Redwood Trust (NYSE:RWT – Get Free Report) was downgraded by Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, FinViz reports. They currently have a $3.50 target price on the real estate investment trust’s stock, down from their prior target price of $4.25. Keefe, Bruyette & Woods‘s price target indicates a potential upside of 18.04% from the stock’s previous close.
RWT has been the topic of several other research reports. JPMorgan Chase & Co. decreased their target price on Redwood Trust from $6.50 to $6.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Citigroup reissued a “market outperform” rating on shares of Redwood Trust in a report on Thursday, October 15th. Citizens Jmp reduced their price target on Redwood Trust from $6.00 to $4.00 and set a “market outperform” rating for the company in a research note on Thursday, October 15th. Zacks Research lowered Redwood Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 14th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Redwood Trust in a report on Monday, September 21st. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Redwood Trust presently has an average rating of “Hold” and an average price target of $4.78.
View Our Latest Stock Report on RWT
Redwood Trust Price Performance
Shares of RWT opened at $2.96 on Thursday. The company’s 50-day moving average is $3.50 and its 200-day moving average is $4.90. The company has a debt-to-equity ratio of 34.74, a current ratio of 67.49 and a quick ratio of 67.49. The firm has a market capitalization of $372.43 million, a PE ratio of 2.86 and a beta of 1.49. Redwood Trust has a fifty-two week low of $2.69 and a fifty-two week high of $6.97.
Redwood Trust (NYSE:RWT – Get Free Report) last announced its earnings results on Tuesday, November 3rd. The real estate investment trust reported $0.18 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.03). Redwood Trust had a positive return on equity of 16.27% and a negative net margin of 2.89%. Equities analysts forecast that Redwood Trust will post 0.96 EPS for the current year.
Insider Buying and Selling
In related news, CEO Christopher J. Abate purchased 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were bought at an average price of $3.84 per share, for a total transaction of $384,000.00. Following the completion of the transaction, the chief executive officer owned 679,283 shares of the company’s stock, valued at approximately $2,608,446.72. This trade represents a 17.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Greg H. Kubicek purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was bought at an average price of $3.85 per share, for a total transaction of $192,500.00. Following the transaction, the director directly owned 127,185 shares of the company’s stock, valued at $489,662.25. This trade represents a 64.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 244,171 shares of company stock valued at $948,402. 3.30% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in RWT. State Street Corp raised its position in Redwood Trust by 5.1% during the second 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 in the last quarter. Boston Partners lifted its stake in Redwood Trust by 71.1% during the third quarter. Boston Partners now owns 4,007,937 shares of the real estate investment trust’s stock worth $15,292,000 after purchasing an additional 1,666,048 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Redwood Trust by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 714,220 shares of the real estate investment trust’s stock worth $3,385,000 after purchasing an additional 2,627 shares during the last quarter. NFC Investments LLC boosted its holdings in shares of Redwood Trust by 32.8% in the 3rd quarter. NFC Investments LLC now owns 607,686 shares of the real estate investment trust’s stock valued at $2,358,000 after purchasing an additional 149,995 shares in the last quarter. Finally, Voya Investment Management LLC boosted its holdings in shares of Redwood Trust by 19.5% in the 3rd quarter. Voya Investment Management LLC now owns 550,678 shares of the real estate investment trust’s stock valued at $2,137,000 after purchasing an additional 90,009 shares in the last quarter. 74.34% of the stock is owned by institutional investors.
About Redwood Trust
Redwood Trust, Inc. is a specialty finance company focused on the U.S. housing and mortgage markets. Founded in 1994, the company invests in and finances residential mortgage credit and provides mortgage banking services. Through businesses including Sequoia and CoreVest, Redwood originates and acquires residential loans, including jumbo mortgages for homebuyers and business-purpose loans for residential real estate investors. Its activities also include investing in mortgage-related assets and providing financing for rental housing and other real estate.
Read More
- Five stocks we like better than Redwood Trust
- Keeping AI Cool: AAON Rides the AI Heatwave to Record Growth
- AST SpaceMobile Has a New Rocket Plan, But Its Cash-Burn Problem Isn’t Going Away
- Powering Up the Moon: Redwire’s $40 Million NASA Award
- Can Constellation Energy’s Contracts Power a Stock Rebound?
Receive News & Ratings for Redwood Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Redwood Trust and related companies with MarketBeat.com's FREE daily email newsletter.
