Redwood Trust (NYSE:RWT) Downgraded to “Neutral” at Wedbush

Wedbush downgraded shares of Redwood Trust (NYSE:RWT) from an outperform rating to a neutral rating in a research note released on Thursday, MarketBeat Ratings reports. They currently have $6.50 price target on the real estate investment trust’s stock, down from their previous price target of $8.00. Wedbush also issued estimates for Redwood Trust’s Q1 2024 earnings at $0.09 EPS, Q2 2024 earnings at $0.11 EPS, Q3 2024 earnings at $0.14 EPS, Q4 2024 earnings at $0.17 EPS and FY2025 earnings at $0.65 EPS.

A number of other research firms also recently weighed in on RWT. Piper Sandler cut their price target on Redwood Trust from $7.50 to $7.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. Wells Fargo & Company reduced their target price on Redwood Trust from $8.00 to $7.00 and set an equal weight rating on the stock in a report on Wednesday, February 21st. UBS Group lowered their price target on Redwood Trust from $9.00 to $8.50 and set a buy rating for the company in a research note on Tuesday, March 5th. Keefe, Bruyette & Woods reduced their price objective on shares of Redwood Trust from $7.75 to $7.25 and set an outperform rating on the stock in a research note on Wednesday. Finally, Raymond James decreased their price objective on shares of Redwood Trust from $9.00 to $8.50 and set a strong-buy rating for the company in a report on Friday, January 19th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $7.64.

Redwood Trust Trading Down 2.0 %

Shares of NYSE RWT opened at $5.83 on Thursday. Redwood Trust has a fifty-two week low of $5.47 and a fifty-two week high of $8.30. The firm has a market capitalization of $767.11 million, a P/E ratio of -48.58 and a beta of 1.48. The company has a debt-to-equity ratio of 10.12, a current ratio of 7.36 and a quick ratio of 7.36. The company’s 50 day simple moving average is $6.29 and its 200 day simple moving average is $6.76.

Redwood Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 21st were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 10.98%. The ex-dividend date was Wednesday, March 20th. Redwood Trust’s dividend payout ratio (DPR) is presently -533.33%.

Institutional Investors Weigh In On Redwood Trust

Several institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC increased its holdings in Redwood Trust by 641.0% during the 4th quarter. International Assets Investment Management LLC now owns 3,705 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 3,205 shares in the last quarter. Quarry LP grew its holdings in shares of 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 buying an additional 4,943 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Redwood Trust by 71.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,683 shares of the real estate investment trust’s stock valued at $43,000 after buying an additional 2,796 shares during the last quarter. O Dell Group LLC bought a new stake in Redwood Trust in the 4th quarter valued at approximately $44,000. Finally, Metropolitan Life Insurance Co NY boosted its position in Redwood Trust by 29.6% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 7,213 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 1,649 shares during the last quarter. 74.34% of the stock is owned by institutional investors.

About Redwood Trust

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