Raymond James Financial Services Advisors Inc. reduced its position in shares of Redwood Trust, Inc. (NYSE:RWT – Get Rating) by 4.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 397,906 shares of the real estate investment trust’s stock after selling 19,697 shares during the period. Raymond James Financial Services Advisors Inc. owned approximately 0.35% of Redwood Trust worth $2,690,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. MetLife Investment Management LLC raised its holdings in Redwood Trust by 4.2% during the third quarter. MetLife Investment Management LLC now owns 62,232 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 2,522 shares in the last quarter. Van ECK Associates Corp grew its position in Redwood Trust by 13.2% during the fourth quarter. Van ECK Associates Corp now owns 499,899 shares of the real estate investment trust’s stock worth $3,379,000 after buying an additional 58,451 shares during the period. Simon Quick Advisors LLC acquired a new position in Redwood Trust during the fourth quarter worth about $84,000. Sculati Wealth Management LLC grew its position in Redwood Trust by 3.8% during the third quarter. Sculati Wealth Management LLC now owns 122,573 shares of the real estate investment trust’s stock worth $704,000 after buying an additional 4,501 shares during the period. Finally, Gamco Investors INC. ET AL grew its position in Redwood Trust by 18.1% during the third quarter. Gamco Investors INC. ET AL now owns 195,400 shares of the real estate investment trust’s stock worth $1,122,000 after buying an additional 30,000 shares during the period. 71.73% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on RWT shares. Raymond James lowered their target price on shares of Redwood Trust from $11.00 to $10.00 and set a “strong-buy” rating on the stock in a research report on Sunday, March 5th. JMP Securities increased their price target on shares of Redwood Trust from $9.00 to $9.50 and gave the company a “market outperform” rating in a research report on Tuesday, February 7th. Keefe, Bruyette & Woods lowered their price target on shares of Redwood Trust from $9.00 to $8.50 and set an “outperform” rating on the stock in a research report on Tuesday, February 14th. StockNews.com upgraded shares of Redwood Trust from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Finally, Wells Fargo & Company raised their target price on shares of Redwood Trust from $7.50 to $8.50 and gave the stock an “equal weight” rating in a research report on Friday, February 10th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Redwood Trust currently has an average rating of “Moderate Buy” and an average target price of $8.83.
Redwood Trust Price Performance
Redwood Trust Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 24th were given a $0.23 dividend. The ex-dividend date was Thursday, March 23rd. This represents a $0.92 annualized dividend and a yield of 15.49%. Redwood Trust’s dividend payout ratio is presently -55.09%.
Redwood Trust Company Profile
Redwood Trust, Inc is a financial company, which focuses on several distinct areas of housing credit. It operates through the following segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio. The Residential Mortgage Banking segment consists of a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer into the investment portfolio.
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