Brown Brothers Harriman & Co. Takes $39,000 Position in Redwood Trust, Inc. (NYSE:RWT)

Brown Brothers Harriman & Co. purchased a new position in shares of Redwood Trust, Inc. (NYSE:RWT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 5,000 shares of the real estate investment trust’s stock, valued at approximately $39,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Intech Investment Management LLC boosted its position in shares of Redwood Trust by 182.1% during the third quarter. Intech Investment Management LLC now owns 48,929 shares of the real estate investment trust’s stock valued at $378,000 after buying an additional 31,582 shares during the period. Apollon Wealth Management LLC boosted its holdings in Redwood Trust by 7.2% during the 3rd quarter. Apollon Wealth Management LLC now owns 77,972 shares of the real estate investment trust’s stock valued at $603,000 after acquiring an additional 5,259 shares during the period. Concurrent Investment Advisors LLC grew its position in Redwood Trust by 269.9% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 39,273 shares of the real estate investment trust’s stock valued at $304,000 after acquiring an additional 28,655 shares during the last quarter. Ceredex Value Advisors LLC increased its stake in Redwood Trust by 22.8% in the third quarter. Ceredex Value Advisors LLC now owns 1,113,600 shares of the real estate investment trust’s stock worth $8,608,000 after purchasing an additional 207,088 shares during the period. Finally, Golden State Equity Partners lifted its position in shares of Redwood Trust by 19.3% during the third quarter. Golden State Equity Partners now owns 70,562 shares of the real estate investment trust’s stock worth $545,000 after purchasing an additional 11,396 shares during the last quarter. 74.34% of the stock is currently owned by institutional investors.

Redwood Trust Stock Up 1.0 %

Shares of Redwood Trust stock opened at $7.19 on Friday. Redwood Trust, Inc. has a 52-week low of $5.45 and a 52-week high of $8.15. The firm’s 50 day moving average price is $7.41 and its 200-day moving average price is $7.10. The company has a quick ratio of 44.36, a current ratio of 44.36 and a debt-to-equity ratio of 14.55. The company has a market cap of $951.02 million, a P/E ratio of 13.07 and a beta of 1.59.

Redwood Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 23rd were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, September 23rd. This is an increase from Redwood Trust’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 9.46%. Redwood Trust’s dividend payout ratio is presently 123.64%.

Analysts Set New Price Targets

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

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.