Sterling Capital Management LLC bought a new position in shares of Redwood Trust, Inc. (NYSE:RWT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 67,939 shares of the real estate investment trust’s stock, valued at approximately $1,103,000. Sterling Capital Management LLC owned 0.08% of Redwood Trust as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its position in Redwood Trust by 5.5% in the third quarter. Victory Capital Management Inc. now owns 802,280 shares of the real estate investment trust’s stock worth $13,029,000 after acquiring an additional 42,160 shares in the last quarter. Arizona State Retirement System purchased a new position in Redwood Trust in the third quarter worth $1,954,000. First Trust Advisors LP raised its position in Redwood Trust by 8.8% in the third quarter. First Trust Advisors LP now owns 477,661 shares of the real estate investment trust’s stock worth $7,757,000 after acquiring an additional 38,477 shares in the last quarter. IFP Advisors Inc raised its position in Redwood Trust by 560.6% in the third quarter. IFP Advisors Inc now owns 6,606 shares of the real estate investment trust’s stock worth $107,000 after acquiring an additional 5,606 shares in the last quarter. Finally, Texas Permanent School Fund purchased a new position in Redwood Trust in the third quarter worth $847,000. Hedge funds and other institutional investors own 81.15% of the company’s stock.
RWT has been the subject of several research analyst reports. Compass Point initiated coverage on Redwood Trust in a research report on Tuesday, July 24th. They issued a “neutral” rating and a $18.00 price objective for the company. ValuEngine cut Redwood Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Zacks Investment Research upgraded Redwood Trust from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research report on Friday, August 10th. Finally, Raymond James initiated coverage on Redwood Trust in a research report on Friday, October 12th. They issued an “outperform” rating and a $18.50 price objective for the company. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Redwood Trust has an average rating of “Buy” and an average target price of $17.88.
Shares of RWT stock opened at $16.83 on Friday. Redwood Trust, Inc. has a fifty-two week low of $14.29 and a fifty-two week high of $17.50. The firm has a market capitalization of $1.36 billion, a PE ratio of 9.40 and a beta of 0.68. The company has a debt-to-equity ratio of 3.82, a current ratio of 3.74 and a quick ratio of 3.74.
Redwood Trust (NYSE:RWT) last announced its quarterly earnings results on Wednesday, November 7th. The real estate investment trust reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. Redwood Trust had a return on equity of 13.19% and a net margin of 35.10%. The business had revenue of $35.00 million during the quarter, compared to analysts’ expectations of $37.57 million. During the same quarter last year, the business posted $0.35 earnings per share. The business’s revenue for the quarter was up .0% on a year-over-year basis. As a group, sell-side analysts anticipate that Redwood Trust, Inc. will post 1.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 14th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 7.13%. The ex-dividend date is Thursday, December 13th. Redwood Trust’s dividend payout ratio is currently 86.33%.
Redwood Trust Company Profile
Redwood Trust, Inc, together with its subsidiaries, engages in mortgage banking activities in the United States. The company operates through two segments, Investment Portfolio and Residential Mortgage Banking. The Investment Portfolio segment offers a portfolio of investments in residential mortgage-backed securities retained from Sequoia securitizations, and issued by third parties and other credit risk-related investments; and invests in residential loans held for investment and mortgage servicing rights associated with residential loans.
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