Redwood Trust (NYSE:RWT) Upgraded to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Redwood Trust (NYSE:RWT) from a market perform rating to an outperform rating in a report released on Thursday, Marketbeat.com reports. They currently have $6.00 target price on the real estate investment trust’s stock, down from their prior target price of $7.00.

Several other analysts also recently issued reports on RWT. Citizens Jmp cut their price target on Redwood Trust from $7.00 to $6.00 and set a “market outperform” rating on the stock in a report on Wednesday. Piper Sandler cut their target price on Redwood Trust from $6.50 to $5.50 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Wall Street Zen raised shares of Redwood Trust from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Zacks Research lowered shares of Redwood Trust from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, JonesTrading restated a “buy” rating and set a $6.25 price target on shares of Redwood Trust in a research report on Thursday, April 30th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.11.

Redwood Trust Stock Up 7.3%

RWT stock opened at $5.09 on Thursday. The firm has a market cap of $638.00 million, a price-to-earnings ratio of -6.53 and a beta of 1.37. Redwood Trust has a 1-year low of $4.19 and a 1-year high of $6.97. The firm has a fifty day moving average price of $5.15 and a two-hundred day moving average price of $5.56. The company has a debt-to-equity ratio of 28.42, a current ratio of 59.63 and a quick ratio of 59.63.

Redwood Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 23rd were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $0.72 annualized dividend and a yield of 14.1%. Redwood Trust’s payout ratio is presently -92.31%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RWT. Tran Capital Management L.P. acquired a new position in shares of Redwood Trust during the fourth quarter valued at $2,947,000. Evergreen Capital Management LLC increased its position in Redwood Trust by 52.8% in the fourth quarter. Evergreen Capital Management LLC now owns 1,674,009 shares of the real estate investment trust’s stock worth $9,257,000 after purchasing an additional 578,301 shares during the period. UBS Group AG raised its holdings in Redwood Trust by 521.1% during the 4th quarter. UBS Group AG now owns 3,875,226 shares of the real estate investment trust’s stock worth $21,430,000 after purchasing an additional 3,251,302 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in Redwood Trust during the 1st quarter worth about $876,000. Finally, Clearstead Advisors LLC lifted its position in Redwood Trust by 192.5% during the 4th quarter. Clearstead Advisors LLC now owns 5,428 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 3,572 shares during the period. 74.34% of the stock is owned by institutional investors and hedge funds.

Redwood Trust Company Profile

Redwood Trust, Inc (NYSE:RWT) is a publicly traded real estate investment trust specializing in the U.S. residential mortgage market. Headquartered in Mill Valley, California, the company focuses on investing in a diversified portfolio of residential mortgage assets, including whole loans, agency and non-agency mortgage-backed securities, and structured credit products.

The company’s core activities encompass the acquisition, financing, and management of prime residential mortgage whole loans and mortgage-backed securities.