Redwood Trust, Inc. (NYSE:RWT – Get Free Report) has been given a consensus rating of “Hold” by the eleven brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $5.84.
RWT has been the subject of several research reports. Piper Sandler dropped their target price on Redwood Trust from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. Wells Fargo & Company reduced their price target on Redwood Trust from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. BTIG Research reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Redwood Trust in a research note on Tuesday, July 28th. Citizens Jmp dropped their price objective on shares of Redwood Trust from $7.00 to $6.00 and set a “market outperform” rating for the company in a report on Wednesday, July 8th. Finally, JonesTrading cut their target price on shares of Redwood Trust from $6.25 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th.
Check Out Our Latest Report on Redwood Trust
Redwood Trust Stock Down 5.8%
Redwood Trust (NYSE:RWT – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. Redwood Trust had a return on equity of 16.02% and a net margin of 0.42%.The company had revenue of $56.01 million during the quarter, compared to analysts’ expectations of $89.45 million. On average, equities analysts predict that Redwood Trust will post 1.03 EPS for the current fiscal year.
Redwood Trust Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 23rd were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, September 23rd. This represents a $0.72 annualized dividend and a dividend yield of 19.7%. Redwood Trust’s dividend payout ratio (DPR) is presently -1,800.00%.
Insider Buying and Selling at Redwood Trust
In related news, President Dashiell I. Robinson acquired 63,211 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was acquired at an average cost of $3.98 per share, for a total transaction of $251,579.78. Following the completion of the acquisition, the president directly owned 395,050 shares of the company’s stock, valued at approximately $1,572,299. This trade represents a 19.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Greg H. Kubicek bought 50,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were bought at an average cost of $3.85 per share, with a total value of $192,500.00. Following the completion of the transaction, the director owned 127,185 shares in the company, valued at $489,662.25. The trade was a 64.78% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 244,171 shares of company stock worth $948,402 in the last three months. 3.30% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Redwood Trust
A number of institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its stake in shares of Redwood Trust by 371.2% in the second quarter. Envestnet Asset Management Inc. now owns 107,266 shares of the real estate investment trust’s stock worth $508,000 after acquiring an additional 84,502 shares during the period. State Street Corp increased its position in Redwood Trust by 5.1% during the 2nd quarter. State Street Corp now owns 5,216,721 shares of the real estate investment trust’s stock valued at $24,727,000 after purchasing an additional 254,399 shares during the period. WINTON GROUP Ltd increased its position in Redwood Trust by 10.8% during the 2nd quarter. WINTON GROUP Ltd now owns 76,700 shares of the real estate investment trust’s stock valued at $364,000 after purchasing an additional 7,500 shares during the period. Engineers Gate Manager LP raised its holdings in Redwood Trust by 33.5% during the 2nd quarter. Engineers Gate Manager LP now owns 45,400 shares of the real estate investment trust’s stock worth $215,000 after purchasing an additional 11,400 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in Redwood Trust during the 2nd quarter worth approximately $157,000. Institutional investors own 74.34% of the company’s stock.
Redwood Trust Company Profile
Redwood Trust, Inc is a real estate investment trust that focuses on residential real estate credit. The company invests in, finances and manages residential mortgage assets, including jumbo and other non-agency mortgage loans, mortgage-backed securities and related credit investments. Its activities are primarily focused on the U.S. housing market.
Redwood operates through businesses that support the origination, financing and securitization of residential mortgage credit. Its platform has historically included Sequoia, which acquires and securitizes residential loans, as well as CoreVest, which provides financing to residential real estate investors and developers.
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