Louisiana State Employees Retirement System acquired a new stake in shares of Redwood Trust, Inc. (NYSE:RWT) in the 3rd quarter, Holdings Channel reports. The firm acquired 36,600 shares of the real estate investment trust’s stock, valued at approximately $594,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. lifted its stake in Redwood Trust by 4.9% during the 2nd quarter. BlackRock Inc. now owns 6,904,906 shares of the real estate investment trust’s stock valued at $113,725,000 after acquiring an additional 320,150 shares during the period. Millennium Management LLC lifted its stake in Redwood Trust by 216.5% during the 1st quarter. Millennium Management LLC now owns 2,713,424 shares of the real estate investment trust’s stock valued at $41,977,000 after acquiring an additional 1,856,050 shares during the period. Voya Investment Management LLC lifted its stake in Redwood Trust by 8.0% during the 2nd quarter. Voya Investment Management LLC now owns 1,171,669 shares of the real estate investment trust’s stock valued at $19,297,000 after acquiring an additional 87,107 shares during the period. Northern Trust Corp lifted its stake in Redwood Trust by 1.8% during the 1st quarter. Northern Trust Corp now owns 935,644 shares of the real estate investment trust’s stock valued at $14,475,000 after acquiring an additional 16,564 shares during the period. Finally, Global X Management Co LLC lifted its stake in Redwood Trust by 5.4% during the 2nd quarter. Global X Management Co LLC now owns 834,718 shares of the real estate investment trust’s stock valued at $13,748,000 after acquiring an additional 42,414 shares during the period. Institutional investors and hedge funds own 80.85% of the company’s stock.
NYSE:RWT opened at $16.19 on Friday. The company has a quick ratio of 3.74, a current ratio of 3.74 and a debt-to-equity ratio of 3.82. The company has a market cap of $1.35 billion, a PE ratio of 11.63 and a beta of 0.68. Redwood Trust, Inc. has a 1-year low of $14.29 and a 1-year high of $17.50.
Redwood Trust (NYSE:RWT) last posted its earnings results on Tuesday, August 7th. The real estate investment trust reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $55.00 million during the quarter. Redwood Trust had a net margin of 37.60% and a return on equity of 12.65%. During the same period last year, the firm earned $0.35 earnings per share. Analysts expect that Redwood Trust, Inc. will post 1.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 7.41%. The ex-dividend date of this dividend was Thursday, September 13th. Redwood Trust’s dividend payout ratio (DPR) is 86.33%.
Several analysts have commented on RWT shares. Zacks Investment Research upgraded shares of Redwood Trust from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Friday, August 10th. ValuEngine upgraded shares of Redwood Trust from a “sell” rating to a “hold” rating in a research note on Thursday, August 30th. Compass Point set a $18.00 price objective on shares of Redwood Trust and gave the company a “hold” rating in a research note on Wednesday, August 8th. Finally, Raymond James started coverage on shares of Redwood Trust in a research note on Friday, October 12th. They set an “outperform” rating and a $18.50 price objective for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $17.88.
About Redwood Trust
Redwood Trust, Inc, together with its subsidiaries, engages in mortgage banking activities 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, and issued by third parties and other credit risk-related investments; and invests in residential loans held for investment and mortgage servicing rights associated with residential loans.
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