Redwood Trust (NYSE:RWT) Price Target Cut to $6.00 by Analysts at JPMorgan Chase & Co.

Redwood Trust (NYSE:RWT) had its price objective lowered by JPMorgan Chase & Co. from $6.50 to $6.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

Several other research analysts also recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Redwood Trust in a research note on Wednesday, June 24th. BTIG Research dropped their price target on shares of Redwood Trust from $8.50 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, June 17th. Wall Street Zen raised shares of Redwood Trust from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Zacks Research cut shares of Redwood Trust from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Piper Sandler reduced their price objective on shares of Redwood Trust from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Redwood Trust currently has an average rating of “Moderate Buy” and an average price target of $6.11.

Redwood Trust Price Performance

Shares of Redwood Trust stock opened at $5.13 on Friday. The firm has a market cap of $643.00 million, a PE ratio of -6.58 and a beta of 1.37. Redwood Trust has a twelve month low of $4.19 and a twelve month high of $6.97. The company has a quick ratio of 59.63, a current ratio of 59.63 and a debt-to-equity ratio of 28.42. The business has a 50-day moving average price of $5.10 and a 200 day moving average price of $5.55.

Redwood Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 23rd were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 14.0%. The ex-dividend date was Tuesday, June 23rd. Redwood Trust’s dividend payout ratio (DPR) is -92.31%.

Institutional Trading of Redwood Trust

Institutional investors have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Redwood Trust by 26.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 492,661 shares of the real estate investment trust’s stock valued at $2,990,000 after purchasing an additional 103,893 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Redwood Trust during the first quarter worth $2,018,000. Strs Ohio purchased a new stake in shares of Redwood Trust during the first quarter worth $149,000. XTX Topco Ltd grew its holdings in shares of Redwood Trust by 35.4% during the second quarter. XTX Topco Ltd now owns 14,513 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 3,795 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Redwood Trust by 331.8% in the second quarter. Russell Investments Group Ltd. now owns 7,915 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 6,082 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.