Redwood Trust (NYSE:RWT) Sets New 52-Week High at $8.15

Shares of Redwood Trust, Inc. (NYSE:RWT) hit a new 52-week high on Thursday . The stock traded as high as $8.15 and last traded at $8.04, with a volume of 35803 shares trading hands. The stock had previously closed at $7.99.

Wall Street Analyst Weigh In

RWT has been the topic of several research reports. Wedbush lifted their price target on Redwood Trust from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. JMP Securities raised their price target on Redwood Trust from $8.00 to $8.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Piper Sandler boosted their price objective on shares of Redwood Trust from $6.50 to $7.50 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of Redwood Trust from $7.00 to $7.50 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.81.

Redwood Trust Stock Up 0.8 %

The company has a market cap of $1.06 billion, a PE ratio of 114.14 and a beta of 1.58. The business has a 50-day simple moving average of $7.33 and a 200-day simple moving average of $6.62. The company has a quick ratio of 50.47, a current ratio of 50.47 and a debt-to-equity ratio of 12.97.

Redwood Trust (NYSE:RWT) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.13 EPS for the quarter, topping the consensus estimate of $0.12 by $0.01. Redwood Trust had a return on equity of 4.93% and a net margin of 4.45%. During the same quarter in the previous year, the business earned $0.14 earnings per share. Equities research analysts anticipate that Redwood Trust, Inc. will post 0.5 EPS for the current year.

Redwood Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 23rd will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 8.45%. The ex-dividend date of this dividend is Monday, September 23rd. This is a positive change from Redwood Trust’s previous quarterly dividend of $0.16. Redwood Trust’s payout ratio is currently 971.43%.

Institutional Trading of Redwood Trust

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its holdings in Redwood Trust by 7.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,798,260 shares of the real estate investment trust’s stock valued at $13,325,000 after acquiring an additional 127,435 shares during the period. Principal Financial Group Inc. increased its position in shares of Redwood Trust by 0.4% during the fourth quarter. Principal Financial Group Inc. now owns 617,725 shares of the real estate investment trust’s stock worth $4,577,000 after acquiring an additional 2,296 shares during the period. Dynamic Technology Lab Private Ltd boosted its stake in shares of Redwood Trust by 8.2% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 24,292 shares of the real estate investment trust’s stock valued at $180,000 after buying an additional 1,847 shares during the period. Quest Partners LLC purchased a new stake in Redwood Trust during the 4th quarter worth about $107,000. Finally, TCW Group Inc. increased its position in Redwood Trust by 3.2% during the fourth quarter. TCW Group Inc. now owns 82,852 shares of the real estate investment trust’s stock worth $614,000 after buying an additional 2,541 shares during the period. 74.34% of the stock is currently owned by hedge funds and other institutional investors.

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.