Redwood Trust (NYSE:RWT) Raised to Overweight at Piper Sandler

Piper Sandler upgraded shares of Redwood Trust (NYSE:RWT) from a neutral rating to an overweight rating in a research report released on Monday, Price Targets.com reports. They currently have $14.00 target price on the real estate investment trust’s stock, up from their prior target price of $12.00.

Other analysts also recently issued reports about the company. JMP Securities lifted their price objective on Redwood Trust from $12.00 to $13.50 and gave the company a market outperform rating in a report on Thursday, June 24th. BTIG Research lifted their price objective on Redwood Trust from $12.50 to $13.50 and gave the company a buy rating in a report on Tuesday, June 15th. Zacks Investment Research upgraded Redwood Trust from a hold rating to a buy rating and set a $14.00 target price on the stock in a research note on Wednesday, July 14th. TheStreet upgraded Redwood Trust from a d rating to a c rating in a research note on Thursday, April 29th. Finally, Raymond James lifted their target price on Redwood Trust from $13.50 to $14.50 and gave the company a strong-buy rating in a research note on Friday, April 30th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $12.88.

RWT stock opened at $11.91 on Monday. The company has a debt-to-equity ratio of 6.67, a current ratio of 6.60 and a quick ratio of 6.60. The company has a 50-day moving average price of $11.65. The company has a market capitalization of $1.35 billion, a P/E ratio of 3.77 and a beta of 0.96. Redwood Trust has a 1-year low of $6.51 and a 1-year high of $12.71.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Stockholders of record on Wednesday, June 23rd were paid a dividend of $0.18 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 Tuesday, June 22nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 6.05%. Redwood Trust’s payout ratio is presently 1,800.00%.

Several hedge funds have recently modified their holdings of the company. Mutual of America Capital Management LLC grew its stake in shares of Redwood Trust by 7.1% during the first quarter. Mutual of America Capital Management LLC now owns 14,970 shares of the real estate investment trust’s stock worth $156,000 after acquiring an additional 992 shares during the last quarter. Catalyst Capital Advisors LLC grew its stake in shares of Redwood Trust by 45.2% during the first quarter. Catalyst Capital Advisors LLC now owns 3,500 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 1,090 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Redwood Trust by 16.6% during the first quarter. Public Employees Retirement System of Ohio now owns 8,886 shares of the real estate investment trust’s stock worth $93,000 after acquiring an additional 1,264 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Redwood Trust by 100.0% during the first quarter. International Assets Investment Management LLC now owns 3,000 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Redwood Trust by 5.5% during the first quarter. Bank of Montreal Can now owns 29,342 shares of the real estate investment trust’s stock worth $307,000 after acquiring an additional 1,531 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

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 Lending, Business Purpose Lending, and Third-Party Investments. The Residential Lending segment operates a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer to its investment portfolio.

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