Redwood Trust, Inc. (NYSE:RWT – Get Free Report) gapped down prior to trading on Wednesday after Piper Sandler lowered their price target on the stock from $7.50 to $7.00. The stock had previously closed at $6.51, but opened at $6.03. Piper Sandler currently has a neutral rating on the stock. Redwood Trust shares last traded at $6.24, with a volume of 634,586 shares changing hands.
A number of other brokerages also recently issued reports on RWT. UBS Group assumed coverage on Redwood Trust in a research report on Wednesday, December 6th. They set a “buy” rating and a $9.00 price objective for the company. BTIG Research raised Redwood Trust from a “neutral” rating to a “buy” rating and set a $8.50 price objective for the company in a research report on Tuesday, December 5th. Finally, Raymond James lowered their target price on Redwood Trust from $9.00 to $8.50 and set a “strong-buy” rating for the company in a report on Friday, January 19th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.36.
Hedge Funds Weigh In On Redwood Trust
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Boston Partners purchased a new position in shares of Redwood Trust in the 3rd quarter valued at about $12,015,000. Victory Capital Management Inc. boosted its stake in shares of Redwood Trust by 383.2% in the 3rd quarter. Victory Capital Management Inc. now owns 128,334 shares of the real estate investment trust’s stock valued at $915,000 after buying an additional 101,774 shares during the period. Van ECK Associates Corp boosted its stake in shares of Redwood Trust by 18.1% in the 2nd quarter. Van ECK Associates Corp now owns 621,051 shares of the real estate investment trust’s stock valued at $3,956,000 after buying an additional 95,004 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Redwood Trust by 3.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 91,420 shares of the real estate investment trust’s stock valued at $652,000 after buying an additional 3,042 shares during the period. Finally, Advisors Preferred LLC purchased a new position in shares of Redwood Trust in the 3rd quarter valued at about $4,070,000. Hedge funds and other institutional investors own 69.94% of the company’s stock.
Redwood Trust Stock Down 4.5 %
The firm has a 50 day moving average price of $7.03 and a 200-day moving average price of $7.17. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 9.84. The firm has a market cap of $710.57 million, a PE ratio of -9.40 and a beta of 1.51.
Redwood Trust Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Wednesday, December 20th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 10.29%. The ex-dividend date of this dividend was Tuesday, December 19th. Redwood Trust’s dividend payout ratio (DPR) is presently -95.52%.
Redwood Trust Company Profile
Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio. The Residential Mortgage Banking segment operates a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer to its investment portfolio.