Redwood Capital Bancorp (OTCMKTS:RWCB) Stock Price Down 0.9% – Here’s Why

Redwood Capital Bancorp (OTCMKTS:RWCB) shares fell 0.9% during trading on Friday . The stock traded as low as $27.25 and last traded at $27.25. 689 shares were traded during trading, a decline of 77% from the average session volume of 2,974 shares. The stock had previously closed at $27.50.

Redwood Capital Bancorp Stock Performance

The company has a 50-day moving average of $26.22 and a 200 day moving average of $24.09.

Redwood Capital Bancorp announced that its board has initiated a share buyback program on Monday, September 22nd that allows the company to buyback $1.00 million in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Redwood Capital Bancorp Company Profile

Redwood Capital Bancorp operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California. The company accepts checking, savings, and money market accounts, as well as certificates of deposit. It also offers real estate loans, home equity lines of credit, construction and development loans, term loans for machinery and equipment, and lines of credit for working capital, as well as industrial, agricultural, and personal credits.