Geode Capital Management LLC Acquires 25,444 Shares of Redwood Trust, Inc. (NYSE:RWT)

Geode Capital Management LLC raised its stake in shares of Redwood Trust, Inc. (NYSE:RWT) by 0.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,038,438 shares of the real estate investment trust’s stock after acquiring an additional 25,444 shares during the quarter. Geode Capital Management LLC’s holdings in Redwood Trust were worth $23,492,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in Redwood Trust by 6.9% during the 3rd quarter. Wellington Management Group LLP now owns 14,611,264 shares of the real estate investment trust’s stock worth $112,945,000 after buying an additional 941,223 shares in the last quarter. State Street Corp increased its position in Redwood Trust by 2.0% in the third quarter. State Street Corp now owns 5,189,667 shares of the real estate investment trust’s stock worth $40,116,000 after purchasing an additional 102,274 shares during the period. Ceredex Value Advisors LLC raised its holdings in Redwood Trust by 22.8% during the 3rd quarter. Ceredex Value Advisors LLC now owns 1,113,600 shares of the real estate investment trust’s stock worth $8,608,000 after purchasing an additional 207,088 shares during the last quarter. Van ECK Associates Corp lifted its position in Redwood Trust by 21.7% during 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 purchasing an additional 174,317 shares during the period. Finally, NFC Investments LLC boosted its stake in shares of Redwood Trust by 127.7% in the 3rd quarter. NFC Investments LLC now owns 484,975 shares of the real estate investment trust’s stock valued at $3,749,000 after purchasing an additional 271,975 shares during the last quarter. Institutional investors own 74.34% of the company’s stock.

Analyst Ratings Changes

RWT has been the subject of several recent research reports. JMP Securities upped their target price on shares of Redwood Trust from $8.50 to $9.00 and gave the company a “market outperform” rating in a research report on Friday, October 4th. StockNews.com raised Redwood Trust from a “sell” rating to a “hold” rating in a research note on Monday, November 11th. Raymond James raised their target price on Redwood Trust from $8.50 to $9.50 and gave the stock a “strong-buy” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $7.00 price target (down from $8.00) on shares of Redwood Trust in a research note on Monday, December 9th. Finally, Wells Fargo & Company boosted their price objective on shares of Redwood Trust from $7.50 to $8.50 and gave the company an “equal weight” rating in a report on Friday, September 20th. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $8.03.

Redwood Trust Stock Performance

Shares of RWT stock opened at $6.57 on Friday. The company has a fifty day moving average price of $7.11 and a two-hundred day moving average price of $7.17. Redwood Trust, Inc. has a one year low of $5.45 and a one year high of $8.15. The stock has a market cap of $868.99 million, a P/E ratio of 11.95 and a beta of 1.57. The company has a debt-to-equity ratio of 14.55, a current ratio of 44.36 and a quick ratio of 44.36.

Redwood Trust Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 23rd will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, December 23rd. This represents a $0.72 dividend on an annualized basis and a yield of 10.96%. This is a boost from Redwood Trust’s previous quarterly dividend of $0.17. Redwood Trust’s dividend payout ratio (DPR) is presently 130.91%.

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.