Redwood Capital Bancorp (OTCMKTS:RWCB) Trading Up 2.4% – Here’s Why

Redwood Capital Bancorp (OTCMKTS:RWCB) shot up 2.4% on Friday . The stock traded as high as $29.45 and last traded at $29.45. 203 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 3,069 shares. The stock had previously closed at $28.75.

Redwood Capital Bancorp Stock Performance

The firm has a fifty day moving average of $27.66 and a 200-day moving average of $25.29.

Redwood Capital Bancorp declared that its board has initiated a stock repurchase program on Monday, September 22nd that permits the company to buyback $1.00 million in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Redwood Capital Bancorp Company Profile

Redwood Capital Bancorp operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California. The company accepts checking, savings, and money market accounts, as well as certificates of deposit. It also offers real estate loans, home equity lines of credit, construction and development loans, term loans for machinery and equipment, and lines of credit for working capital, as well as industrial, agricultural, and personal credits.