Clearbridge Investments LLC Sells 33,833 Shares of Redwood Trust, Inc. (NYSE:RWT)

Clearbridge Investments LLC trimmed its holdings in shares of Redwood Trust, Inc. (NYSE:RWT) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,812,394 shares of the real estate investment trust’s stock after selling 33,833 shares during the period. Clearbridge Investments LLC owned about 1.37% of Redwood Trust worth $11,762,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Redwood Trust by 19.5% during the 1st quarter. Vanguard Group Inc. now owns 15,504,440 shares of the real estate investment trust’s stock worth $98,763,000 after purchasing an additional 2,530,937 shares during the period. Wellington Management Group LLP raised its stake in shares of Redwood Trust by 164.4% during the 4th quarter. Wellington Management Group LLP now owns 11,314,715 shares of the real estate investment trust’s stock worth $83,842,000 after purchasing an additional 7,035,524 shares during the period. Peregrine Capital Management LLC raised its stake in shares of Redwood Trust by 13.3% during the 1st quarter. Peregrine Capital Management LLC now owns 1,148,565 shares of the real estate investment trust’s stock worth $7,316,000 after purchasing an additional 134,715 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Redwood Trust by 13.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,103,231 shares of the real estate investment trust’s stock valued at $7,182,000 after acquiring an additional 127,143 shares during the period. Finally, Van ECK Associates Corp raised its stake in Redwood Trust by 21.7% in the 2nd quarter. Van ECK Associates Corp now owns 976,283 shares of the real estate investment trust’s stock valued at $6,336,000 after acquiring an additional 174,317 shares during the period. 74.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Raymond James boosted their price objective on Redwood Trust from $8.50 to $9.50 and gave the company a “strong-buy” rating in a research note on Thursday, September 19th. Wedbush boosted their price objective on Redwood Trust from $6.50 to $7.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Wells Fargo & Company boosted their price objective on Redwood Trust from $7.50 to $8.50 and gave the company an “equal weight” rating in a research note on Friday, September 20th. Piper Sandler boosted their price objective on Redwood Trust from $6.50 to $7.50 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. upped their price target on Redwood Trust from $7.00 to $7.50 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $8.14.

Redwood Trust Stock Up 1.1 %

Shares of NYSE RWT opened at $7.56 on Friday. Redwood Trust, Inc. has a 12 month low of $5.45 and a 12 month high of $8.15. The company has a current ratio of 50.47, a quick ratio of 50.47 and a debt-to-equity ratio of 12.97. The firm has a market capitalization of $999.08 million, a price-to-earnings ratio of 108.00 and a beta of 1.58. The business has a 50-day moving average of $7.43 and a 200-day moving average of $6.75.

Redwood Trust (NYSE:RWT) last issued its quarterly earnings data 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 last year, the business earned $0.14 earnings per share. Sell-side analysts expect that Redwood Trust, Inc. will post 0.5 earnings per share for the current fiscal year.

Redwood Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 23rd were issued a dividend of $0.17 per share. This is a positive change from Redwood Trust’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $0.68 annualized dividend and a dividend yield of 8.99%. Redwood Trust’s payout ratio is presently 971.43%.

About Redwood Trust

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.