Redwood Trust (NYSE:RWT) Rating Reiterated by JMP Securities

by · The Cerbat Gem

JMP Securities reiterated their market outperform rating on shares of Redwood Trust (NYSE:RWT – Free Report) in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a $8.00 target price on the real estate investment trust’s stock.

Several other research firms have also commented on RWT. Piper Sandler dropped their price objective on shares of Redwood Trust from $7.50 to $7.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. UBS Group dropped their price objective 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. Raymond James dropped their price objective on shares of Redwood Trust from $9.00 to $8.50 and set a strong-buy rating on the stock in a research note on Friday, January 19th. Keefe, Bruyette & Woods dropped their price objective on shares of Redwood Trust from $8.50 to $7.75 and set an outperform rating on the stock in a research note on Monday, February 26th. Finally, Wells Fargo & Company dropped their price objective on shares of Redwood Trust from $8.00 to $7.00 and set an equal weight rating on the stock in a research note on Wednesday, February 21st. Four equities research 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 MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $7.64.

Get Our Latest Analysis on Redwood Trust

Redwood Trust Trading Down 1.6 %

Shares of RWT opened at $5.74 on Wednesday. The firm’s 50-day moving average price is $6.26 and its 200-day moving average price is $6.76. The firm has a market capitalization of $754.61 million, a price-to-earnings ratio of -47.79 and a beta of 1.48. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 10.12. Redwood Trust has a 1-year low of $5.47 and a 1-year high of $8.30.

Redwood Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 21st were issued a $0.16 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $0.64 annualized dividend and a yield of 11.16%. Redwood Trust’s dividend payout ratio (DPR) is presently -533.33%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Redwood Trust by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 12,973,503 shares of the real estate investment trust’s stock valued at $96,134,000 after purchasing an additional 78,222 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Redwood Trust by 164.4% during the fourth quarter. Wellington Management Group LLP now owns 11,314,715 shares of the real estate investment trust’s stock valued at $83,842,000 after purchasing an additional 7,035,524 shares during the last quarter. State Street Corp raised its holdings in shares of Redwood Trust by 1.9% during the third quarter. State Street Corp now owns 4,359,312 shares of the real estate investment trust’s stock valued at $25,022,000 after purchasing an additional 79,780 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Redwood Trust by 15.6% during the third quarter. Adage Capital Partners GP L.L.C. now owns 3,777,300 shares of the real estate investment trust’s stock valued at $26,932,000 after purchasing an additional 509,536 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Redwood Trust by 9.3% during the second quarter. Geode Capital Management LLC now owns 2,357,620 shares of the real estate investment trust’s stock valued at $15,018,000 after purchasing an additional 199,769 shares during the last quarter. 74.34% of the stock is owned by hedge funds and other institutional investors.

Redwood Trust Company Profile

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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.

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