Zacks Investment Research upgraded shares of Redwood Trust, Inc. (NYSE:RWT) from a strong sell rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “REDWOOD TRUST INC. is a self-advised and self-managed real estate investment trust. It specializes in acquiring and managing real estate mortgage assets which may be acquired as whole loans or as mortgage securities reperesenting interest in or obligations backed by pools of mortgage loans. “
RWT has been the subject of a number of other reports. BidaskClub downgraded Redwood Trust from a buy rating to a hold rating in a report on Thursday, August 10th. ValuEngine upgraded Redwood Trust from a buy rating to a strong-buy rating in a report on Tuesday, July 25th.
Redwood Trust (NYSE RWT) remained flat at $16.52 during midday trading on Tuesday. The company’s stock had a trading volume of 7,492 shares. Redwood Trust has a 52-week low of $13.57 and a 52-week high of $17.45. The stock has a market cap of $1.27 billion, a P/E ratio of 9.66 and a beta of 0.87. The company has a 50 day moving average of $16.42 and a 200-day moving average of $16.80.
Redwood Trust (NYSE:RWT) last announced its earnings results on Thursday, August 3rd. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02). Redwood Trust had a return on equity of 12.02% and a net margin of 46.04%. The company had revenue of $60.00 million for the quarter, compared to the consensus estimate of $33.59 million. During the same period in the prior year, the business earned $0.48 earnings per share. Equities analysts anticipate that Redwood Trust will post $1.49 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were issued a dividend of $0.28 per share. The ex-dividend date was Thursday, September 14th. This represents a $1.12 dividend on an annualized basis and a yield of 6.78%. Redwood Trust’s payout ratio is currently 64.00%.
Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Redwood Trust in the 1st quarter valued at about $107,000. Ameritas Investment Partners Inc. acquired a new position in Redwood Trust during the 1st quarter valued at about $109,000. Public Employees Retirement System of Ohio boosted its stake in Redwood Trust by 1.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 7,003 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 113 shares during the last quarter. Comerica Bank boosted its stake in Redwood Trust by 0.8% during the 1st quarter. Comerica Bank now owns 11,286 shares of the real estate investment trust’s stock valued at $196,000 after purchasing an additional 95 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Redwood Trust during the 2nd quarter valued at about $232,000. Institutional investors own 84.65% of the company’s stock.
About Redwood Trust
Redwood Trust, Inc, through its subsidiaries, focuses on investing in mortgage and other real estate related assets. The Company is engaged in mortgage banking activities. The Company operates through three segments: Residential Investments, Residential Mortgage Banking and Commercial. The Residential Investments segment includes a portfolio of investments in residential mortgage-backed securities (RMBS) retained from its Sequoia securitizations.
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