JPMorgan Chase & Co. Has Lowered Expectations for Redwood Trust (NYSE:RWT) Stock Price

Redwood Trust (NYSE:RWT) had its price objective cut by JPMorgan Chase & Co. from $6.50 to $6.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 16.85% from the company’s current price.

RWT has been the topic of several other research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Redwood Trust in a research report on Wednesday, June 24th. Zacks Research downgraded shares of Redwood Trust from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Citizens Jmp cut their target price on Redwood Trust from $7.00 to $6.00 and set a “market outperform” rating for the company in a research note on Wednesday, July 8th. Keefe, Bruyette & Woods upgraded Redwood Trust from a “market perform” rating to an “outperform” rating and cut their target price for the stock from $7.00 to $6.00 in a research note on Thursday, July 9th. Finally, Wall Street Zen raised Redwood Trust from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.11.

Redwood Trust Price Performance

RWT stock opened at $5.13 on Friday. The company has a quick ratio of 59.63, a current ratio of 59.63 and a debt-to-equity ratio of 28.42. Redwood Trust has a 12 month low of $4.19 and a 12 month high of $6.97. The firm has a market cap of $643.00 million, a P/E ratio of -6.58 and a beta of 1.37. The company’s 50-day moving average price is $5.10 and its two-hundred day moving average price is $5.55.

Institutional Trading of Redwood Trust

A number of hedge funds have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC increased its holdings in shares of Redwood Trust by 192.5% during the fourth quarter. Clearstead Advisors LLC now owns 5,428 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 3,572 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Redwood Trust by 331.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,915 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 6,082 shares in the last quarter. Westbourne Investments Inc. acquired a new stake in shares of Redwood Trust during the 4th quarter valued at $55,000. Bank of Marin bought a new stake in Redwood Trust during the 4th quarter worth $58,000. Finally, Abel Hall LLC acquired a new position in Redwood Trust in the 4th quarter worth about $58,000. Institutional investors and hedge funds own 74.34% of the company’s stock.

About Redwood Trust

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.