White Pine Investment CO lessened its holdings in shares of Redwood Trust, Inc. (NYSE:RWT) by 2.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 321,135 shares of the real estate investment trust’s stock after selling 6,500 shares during the period. Redwood Trust comprises approximately 2.7% of White Pine Investment CO’s investment portfolio, making the stock its 12th biggest position. White Pine Investment CO’s holdings in Redwood Trust were worth $5,289,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. State of New Jersey Common Pension Fund D raised its position in Redwood Trust by 13.2% during the first quarter. State of New Jersey Common Pension Fund D now owns 107,500 shares of the real estate investment trust’s stock valued at $1,663,000 after acquiring an additional 12,500 shares in the last quarter. SG Americas Securities LLC bought a new position in Redwood Trust during the first quarter valued at approximately $148,000. Citadel Advisors LLC raised its position in Redwood Trust by 122.8% during the first quarter. Citadel Advisors LLC now owns 415,922 shares of the real estate investment trust’s stock valued at $6,434,000 after acquiring an additional 229,265 shares in the last quarter. LSV Asset Management raised its position in Redwood Trust by 6.9% during the first quarter. LSV Asset Management now owns 264,100 shares of the real estate investment trust’s stock valued at $4,085,000 after acquiring an additional 17,000 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Redwood Trust by 7.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 618,397 shares of the real estate investment trust’s stock valued at $9,567,000 after acquiring an additional 42,122 shares in the last quarter. 79.29% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Redwood Trust opened at $16.04 on Friday, Marketbeat reports. Redwood Trust, Inc. has a 12 month low of $14.29 and a 12 month high of $17.50. The company has a debt-to-equity ratio of 3.82, a quick ratio of 3.37 and a current ratio of 3.74. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 9.40 and a beta of 0.66.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $1.20 annualized dividend and a yield of 7.48%. Redwood Trust’s dividend payout ratio (DPR) is presently 86.33%.
Several brokerages have commented on RWT. Zacks Investment Research downgraded Redwood Trust from a “buy” rating to a “hold” rating in a report on Wednesday, July 11th. ValuEngine downgraded Redwood Trust from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Compass Point set a $18.00 price target on Redwood Trust and gave the company a “hold” rating in a report on Wednesday. Finally, Deutsche Bank increased their price target on Redwood Trust to $17.00 and gave the company a “buy” rating in a report on Tuesday, May 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Redwood Trust presently has an average rating of “Buy” and an average price target of $17.67.
About Redwood Trust
Redwood Trust, Inc, together with its subsidiaries, engages in mortgage banking activities in the United States. The company operates through two segments, Investment Portfolio and Residential Mortgage Banking. The Investment Portfolio segment offers a portfolio of investments in residential mortgage-backed securities retained from Sequoia securitizations, and issued by third parties and other credit risk-related investments; and invests in residential loans held for investment and mortgage servicing rights associated with residential loans.
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