Redwood Capital Bancorp (OTCMKTS:RWCB) Stock Price Down 0.5% – Here’s Why

Redwood Capital Bancorp (OTCMKTS:RWCB) shares dropped 0.5% during trading on Thursday . The company traded as low as $29.06 and last traded at $29.40. Approximately 6,881 shares were traded during mid-day trading, an increase of 300% from the average daily volume of 1,722 shares. The stock had previously closed at $29.54.

Redwood Capital Bancorp Stock Down 0.7%

The stock has a fifty day moving average of $28.98 and a 200-day moving average of $27.00.

Redwood Capital Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Friday, November 21st that authorizes the company to repurchase $1.00 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Redwood Capital Bancorp Company Profile

Redwood Capital Bancorp is the bank holding company for Redwood Capital Bank FSB, a community-oriented financial institution headquartered in Santa Rosa, California. As a federally chartered savings bank, it provides a full range of deposit and lending products to individuals, small businesses, and professional clients, with a focus on personalized service and local decision-making.

The company’s deposit portfolio includes checking and savings accounts, money market funds, and certificates of deposit, all designed to meet the needs of both personal and commercial clients.