Eidelman Virant Capital decreased its holdings in Redwood Trust, Inc. (NYSE:RWT – Get Rating) by 11.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,500 shares of the real estate investment trust's stock after selling 2,900 shares during the quarter. Eidelman Virant Capital's holdings in Redwood Trust were worth $395,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently modified their holdings of RWT. Beach Point Capital Management LP bought a new position in Redwood Trust during the first quarter valued at about $4,607,000. Nisa Investment Advisors LLC boosted its stake 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 valued at $1,182,000 after buying an additional 2,515 shares in the last quarter. Swiss National Bank boosted its position in shares of Redwood Trust by 8.6% in the 1st quarter. Swiss National Bank now owns 271,100 shares of the real estate investment trust's stock valued at $2,855,000 after purchasing an additional 21,400 shares during the period. Alterna Wealth Management Inc. boosted its position in shares of Redwood Trust by 47.5% in the 1st quarter. Alterna Wealth Management Inc. now owns 22,392 shares of the real estate investment trust's stock valued at $236,000 after purchasing an additional 7,212 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Redwood Trust in the 1st quarter valued at $323,000. Institutional investors own 69.49% of the company's stock.
Get Redwood Trust alerts:Redwood Trust Stock Down 8.6 %
Shares of RWT traded down $0.56 during midday trading on Monday, reaching $5.95. 286,370 shares of the stock were exchanged, compared to its average volume of 1,558,713. Redwood Trust, Inc. has a 12-month low of $6.30 and a 12-month high of $14.17. The firm has a 50 day simple moving average of $7.87 and a 200-day simple moving average of $8.80. The company has a quick ratio of 6.15, a current ratio of 6.15 and a debt-to-equity ratio of 8.39. The company has a market cap of $715.62 million, a price-to-earnings ratio of 15.61 and a beta of 1.08.
Redwood Trust announced that its board has authorized a share buyback program on Thursday, July 28th that permits the company to buyback $125.00 million in shares. This buyback authorization permits the real estate investment trust to repurchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.Redwood Trust Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 23rd will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 15.46%. The ex-dividend date is Thursday, September 22nd. Redwood Trust's dividend payout ratio (DPR) is presently 242.11%.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on RWT. StockNews.com lowered Redwood Trust from a "hold" rating to a "sell" rating in a research report on Friday, July 29th. Piper Sandler decreased their price target on Redwood Trust from $12.00 to $11.00 and set an "overweight" rating for the company in a research report on Tuesday, June 28th. Credit Suisse Group decreased their price target on Redwood Trust to $10.50 in a research report on Monday, August 22nd. Finally, BTIG Research lowered Redwood Trust to a "neutral" rating in a research report on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Redwood Trust currently has a consensus rating of "Hold" and an average price target of $12.43.
Redwood Trust Profile
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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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