White Pine Investment CO trimmed its stake in shares of Redwood Trust, Inc. (NYSE:RWT) by 0.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 306,035 shares of the real estate investment trust’s stock after selling 1,100 shares during the period. Redwood Trust comprises 2.5% of White Pine Investment CO’s holdings, making the stock its 15th largest position. White Pine Investment CO owned approximately 0.32% of Redwood Trust worth $4,942,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of RWT. United Services Automobile Association grew its holdings in Redwood Trust by 58.5% during the third quarter. United Services Automobile Association now owns 19,487 shares of the real estate investment trust’s stock worth $316,000 after acquiring an additional 7,195 shares during the period. MetLife Investment Advisors LLC grew its holdings in Redwood Trust by 72.5% during the third quarter. MetLife Investment Advisors LLC now owns 57,814 shares of the real estate investment trust’s stock worth $939,000 after acquiring an additional 24,290 shares during the period. Thrivent Financial for Lutherans acquired a new stake in Redwood Trust in the third quarter valued at approximately $943,000. IndexIQ Advisors LLC grew its holdings in Redwood Trust by 7.9% in the third quarter. IndexIQ Advisors LLC now owns 72,885 shares of the real estate investment trust’s stock valued at $1,184,000 after purchasing an additional 5,328 shares during the period. Finally, Legal & General Group Plc grew its holdings in Redwood Trust by 191.0% in the third quarter. Legal & General Group Plc now owns 215,308 shares of the real estate investment trust’s stock valued at $3,490,000 after purchasing an additional 141,330 shares during the period. 81.55% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on RWT shares. JMP Securities raised Redwood Trust from a “market perform” rating to an “outperform” rating and set a $17.00 price objective on the stock in a report on Monday, March 4th. Zacks Investment Research lowered Redwood Trust from a “hold” rating to a “sell” rating in a report on Tuesday, February 19th. Credit Suisse Group started coverage on Redwood Trust in a report on Tuesday, February 5th. They issued an “outperform” rating and a $18.00 price objective on the stock. Finally, Nomura started coverage on Redwood Trust in a report on Wednesday, March 27th. They issued a “buy” rating and a $17.50 price objective on the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Redwood Trust currently has a consensus rating of “Buy” and a consensus target price of $17.71.
In other news, Director Mariann H. Byerwalter sold 9,778 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.81, for a total value of $154,590.18. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.50% of the company’s stock.
RWT traded up $0.09 during trading on Tuesday, hitting $16.40. The company’s stock had a trading volume of 354,749 shares, compared to its average volume of 1,066,485. The company has a current ratio of 3.88, a quick ratio of 3.88 and a debt-to-equity ratio of 5.92. Redwood Trust, Inc. has a twelve month low of $14.29 and a twelve month high of $17.50. The firm has a market cap of $1.58 billion, a P/E ratio of 9.21 and a beta of 0.65.
Redwood Trust (NYSE:RWT) last issued its quarterly earnings data on Thursday, February 14th. The real estate investment trust reported $0.39 EPS for the quarter, beating the consensus estimate of $0.37 by $0.02. Redwood Trust had a return on equity of 13.10% and a net margin of 26.49%. The company had revenue of $35.00 million for the quarter, compared to analyst estimates of $37.63 million. During the same period last year, the company earned $0.35 earnings per share. Redwood Trust’s quarterly revenue was up .0% compared to the same quarter last year. Equities research analysts forecast that Redwood Trust, Inc. will post 1.49 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 7.32%. Redwood Trust’s dividend payout ratio (DPR) is presently 67.42%.
Redwood Trust Company Profile
Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through two segments, Investment Portfolio and Residential Mortgage Banking. The Investment Portfolio segment offers a portfolio of investments in residential mortgage-backed securities retained from Sequoia securitizations, as well as issued by third parties and other credit risk-related investments; and invests directly in residential mortgage loans.
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