trading began on a "when-issued" basis and regular way trading is anticipated to start soon. These are recent developments for Sunrise Realty Trust as it establishes itself as an independent entity in the marketplace. It's important to note that the exact trading prices for Sunrise Realty Trust and AFC Gamma's common stock are currently unknown and cannot be predicted by the companies. The transactions initiated recently are set to settle in the near future.
InvestingPro Insights
Sunrise Realty Trust, Inc. (NYSE:SUNS) has demonstrated robust performance across various time frames, showcasing a consistent growth trajectory. The company's 1-week, 1-month, 3-month, 6-month, year-to-date, and 1-year price total return all stand at an impressive 25.0%. This level of performance indicates a strong bullish trend for SUNS and may reflect positively on investor confidence, aligning with the recent insider purchase activity.
Moreover, the average daily volume over the past three months has been recorded at 0.26 million USD, suggesting a healthy level of liquidity in the market for SUNS shares. This could offer investors the flexibility to execute transactions with relative ease.
An InvestingPro Tip indicates that insider buying, such as the recent acquisition by Executive Chairman Leonard M. Tannenbaum, can be a signal of corporate insiders' positive outlook on the company's future. For readers interested in further insights and tips, InvestingPro offers additional information. There are currently 5 more InvestingPro Tips available that could provide deeper analysis and help investors make informed decisions.
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