Wedbush Reiterates “Neutral” Rating for Redwood Trust (NYSE:RWT)

Wedbush reaffirmed their neutral rating on shares of Redwood Trust (NYSE:RWT) in a research note issued to investors on Wednesday morning, Benzinga reports. Wedbush currently has a $6.50 price objective on the real estate investment trust’s stock.

A number of other equities research analysts also recently issued reports on the company. Wells Fargo & Company lowered their price objective on Redwood Trust from $8.00 to $7.00 and set an equal weight rating on the stock in a research report on Wednesday, February 21st. Keefe, Bruyette & Woods dropped their price target on Redwood Trust from $7.75 to $7.25 and set an outperform rating for the company in a research report on Wednesday, April 10th. JMP Securities reissued a market outperform rating and set a $8.00 price objective on shares of Redwood Trust in a report on Thursday, April 18th. UBS Group lowered their target price on shares of Redwood Trust from $9.00 to $8.50 and set a buy rating on the stock in a research note on Tuesday, March 5th. Finally, Piper Sandler cut their price target on shares of Redwood Trust from $7.50 to $7.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $7.66.

Redwood Trust Price Performance

Shares of NYSE:RWT opened at $6.34 on Wednesday. The firm has a market capitalization of $834.20 million, a PE ratio of 90.57 and a beta of 1.50. The company has a quick ratio of 7.36, a current ratio of 10.79 and a debt-to-equity ratio of 10.08. The company has a 50-day moving average price of $6.03 and a two-hundred day moving average price of $6.61. Redwood Trust has a twelve month low of $5.45 and a twelve month high of $8.30.

Redwood Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 21st were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 10.09%. The ex-dividend date was Wednesday, March 20th. Redwood Trust’s payout ratio is 914.29%.

Institutional Trading of Redwood Trust

Several institutional investors have recently made changes to their positions in RWT. Wellington Management Group LLP lifted its holdings in shares of Redwood Trust by 157.1% in the 3rd quarter. Wellington Management Group LLP now owns 4,279,191 shares of the real estate investment trust’s stock worth $30,511,000 after acquiring an additional 2,614,898 shares during the last quarter. Boston Partners purchased a new stake in Redwood Trust in the 3rd quarter worth about $12,015,000. Victory Capital Management Inc. lifted its stake in Redwood Trust by 383.2% in the third quarter. Victory Capital Management Inc. now owns 128,334 shares of the real estate investment trust’s stock worth $915,000 after purchasing an additional 101,774 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Redwood Trust by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,670,825 shares of the real estate investment trust’s stock valued at $11,913,000 after buying an additional 44,071 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Redwood Trust by 1,944.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 976,088 shares of the real estate investment trust’s stock valued at $7,233,000 after buying an additional 928,337 shares during the last quarter. Hedge funds and other institutional investors 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.