Sunrise Realty Trust, Inc. (NYSE:SUNS) has reported a notable transaction by its Executive Chairman, Leonard M. Tannenbaum. According to the latest SEC filing, Tannenbaum has purchased $243,400 worth of the company's common stock.
The transaction, which took place on August 20, involved the acquisition of 20,000 shares at a weighted average price of $12.17. This price range was a result of multiple trades executed between $12.00 and $12.27 per share. Following this purchase, Tannenbaum's directly and indirectly held shares in Sunrise Realty Trust have increased significantly.
It's important to note that some of the shares acquired are indirectly held. Tannenbaum's indirect holdings include shares held by the Tannenbaum Family Foundation, where he serves as President, and shares held by the Tannenbaum Family 2012 Trust, which benefits certain members of his family. In both cases, Tannenbaum has disclaimed beneficial ownership of these securities, except to the extent of his pecuniary interest. Additionally, some shares are reported to be held by his spouse, for which he also disclaims beneficial ownership.
This recent purchase by the Executive Chairman is a transaction that Sunrise Realty Trust investors may view as a sign of confidence from one of the company's top executives. The acquisition adds to Tannenbaum's already substantial stake in the real estate investment trust, which is known for its investments in commercial properties and other real estate-related assets.
Investors and shareholders of Sunrise Realty Trust can access the full details of the transaction upon request to the SEC, issuer, or any security holder of the issuer, as the reporting person has undertaken to provide full information regarding the number of shares and the prices at which the transactions were effected.
InvestingPro Insights
Sunrise Realty Trust, Inc. (NYSE:SUNS) has caught the attention of investors not just through the recent insider purchase by Executive Chairman Leonard M. Tannenbaum, but also because of its performance metrics and market valuation. With a market capitalization of $85.6 million, SUNS is trading at a high earnings multiple, with a P/E ratio of 42.93. This valuation is significantly above the adjusted P/E ratio for the last twelve months as of Q4 2023, which stands at 129.29, suggesting a premium on its earnings potential.
Moreover, SUNS has experienced a solid return over the past month, with a 1-month price total return of 18.28%. This aligns with an InvestingPro Tip highlighting the stock's significant return over the last week. The company's stock generally trades with high price volatility, which could be a factor for traders looking for active market movements.
Financially, SUNS shows robust health with gross profit margins reaching 100% and an operating income margin of 95.87% for the last twelve months as of Q4 2023. This indicates that the company is not just generating revenue but is also proficient in translating it into profit. Additionally, SUNS does not pay a dividend to shareholders, which is a strategic choice that could be appealing to investors who prioritize growth and reinvestment over immediate income.
For those interested in exploring more about SUNS, there are additional InvestingPro Tips available, which could provide further insights into the company's investment potential. The full set of tips can be accessed through the dedicated InvestingPro page for SUNS at InvestingPro.
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