Redwood Trust, Inc. $RWT Stock: Evergreen Capital Management LLC Trims Position

Evergreen Capital Management LLC decreased its position in Redwood Trust, Inc. (NYSE:RWT) by 91.6% during the 3rd quarter, Holdings Channel reports. The fund owned 140,408 shares of the real estate investment trust’s stock after selling 1,536,617 shares during the quarter. Evergreen Capital Management LLC’s holdings in Redwood Trust were worth $545,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Inspire Investing LLC raised its holdings in Redwood Trust by 16.1% in the third quarter. Inspire Investing LLC now owns 163,001 shares of the real estate investment trust’s stock valued at $632,000 after buying an additional 22,654 shares during the period. Range Financial Group LLC acquired a new position in Redwood Trust during the 3rd quarter worth approximately $43,000. Abel Hall LLC acquired a new position in shares of Redwood Trust in the third quarter worth about $73,000. Envestnet Asset Management Inc. grew its holdings in Redwood Trust by 371.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 107,266 shares of the real estate investment trust’s stock worth $508,000 after acquiring an additional 84,502 shares in the last quarter. Finally, State Street Corp lifted its stake in Redwood Trust by 5.1% during the second quarter. State Street Corp now owns 5,216,721 shares of the real estate investment trust’s stock worth $24,727,000 after purchasing an additional 254,399 shares during the last quarter. 74.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Redwood Trust

In other Redwood Trust news, CFO Brooke Carillo purchased 26,065 shares of the stock in a transaction dated Tuesday, September 15th. The stock was bought at an average price of $3.85 per share, for a total transaction of $100,350.25. Following the transaction, the chief financial officer directly owned 140,481 shares in the company, valued at $540,851.85. This represents a 22.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Dashiell Robinson bought 63,211 shares of the company’s stock in a transaction on Wednesday, September 16th. The shares were acquired at an average price of $3.98 per share, with a total value of $251,579.78. Following the transaction, the president directly owned 395,050 shares in the company, valued at approximately $1,572,299. The trade was a 19.05% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 244,171 shares of company stock worth $948,402 over the last quarter. Company insiders own 3.30% of the company’s stock.

Redwood Trust Trading Down 3.4%

NYSE:RWT opened at $3.12 on Friday. The company has a market capitalization of $391.90 million, a P/E ratio of 3.05 and a beta of 1.45. The stock’s 50 day moving average price is $3.74 and its 200 day moving average price is $5.00. The company has a debt-to-equity ratio of 31.69, a quick ratio of 67.49 and a current ratio of 67.49. Redwood Trust, Inc. has a 52 week low of $2.88 and a 52 week high of $6.97.

Redwood Trust (NYSE:RWT) last released its earnings results on Tuesday, July 28th. The real estate investment trust reported $0.25 EPS for the quarter, beating the consensus estimate of $0.23 by $0.02. Redwood Trust had a net margin of 0.42% and a return on equity of 16.02%. The firm had revenue of $56.01 million during the quarter, compared to analysts’ expectations of $89.45 million. On average, research analysts forecast that Redwood Trust, Inc. will post 0.96 EPS for the current fiscal year.

Redwood Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 23rd were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 23.1%. The ex-dividend date of this dividend was Wednesday, September 23rd. Redwood Trust’s dividend payout ratio is -1,800.00%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Citizens Jmp reduced their target price on shares of Redwood Trust from $6.00 to $4.00 and set a “market outperform” rating for the company in a research note on Thursday, October 15th. Citigroup reaffirmed a “market outperform” rating on shares of Redwood Trust in a report on Thursday, October 15th. UBS Group cut their price target on Redwood Trust from $7.00 to $6.50 and set a “buy” rating on the stock in a report on Friday, August 21st. Piper Sandler reduced their price objective on Redwood Trust from $5.25 to $3.75 and set a “neutral” rating for the company in a research report on Friday, October 9th. Finally, JonesTrading decreased their price objective on Redwood Trust from $6.25 to $6.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.25.

Redwood Trust Company Profile

Redwood Trust, Inc is a specialty finance company and real estate investment trust headquartered in Mill Valley, California. Founded in 1994 and traded on the New York Stock Exchange under the symbol RWT, the company focuses on investing in and financing residential real estate credit.

Redwood Trust’s activities include acquiring, originating, securitizing and managing residential mortgage loans and related assets. Its portfolio has historically included jumbo and other non-agency residential mortgages, mortgage-backed securities, mortgage servicing rights and other residential credit investments.