Credit Suisse Group began coverage on shares of Redwood Trust (NYSE:RWT) in a report issued on Tuesday, February 5th, MarketBeat.com reports. The firm issued an outperform rating and a $18.00 price target on the real estate investment trust’s stock.
A number of other analysts have also recently issued reports on the company. Zacks Investment Research raised Redwood Trust from a hold rating to a buy rating and set a $18.00 price objective for the company in a research report on Wednesday, December 12th. ValuEngine upgraded Redwood Trust from a sell rating to a hold rating in a research note on Wednesday, October 17th. Finally, Raymond James initiated coverage on shares of Redwood Trust in a report on Friday, October 12th. They set an outperform rating and a $18.50 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Redwood Trust currently has an average rating of Hold and an average target price of $17.90.
NYSE:RWT traded up $0.03 during mid-day trading on Tuesday, hitting $15.33. 785,948 shares of the stock were exchanged, compared to its average volume of 1,619,184. The stock has a market cap of $1.32 billion, a P/E ratio of 8.61 and a beta of 0.70. The company has a current ratio of 4.05, a quick ratio of 4.63 and a debt-to-equity ratio of 5.92. Redwood Trust has a fifty-two week low of $14.29 and a fifty-two week high of $17.50.
Redwood Trust (NYSE:RWT) last issued its quarterly earnings results on Thursday, February 14th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.02. Redwood Trust had a return on equity of 13.10% and a net margin of 26.49%. The company had revenue of $35.00 million for the quarter, compared to analyst estimates of $37.63 million. During the same quarter last year, the company posted $0.35 EPS. The company’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, sell-side analysts forecast that Redwood Trust will post 1.49 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 7.83%. The ex-dividend date is Thursday, March 14th. Redwood Trust’s payout ratio is 67.42%.
In other Redwood Trust news, General Counsel Andrew P. Stone sold 15,000 shares of the business’s stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $15.25, for a total transaction of $228,750.00. Following the sale, the general counsel now owns 85,062 shares in the company, valued at approximately $1,297,195.50. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.84% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Amalgamated Bank lifted its position in Redwood Trust by 6.7% during the fourth quarter. Amalgamated Bank now owns 11,989 shares of the real estate investment trust’s stock valued at $181,000 after buying an additional 754 shares in the last quarter. HRT Financial LLC bought a new stake in shares of Redwood Trust in the fourth quarter worth $331,000. Legal & General Group Plc increased its stake in shares of Redwood Trust by 6.8% in the fourth quarter. Legal & General Group Plc now owns 230,006 shares of the real estate investment trust’s stock worth $3,477,000 after buying an additional 14,698 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Redwood Trust by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 59,396 shares of the real estate investment trust’s stock worth $895,000 after buying an additional 1,306 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Redwood Trust in the fourth quarter worth $536,000. 88.24% of the stock is owned by institutional investors.
About Redwood Trust
Redwood Trust, Inc, together with its subsidiaries, engages in mortgage banking activities in the United States. The company operates through two segments, Investment Portfolio and Residential Mortgage Banking. The Investment Portfolio segment offers a portfolio of investments in residential mortgage-backed securities retained from Sequoia securitizations, and issued by third parties and other credit risk-related investments; and invests in residential loans held for investment and mortgage servicing rights associated with residential loans.
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