Redwood Trust (NYSE:RWT) Stock Rating Reaffirmed by Wedbush

Wedbush reissued their neutral rating on shares of Redwood Trust (NYSE:RWT) in a research report released on Wednesday morning, Benzinga reports. Wedbush currently has a $6.50 price target on the real estate investment trust’s stock.

A number of other brokerages also recently commented on RWT. Piper Sandler cut their price objective on Redwood Trust from $7.50 to $7.00 and set a neutral rating for the company in a research report on Wednesday, February 21st. JMP Securities reaffirmed a market outperform rating and set a $8.00 target price on shares of Redwood Trust in a report on Thursday, April 18th. Wells Fargo & Company dropped their price target on 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. Keefe, Bruyette & Woods reduced their price objective on shares of Redwood Trust from $7.75 to $7.25 and set an outperform rating for the company in a research note on Wednesday, April 10th. Finally, Raymond James dropped their target price on shares of Redwood Trust from $9.00 to $8.50 and set a strong-buy rating on the stock in a research report on Friday, January 19th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $7.66.

Redwood Trust Stock Up 11.8 %

NYSE RWT opened at $6.18 on Wednesday. The company has a market capitalization of $813.16 million, a P/E ratio of 88.29 and a beta of 1.50. Redwood Trust has a 12 month low of $5.45 and a 12 month high of $8.30. The company has a debt-to-equity ratio of 10.12, a current ratio of 7.36 and a quick ratio of 7.36. The company’s 50 day simple moving average is $6.02 and its 200 day simple moving average is $6.62.

Redwood Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 21st were issued a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 10.36%. Redwood Trust’s dividend payout ratio is 914.29%.

Institutional Trading of Redwood Trust

A number of hedge funds have recently made changes to their positions in RWT. Vanguard Group Inc. increased its stake in Redwood Trust by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 12,973,503 shares of the real estate investment trust’s stock valued at $96,134,000 after buying an additional 78,222 shares during the period. Wellington Management Group LLP increased its stake in shares of Redwood Trust by 164.4% in the fourth quarter. Wellington Management Group LLP now owns 11,314,715 shares of the real estate investment trust’s stock worth $83,842,000 after acquiring an additional 7,035,524 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 worth $26,932,000 after acquiring an additional 509,536 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Redwood Trust by 7.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,798,260 shares of the real estate investment trust’s stock worth $13,325,000 after acquiring an additional 127,435 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. acquired a new stake in Redwood Trust during the fourth quarter valued at $13,246,000. 74.34% of the stock is owned by hedge funds and other institutional investors.

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.