Principal Financial Group Inc. lessened its stake in Redwood Trust, Inc. (NYSE:RWT – Free Report) by 5.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 615,429 shares of the real estate investment trust’s stock after selling 32,458 shares during the quarter. Principal Financial Group Inc. owned 0.54% of Redwood Trust worth $4,388,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its holdings in Redwood Trust by 195.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 5,467 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 3,617 shares during the last quarter. Quarry LP boosted its holdings in Redwood Trust by 736.7% during the first quarter. Quarry LP now owns 5,614 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 4,943 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Redwood Trust by 71.9% during the second quarter. Tower Research Capital LLC TRC now owns 6,683 shares of the real estate investment trust’s stock worth $43,000 after purchasing an additional 2,796 shares during the last quarter. Metropolitan Life Insurance Co NY boosted its holdings in Redwood Trust by 29.6% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 7,213 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,649 shares during the last quarter. Finally, KBC Group NV acquired a new position in Redwood Trust during the second quarter worth $60,000. Institutional investors and hedge funds own 69.94% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the stock. BTIG Research upgraded shares of Redwood Trust from a “neutral” rating to a “buy” rating and set a $8.50 target price for the company in a report on Tuesday, December 5th. Raymond James cut their price target on shares of Redwood Trust from $9.00 to $8.50 and set a “strong-buy” rating for the company in a research note on Friday, January 19th. Finally, UBS Group started coverage on shares of Redwood Trust in a research note on Wednesday, December 6th. They issued a “buy” rating and a $9.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.39.
Redwood Trust Price Performance
NYSE RWT opened at $6.42 on Thursday. The company has a market cap of $733.39 million, a PE ratio of -9.58 and a beta of 1.51. Redwood Trust, Inc. has a 52 week low of $5.47 and a 52 week high of $8.41. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 9.84. The firm’s 50-day simple moving average is $7.14 and its two-hundred day simple moving average is $7.21.
Redwood Trust Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Wednesday, December 20th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 9.97%. The ex-dividend date of this dividend was Tuesday, December 19th. Redwood Trust’s dividend payout ratio is presently -95.52%.
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 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.
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