Shares of Redwood Trust, Inc. (NYSE:RWT – Get Rating) have received a consensus recommendation of "Moderate Buy" from the nine ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $12.75.
Several research analysts have recently weighed in on the company. StockNews.com cut Redwood Trust from a "hold" rating to a "sell" rating in a research report on Friday, July 29th. Credit Suisse Group dropped their target price on Redwood Trust to $10.50 in a report on Monday, August 22nd. BTIG Research lowered Redwood Trust to a "neutral" rating in a report on Tuesday, September 6th. Finally, Piper Sandler dropped their target price on Redwood Trust from $12.00 to $11.00 and set an "overweight" rating on the stock in a report on Tuesday, June 28th.
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RWT stock opened at $6.51 on Thursday. The company has a debt-to-equity ratio of 8.39, a current ratio of 6.15 and a quick ratio of 6.15. The stock has a market capitalization of $782.96 million, a P/E ratio of 17.13 and a beta of 1.08. The business has a 50-day moving average of $7.87 and a 200-day moving average of $8.81. Redwood Trust has a fifty-two week low of $6.30 and a fifty-two week high of $14.17.
Redwood Trust Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 23rd will be paid a $0.23 dividend. The ex-dividend date is Thursday, September 22nd. This represents a $0.92 annualized dividend and a yield of 14.13%. Redwood Trust's dividend payout ratio is 242.11%.Redwood Trust announced that its board has initiated a stock repurchase plan on Thursday, July 28th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the real estate investment trust to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.
Hedge Funds Weigh In On Redwood Trust
Institutional investors and hedge funds have recently made changes to their positions in the company. Beach Point Capital Management LP acquired a new position in shares of Redwood Trust in the first quarter valued at approximately $4,607,000. Nisa Investment Advisors LLC grew its position in Redwood Trust by 2.3% during the first quarter. Nisa Investment Advisors LLC now owns 112,278 shares of the real estate investment trust's stock worth $1,182,000 after buying an additional 2,515 shares in the last quarter. Swiss National Bank grew its position in Redwood Trust by 8.6% during the first quarter. Swiss National Bank now owns 271,100 shares of the real estate investment trust's stock worth $2,855,000 after buying an additional 21,400 shares in the last quarter. Alterna Wealth Management Inc. grew its position in Redwood Trust by 47.5% during the first quarter. Alterna Wealth Management Inc. now owns 22,392 shares of the real estate investment trust's stock worth $236,000 after buying an additional 7,212 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Redwood Trust during the first quarter worth approximately $323,000. Institutional investors and hedge funds own 69.49% of the company's stock.
About Redwood Trust
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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.
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