Redwood Trust (NYSE:RWT) Upgraded by StockNews.com to Hold Rating

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

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

Redwood Trust Stock Performance

Shares of RWT opened at $7.06 on Monday. The company has a market capitalization of $933.14 million, a PE ratio of 12.82 and a beta of 1.59. The company has a debt-to-equity ratio of 14.55, a current ratio of 44.36 and a quick ratio of 44.36. Redwood Trust has a one year low of $5.45 and a one year high of $8.15. The company’s fifty day moving average price is $7.56 and its 200 day moving average price is $7.03.

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 issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 9.64%. The ex-dividend date was Monday, September 23rd. This is a positive change from Redwood Trust’s previous quarterly dividend of $0.16. Redwood Trust’s payout ratio is 123.64%.

Hedge Funds Weigh In On Redwood Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in RWT. SG Americas Securities LLC acquired a new stake in Redwood Trust in the 2nd quarter valued at $242,000. Illinois Municipal Retirement Fund boosted its stake in shares of Redwood Trust by 4.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 69,768 shares of the real estate investment trust’s stock valued at $444,000 after purchasing an additional 2,993 shares in the last quarter. Clear Harbor Asset Management LLC bought a new stake in shares of Redwood Trust in the 3rd quarter worth about $722,000. Van ECK Associates Corp increased its position in shares of Redwood Trust by 21.7% during the 2nd quarter. Van ECK Associates Corp now owns 976,283 shares of the real estate investment trust’s stock worth $6,336,000 after purchasing an additional 174,317 shares in the last quarter. Finally, Wulff Hansen & CO. lifted its holdings in Redwood Trust by 549.0% during the 2nd quarter. Wulff Hansen & CO. now owns 128,463 shares of the real estate investment trust’s stock valued at $834,000 after purchasing an additional 108,669 shares during the last quarter. 74.34% of the stock is owned by institutional investors.

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.