Redwood Trust, Inc. (NYSE:RWT) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its stake in Redwood Trust, Inc. (NYSE:RWT) by 7.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 70,127 shares of the real estate investment trust’s stock after selling 5,473 shares during the quarter. Corebridge Financial Inc. owned approximately 0.05% of Redwood Trust worth $458,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RWT. State Street Corp lifted its position in Redwood Trust by 2.0% in the 3rd quarter. State Street Corp now owns 5,189,667 shares of the real estate investment trust’s stock valued at $40,116,000 after purchasing an additional 102,274 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Redwood Trust by 6.9% during the third quarter. Wellington Management Group LLP now owns 14,611,264 shares of the real estate investment trust’s stock valued at $112,945,000 after buying an additional 941,223 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Redwood Trust by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 641,410 shares of the real estate investment trust’s stock worth $4,188,000 after buying an additional 18,164 shares during the period. Franklin Resources Inc. grew its holdings in Redwood Trust by 4.6% in the 3rd quarter. Franklin Resources Inc. now owns 72,486 shares of the real estate investment trust’s stock worth $548,000 after buying an additional 3,206 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Redwood Trust by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,038,438 shares of the real estate investment trust’s stock valued at $23,492,000 after acquiring an additional 25,444 shares during the period. Institutional investors and hedge funds own 74.34% of the company’s stock.

Redwood Trust Price Performance

NYSE:RWT opened at $4.93 on Wednesday. The company has a quick ratio of 44.36, a current ratio of 44.36 and a debt-to-equity ratio of 14.09. The business’s 50-day moving average price is $6.28 and its 200 day moving average price is $6.78. Redwood Trust, Inc. has a 52-week low of $4.92 and a 52-week high of $8.15. The firm has a market cap of $654.94 million, a P/E ratio of 14.92 and a beta of 1.15.

Redwood Trust (NYSE:RWT) last announced its quarterly earnings data on Thursday, February 13th. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.03). Redwood Trust had a return on equity of 6.91% and a net margin of 9.35%. The business had revenue of $27.60 million during the quarter, compared to analyst estimates of $26.00 million. As a group, sell-side analysts predict that Redwood Trust, Inc. will post 0.78 earnings per share for the current fiscal year.

Redwood Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 24th were issued a $0.18 dividend. The ex-dividend date of this dividend was Monday, March 24th. This represents a $0.72 annualized dividend and a dividend yield of 14.62%. Redwood Trust’s dividend payout ratio is currently 218.18%.

Analysts Set New Price Targets

A number of research analysts have issued reports on RWT shares. JMP Securities reiterated a “market outperform” rating and set a $8.00 price target on shares of Redwood Trust in a research report on Friday, February 14th. JPMorgan Chase & Co. reduced their price objective on shares of Redwood Trust from $7.00 to $6.50 and set a “neutral” rating for the company in a report on Tuesday, January 21st. Finally, StockNews.com upgraded shares of Redwood Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

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.