Redwood Trust (NYSE:RWT) Price Target Cut to $6.00 by Analysts at Piper Sandler

Redwood Trust (NYSE:RWT) had its target price reduced by Piper Sandler from $6.50 to $6.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other research firms have also issued reports on RWT. JonesTrading reaffirmed a “buy” rating and issued a $6.25 price target on shares of Redwood Trust in a research report on Tuesday, March 3rd. Wall Street Zen upgraded shares of Redwood Trust from a “sell” rating to a “hold” rating in a research note on Sunday, March 29th. Zacks Research raised shares of Redwood Trust from a “hold” rating to a “strong-buy” rating in a report on Monday, January 26th. Citigroup reiterated a “market perform” rating on shares of Redwood Trust in a research note on Wednesday, February 18th. Finally, JPMorgan Chase & Co. upgraded shares of Redwood Trust from a “neutral” rating to an “overweight” rating and set a $6.00 price target for the company in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $6.82.

Redwood Trust Stock Performance

NYSE:RWT opened at $5.65 on Thursday. Redwood Trust has a 52 week low of $4.68 and a 52 week high of $6.97. The company has a fifty day simple moving average of $5.85 and a two-hundred day simple moving average of $5.67. The company has a quick ratio of 55.15, a current ratio of 55.15 and a debt-to-equity ratio of 24.34. The company has a market cap of $705.63 million, a price-to-earnings ratio of -9.25 and a beta of 1.52.

Redwood Trust (NYSE:RWT) last announced its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). Redwood Trust had a negative net margin of 5.93% and a positive return on equity of 12.00%. The company had revenue of $140.33 million during the quarter, compared to analyst estimates of $24.88 million. As a group, equities analysts anticipate that Redwood Trust will post 0.78 earnings per share for the current fiscal year.

Redwood Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 24th were issued a $0.18 dividend. The ex-dividend date was Tuesday, March 24th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 12.8%. Redwood Trust’s dividend payout ratio is presently -118.03%.

Hedge Funds Weigh In On Redwood Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vident Advisory LLC raised its holdings in Redwood Trust by 4.7% during the fourth quarter. Vident Advisory LLC now owns 39,606 shares of the real estate investment trust’s stock worth $219,000 after purchasing an additional 1,773 shares in the last quarter. Inceptionr LLC lifted its position in shares of Redwood Trust by 10.7% during the 3rd quarter. Inceptionr LLC now owns 26,377 shares of the real estate investment trust’s stock worth $153,000 after buying an additional 2,560 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Redwood Trust by 0.8% in the 3rd quarter. Rhumbline Advisers now owns 392,058 shares of the real estate investment trust’s stock valued at $2,270,000 after buying an additional 3,147 shares in the last quarter. Choreo LLC grew its position in shares of Redwood Trust by 29.4% in the 4th quarter. Choreo LLC now owns 13,893 shares of the real estate investment trust’s stock valued at $77,000 after buying an additional 3,158 shares during the last quarter. Finally, Apollon Wealth Management LLC grew its position in shares of Redwood Trust by 3.7% in the 3rd quarter. Apollon Wealth Management LLC now owns 89,143 shares of the real estate investment trust’s stock valued at $516,000 after buying an additional 3,193 shares during the last quarter. 74.34% of the stock is owned by institutional investors and hedge funds.

Redwood Trust Company Profile

Redwood Trust, Inc (NYSE:RWT) is a publicly traded real estate investment trust specializing in the U.S. residential mortgage market. Headquartered in Mill Valley, California, the company focuses on investing in a diversified portfolio of residential mortgage assets, including whole loans, agency and non-agency mortgage-backed securities, and structured credit products.

The company’s core activities encompass the acquisition, financing, and management of prime residential mortgage whole loans and mortgage-backed securities.