Redwood Trust, Inc. (NYSE:RWT) shares reached a new 52-week high during trading on Wednesday after BTIG Research raised their price target on the stock from $12.50 to $13.50. BTIG Research currently has a buy rating on the stock. Redwood Trust traded as high as $12.69 and last traded at $12.45, with a volume of 36280 shares. The stock had previously closed at $12.11.
Other equities research analysts also recently issued research reports about the company. Raymond James increased their target price on Redwood Trust from $13.50 to $14.50 and gave the stock a “strong-buy” rating in a research report on Friday, April 30th. Zacks Investment Research raised Redwood Trust from a “hold” rating to a “strong-buy” rating and set a $13.00 price objective on the stock in a report on Thursday, May 6th. TheStreet raised Redwood Trust from a “d” rating to a “c” rating in a report on Thursday, April 29th. Finally, Credit Suisse Group increased their price target on shares of Redwood Trust from $10.50 to $12.00 and gave the stock an “outperform” rating in a report on Tuesday, March 16th. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $11.63.
Several large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC grew its holdings 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 purchasing an additional 1,500 shares in the last quarter. Catalyst Capital Advisors LLC lifted its position in 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 valued at $36,000 after purchasing an additional 1,090 shares during the last quarter. Veriti Management LLC bought a new stake in Redwood Trust during the fourth quarter valued at approximately $55,000. Teacher Retirement System of Texas bought a new position in shares of Redwood Trust in the 4th quarter worth $91,000. Finally, Public Employees Retirement System of Ohio raised its position in 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 valued at $93,000 after purchasing an additional 1,264 shares in the last quarter. 72.30% of the stock is currently owned by hedge funds and other institutional investors.
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 stock has a market cap of $1.40 billion, a PE ratio of 3.83 and a beta of 0.96. The firm has a fifty day moving average price of $10.95.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Wednesday, June 23rd will be given a dividend of $0.18 per share. This is a boost from Redwood Trust’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date is Tuesday, June 22nd. Redwood Trust’s dividend payout ratio (DPR) is presently 1,600.00%.
About Redwood Trust (NYSE:RWT)
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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