Russell Investments Group Ltd. increased its holdings in Redwood Trust, Inc. (NYSE:RWT) by 27.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 106,130 shares of the real estate investment trust’s stock after buying an additional 23,071 shares during the period. Russell Investments Group Ltd. owned 0.14% of Redwood Trust worth $1,729,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of RWT. Public Employees Retirement System of Ohio grew its stake in shares of Redwood Trust by 1.6% during the second 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 buying an additional 113 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Redwood Trust during the third quarter valued at about $215,000. Advisory Services Network LLC boosted its holdings in shares of Redwood Trust by 3.7% during the second quarter. Advisory Services Network LLC now owns 14,154 shares of the real estate investment trust’s stock worth $241,000 after purchasing an additional 510 shares during the period. Legal & General Group Plc boosted its holdings in shares of Redwood Trust by 48.4% during the second quarter. Legal & General Group Plc now owns 16,897 shares of the real estate investment trust’s stock worth $288,000 after purchasing an additional 5,510 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Redwood Trust by 87.3% during the second quarter. BNP Paribas Arbitrage SA now owns 17,381 shares of the real estate investment trust’s stock worth $296,000 after purchasing an additional 8,101 shares during the period. Institutional investors own 85.36% of the company’s stock.
In related news, General Counsel Andrew P. Stone sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $14.87, for a total transaction of $74,350.00. Following the completion of the sale, the general counsel now owns 53,015 shares of the company’s stock, valued at $788,333.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.33% of the stock is owned by company insiders.
Redwood Trust (NYSE:RWT) last announced its quarterly earnings results on Monday, November 6th. The real estate investment trust reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.04). The firm had revenue of $35.00 million for the quarter, compared to the consensus estimate of $36.86 million. Redwood Trust had a net margin of 41.62% and a return on equity of 9.87%. Redwood Trust’s revenue was down 10.3% on a year-over-year basis. During the same period last year, the business earned $0.58 EPS. sell-side analysts predict that Redwood Trust, Inc. will post 1.39 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 28th. Investors of record on Friday, December 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 7.54%. The ex-dividend date is Thursday, December 14th. Redwood Trust’s dividend payout ratio (DPR) is currently 70.89%.
Several analysts have commented on the stock. ValuEngine upgraded shares of Redwood Trust from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Deutsche Bank lowered their price objective on shares of Redwood Trust from $18.50 to $17.00 and set a “buy” rating for the company in a report on Wednesday, November 8th. Zacks Investment Research upgraded shares of Redwood Trust from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 10th. Finally, Keefe, Bruyette & Woods upgraded shares of Redwood Trust from a “market perform” rating to an “outperform” rating in a report on Thursday, December 7th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $17.00.
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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