Texas Permanent School Fund Has $668,000 Position in Redwood Trust, Inc. (NYSE:RWT)

Texas Permanent School Fund boosted its holdings in Redwood Trust, Inc. (NYSE:RWTGet Rating) by 6.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 86,678 shares of the real estate investment trust’s stock after buying an additional 5,379 shares during the period. Texas Permanent School Fund owned approximately 0.07% of Redwood Trust worth $668,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of RWT. Wealthspire Advisors LLC raised its holdings in Redwood Trust by 2.0% in the first quarter. Wealthspire Advisors LLC now owns 68,487 shares of the real estate investment trust’s stock worth $721,000 after purchasing an additional 1,314 shares during the period. B. Riley Wealth Management Inc. raised its holdings in Redwood Trust by 14.9% in the first quarter. B. Riley Wealth Management Inc. now owns 11,969 shares of the real estate investment trust’s stock worth $126,000 after purchasing an additional 1,552 shares during the period. Teacher Retirement System of Texas raised its holdings in Redwood Trust by 7.5% in the first quarter. Teacher Retirement System of Texas now owns 23,691 shares of the real estate investment trust’s stock worth $249,000 after purchasing an additional 1,659 shares during the period. Meeder Asset Management Inc. raised its holdings in Redwood Trust by 13.3% in the second quarter. Meeder Asset Management Inc. now owns 15,163 shares of the real estate investment trust’s stock worth $117,000 after purchasing an additional 1,782 shares during the period. Finally, Strs Ohio raised its holdings in Redwood Trust by 6.8% in the second quarter. Strs Ohio now owns 28,100 shares of the real estate investment trust’s stock worth $216,000 after purchasing an additional 1,800 shares during the period. 69.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RWT shares. Wedbush started coverage on shares of Redwood Trust in a research report on Tuesday, October 4th. They set an “outperform” rating and a $9.00 price objective for the company. Piper Sandler lowered their price objective on shares of Redwood Trust from $10.50 to $8.50 and set an “overweight” rating for the company in a research report on Friday, September 30th. JMP Securities lowered their price objective on shares of Redwood Trust from $11.00 to $9.00 and set a “market outperform” rating for the company in a research report on Thursday, October 20th. Credit Suisse Group lowered their price objective on shares of Redwood Trust to $9.00 in a research report on Thursday, October 13th. Finally, BTIG Research downgraded shares of Redwood Trust to a “neutral” rating in a research report on Tuesday, September 6th. One analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.86.

Redwood Trust Stock Up 0.1 %

Redwood Trust stock opened at $7.50 on Tuesday. The company has a market cap of $850.13 million, a P/E ratio of -10.56 and a beta of 1.24. Redwood Trust, Inc. has a 1-year low of $5.51 and a 1-year high of $14.04. The company has a fifty day simple moving average of $6.68 and a 200 day simple moving average of $7.80. The company has a current ratio of 5.11, a quick ratio of 5.11 and a debt-to-equity ratio of 8.38.

Redwood Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 23rd were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 12.27%. The ex-dividend date was Thursday, September 22nd. Redwood Trust’s dividend payout ratio is currently -129.58%.

Redwood Trust announced that its Board of Directors has approved a share repurchase plan on Thursday, July 28th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the real estate investment trust to buy up to 11.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Redwood Trust Company Profile

(Get Rating)

Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio. The Residential 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.

Further Reading

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Institutional Ownership by Quarter for Redwood Trust (NYSE:RWT)

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