Redwood Trust (NYSE:RWT) Shares Gap Up to $5.53

Redwood Trust, Inc. (NYSE:RWT)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $5.53, but opened at $5.79. Redwood Trust shares last traded at $6.03, with a volume of 656,266 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on Redwood Trust from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Wednesday, February 21st. UBS Group lowered their target price on shares of Redwood Trust from $9.00 to $8.50 and set a “buy” rating for the company in a research note on Tuesday, March 5th. Piper Sandler reduced their price target on shares of Redwood Trust from $7.50 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st. Wedbush reaffirmed a “neutral” rating and set a $6.50 price objective on shares of Redwood Trust in a research report on Wednesday. Finally, Keefe, Bruyette & Woods cut their target price on Redwood Trust from $7.75 to $7.25 and set an “outperform” rating on the stock in a research report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Redwood Trust has an average rating of “Moderate Buy” and an average price target of $7.66.

Redwood Trust Stock Performance

The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 10.12. The company has a market capitalization of $815.80 million, a price-to-earnings ratio of -51.08 and a beta of 1.48. The stock’s fifty day simple moving average is $6.02 and its 200-day simple moving average is $6.62.

Redwood Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 21st were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 10.32%. The ex-dividend date of this dividend was Wednesday, March 20th. Redwood Trust’s payout ratio is presently -533.33%.

Institutional Trading of Redwood Trust

Several hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Redwood Trust by 13.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,103,231 shares of the real estate investment trust’s stock worth $7,182,000 after acquiring an additional 127,143 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Redwood Trust by 13.2% during the first quarter. Van ECK Associates Corp now owns 801,966 shares of the real estate investment trust’s stock worth $5,109,000 after purchasing an additional 93,507 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Redwood Trust by 10.5% in the first quarter. Principal Financial Group Inc. now owns 682,706 shares of the real estate investment trust’s stock valued at $4,349,000 after buying an additional 64,981 shares during the last quarter. Peregrine Capital Management LLC raised its stake in Redwood Trust by 13.3% in the first quarter. Peregrine Capital Management LLC now owns 1,148,565 shares of the real estate investment trust’s stock valued at $7,316,000 after buying an additional 134,715 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Redwood Trust by 9.6% in the first quarter. Louisiana State Employees Retirement System now owns 65,100 shares of the real estate investment trust’s stock valued at $415,000 after buying an additional 5,700 shares in the last quarter. Institutional investors and hedge funds own 74.34% of the company’s stock.

Redwood Trust Company Profile

Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking, and Investment Portfolio. The Residential Consumer Mortgage Banking segment operates a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer to its investment portfolio.