StockNews.com Upgrades Redwood Trust (NYSE:RWT) to “Hold”

StockNews.com upgraded shares of Redwood Trust (NYSE:RWT) from a sell rating to a hold rating in a report published on Monday morning.

RWT has been the topic of a number of other reports. Wedbush lifted their price target on shares of Redwood Trust from $6.50 to $7.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. JMP Securities lifted their price target on shares of Redwood Trust from $8.50 to $9.00 and gave the stock a “market outperform” rating in a research report on Friday, October 4th. Piper Sandler lifted their price target on shares of Redwood Trust from $6.50 to $7.50 and gave the stock a “neutral” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of Redwood Trust from $7.50 to $8.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, Raymond James raised their price objective on shares of Redwood Trust from $8.50 to $9.50 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $8.19.

Redwood Trust Trading Down 1.3 %

Shares of NYSE RWT opened at $7.26 on Monday. The company’s fifty day moving average is $7.57 and its 200-day moving average is $7.01. The stock has a market cap of $959.26 million, a price-to-earnings ratio of 13.19 and a beta of 1.59. Redwood Trust has a twelve month low of $5.45 and a twelve month high of $8.15. The company has a quick ratio of 50.47, a current ratio of 50.47 and a debt-to-equity ratio of 13.75.

Redwood Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 23rd were paid a $0.17 dividend. This is a positive change from Redwood Trust’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 9.37%. The ex-dividend date was Monday, September 23rd. Redwood Trust’s payout ratio is presently 123.64%.

Institutional Investors Weigh In On Redwood Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System increased its stake in Redwood Trust by 2.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 66,500 shares of the real estate investment trust’s stock valued at $432,000 after buying an additional 1,400 shares during the last quarter. Mutual of America Capital Management LLC increased its stake in Redwood Trust by 9.1% in the 1st quarter. Mutual of America Capital Management LLC now owns 22,653 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 1,889 shares during the last quarter. Evanson Asset Management LLC increased its stake in Redwood Trust by 16.7% in the 3rd quarter. Evanson Asset Management LLC now owns 14,000 shares of the real estate investment trust’s stock valued at $108,000 after buying an additional 2,000 shares during the last quarter. GAMMA Investing LLC increased its stake in Redwood Trust by 65.4% in the 3rd quarter. GAMMA Investing LLC now owns 5,169 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 2,043 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Redwood Trust by 7.8% in the 2nd quarter. Victory Capital Management Inc. now owns 33,849 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 2,450 shares during the last quarter. 74.34% of the stock is currently owned by institutional investors and hedge funds.

About Redwood Trust

Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking, and Investment Portfolio. The Residential Consumer 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.