Zacks Investment Research upgraded shares of Redwood Trust, Inc. (NYSE:RWT) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “REDWOOD TRUST INC. is a self-advised and self-managed real estate investment trust. It specializes in acquiring and managing real estate mortgage assets which may be acquired as whole loans or as mortgage securities reperesenting interest in or obligations backed by pools of mortgage loans. “
Several other equities research analysts also recently weighed in on RWT. BidaskClub raised Redwood Trust from a hold rating to a buy rating in a report on Tuesday, June 20th. ValuEngine upgraded Redwood Trust from a buy rating to a strong-buy rating in a research report on Tuesday, July 25th.
Redwood Trust (NYSE RWT) traded up 0.67% during trading on Tuesday, hitting $16.63. 208,161 shares of the stock traded hands. The stock has a market cap of $1.28 billion, a P/E ratio of 9.72 and a beta of 0.87. Redwood Trust has a 12 month low of $13.57 and a 12 month high of $17.45. The firm’s 50-day moving average is $16.39 and its 200-day moving average is $16.80.
Redwood Trust (NYSE:RWT) last issued its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02). Redwood Trust had a return on equity of 12.02% and a net margin of 46.04%. The company had revenue of $60.00 million for the quarter, compared to analyst estimates of $33.59 million. During the same period in the prior year, the business earned $0.48 earnings per share. On average, analysts forecast that Redwood Trust will post $1.49 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 6.73%. The ex-dividend date was Thursday, September 14th. Redwood Trust’s payout ratio is 64.00%.
A number of large investors have recently added to or reduced their stakes in RWT. UBS Group AG raised its position in Redwood Trust by 33.8% in the first quarter. UBS Group AG now owns 1,062,183 shares of the real estate investment trust’s stock worth $17,643,000 after acquiring an additional 268,238 shares in the last quarter. Vanguard Group Inc. raised its position in Redwood Trust by 3.8% in the first quarter. Vanguard Group Inc. now owns 6,165,829 shares of the real estate investment trust’s stock worth $102,414,000 after acquiring an additional 224,548 shares in the last quarter. TIAA FSB purchased a new position in Redwood Trust in the second quarter worth $3,346,000. State Street Corp raised its position in Redwood Trust by 6.2% in the second quarter. State Street Corp now owns 1,611,297 shares of the real estate investment trust’s stock worth $27,454,000 after acquiring an additional 93,613 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Redwood Trust by 49.5% in the second quarter. Ameriprise Financial Inc. now owns 275,786 shares of the real estate investment trust’s stock worth $4,698,000 after acquiring an additional 91,339 shares in the last quarter. Hedge funds and other institutional investors own 84.65% of the company’s stock.
About Redwood Trust
Redwood Trust, Inc, through its subsidiaries, focuses on investing in mortgage and other real estate related assets. The Company is engaged in mortgage banking activities. The Company operates through three segments: Residential Investments, Residential Mortgage Banking and Commercial. The Residential Investments segment includes a portfolio of investments in residential mortgage-backed securities (RMBS) retained from its Sequoia securitizations.
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