Keefe, Bruyette & Woods upgraded shares of Redwood Trust (NYSE:RWT) from a market perform rating to an outperform rating in a report issued on Thursday.
RWT has been the subject of a number of other research reports. ValuEngine raised shares of Redwood Trust from a hold rating to a buy rating in a research note on Friday, December 1st. Deutsche Bank decreased their price objective on shares of Redwood Trust from $18.50 to $17.00 and set a buy rating for the company in a research note on Wednesday, November 8th. Zacks Investment Research lowered shares of Redwood Trust from a hold rating to a strong sell rating in a research note on Friday, November 10th. Finally, BidaskClub raised shares of Redwood Trust from a hold rating to a buy rating in a research note on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $17.00.
Redwood Trust (NYSE RWT) traded up $0.22 during trading on Thursday, reaching $15.12. 503,300 shares of the company were exchanged, compared to its average volume of 349,130. Redwood Trust has a 1 year low of $14.29 and a 1 year high of $17.45. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 2.91. The firm has a market cap of $1,140.53, a price-to-earnings ratio of 10.64 and a beta of 0.91.
Redwood Trust (NYSE:RWT) last posted its quarterly earnings data on Monday, November 6th. The real estate investment trust reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.04). Redwood Trust had a return on equity of 9.87% and a net margin of 41.62%. The firm had revenue of $35.00 million during the quarter, compared to analyst estimates of $36.86 million. During the same period in the prior year, the business posted $0.58 EPS. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. equities analysts expect that Redwood Trust will post 1.39 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Friday, December 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 7.41%. The ex-dividend date is Thursday, December 14th. Redwood Trust’s dividend payout ratio (DPR) is currently 70.89%.
Several large investors have recently modified their holdings of RWT. TIAA FSB acquired a new stake in shares of Redwood Trust in the 2nd quarter valued at $3,346,000. Vanguard Group Inc. lifted its stake in shares of Redwood Trust by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 6,303,530 shares of the real estate investment trust’s stock valued at $107,412,000 after purchasing an additional 137,701 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of Redwood Trust in the 3rd quarter valued at $2,112,000. State Street Corp lifted its stake in shares of Redwood Trust by 6.2% in the 2nd quarter. State Street Corp now owns 1,611,297 shares of the real estate investment trust’s stock valued at $27,454,000 after purchasing an additional 93,613 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Redwood Trust by 49.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 275,786 shares of the real estate investment trust’s stock valued at $4,698,000 after purchasing an additional 91,339 shares during the last quarter. 85.39% of the stock is owned by institutional investors.
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About Redwood Trust
Redwood Trust, Inc, through its subsidiaries, focuses on investing in mortgage and other real estate related assets. The Company is engaged in mortgage banking activities. The Company operates through three segments: Residential Investments, Residential Mortgage Banking and Commercial. The Residential Investments segment includes a portfolio of investments in residential mortgage-backed securities (RMBS) retained from its Sequoia securitizations.
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