Redwood Trust (NYSE:RWT) Rating Increased to Hold at StockNews.com

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

RWT has been the subject of several other research reports. Piper Sandler increased their price target on shares of Redwood Trust from $6.50 to $7.50 and gave the stock a “neutral” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of Redwood Trust from $7.50 to $8.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Wells Fargo & Company raised their price objective on shares of Redwood Trust from $7.50 to $8.50 and gave the stock an “equal weight” rating in a report on Friday, September 20th. JMP Securities raised their price objective 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. Finally, 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 report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.19.

Redwood Trust Stock Performance

NYSE:RWT opened at $7.26 on Monday. Redwood Trust has a 12-month low of $5.45 and a 12-month high of $8.15. The company has a quick ratio of 50.47, a current ratio of 50.47 and a debt-to-equity ratio of 13.75. The firm has a market capitalization of $959.26 million, a PE ratio of 13.19 and a beta of 1.59. The firm has a 50-day moving average price of $7.57 and a 200 day moving average price of $7.01.

Redwood Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 23rd were issued a $0.17 dividend. The ex-dividend date was Monday, September 23rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 9.37%. This is a positive change from Redwood Trust’s previous quarterly dividend of $0.16. Redwood Trust’s dividend payout ratio (DPR) is currently 123.64%.

Institutional Trading of Redwood Trust

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in Redwood Trust in the second quarter valued at approximately $242,000. Illinois Municipal Retirement Fund boosted its stake in Redwood Trust by 4.5% in the first quarter. Illinois Municipal Retirement Fund now owns 69,768 shares of the real estate investment trust’s stock valued at $444,000 after acquiring an additional 2,993 shares during the last quarter. Clear Harbor Asset Management LLC bought a new position in Redwood Trust in the third quarter valued at approximately $722,000. Van ECK Associates Corp boosted its stake in Redwood Trust by 21.7% in the second quarter. Van ECK Associates Corp now owns 976,283 shares of the real estate investment trust’s stock valued at $6,336,000 after acquiring an additional 174,317 shares during the last quarter. Finally, Wulff Hansen & CO. boosted its stake in Redwood Trust by 549.0% in the second quarter. Wulff Hansen & CO. now owns 128,463 shares of the real estate investment trust’s stock valued at $834,000 after acquiring an additional 108,669 shares during the last quarter. Institutional investors and hedge funds own 74.34% of the company’s stock.

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.