Mirae Asset Global Investments Co. Ltd. Takes $15.02 Million Position in Redwood Trust, Inc. (RWT)

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Redwood Trust, Inc. (NYSE:RWT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 925,089 shares of the real estate investment trust’s stock, valued at approximately $15,023,000.

A number of other hedge funds also recently added to or reduced their stakes in RWT. Aperio Group LLC boosted its holdings in Redwood Trust by 35.1% during the 2nd quarter. Aperio Group LLC now owns 23,328 shares of the real estate investment trust’s stock valued at $384,000 after acquiring an additional 6,062 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Redwood Trust during the 2nd quarter valued at about $1,087,000. First Trust Advisors LP boosted its holdings in Redwood Trust by 29.9% during the 2nd quarter. First Trust Advisors LP now owns 439,184 shares of the real estate investment trust’s stock valued at $7,233,000 after acquiring an additional 101,197 shares during the period. Victory Capital Management Inc. purchased a new stake in Redwood Trust during the 2nd quarter valued at about $12,519,000. Finally, Dean Capital Investments Management LLC purchased a new stake in Redwood Trust during the 2nd quarter valued at about $561,000. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

In other Redwood Trust news, Director Horvath D. Debora purchased 6,035 shares of the stock in a transaction on Friday, November 16th. The stock was acquired at an average price of $16.57 per share, with a total value of $99,999.95. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.84% of the company’s stock.

Several equities research analysts recently weighed in on the company. ValuEngine upgraded Redwood Trust from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. Raymond James assumed coverage on Redwood Trust in a report on Friday, October 12th. They set an “outperform” rating and a $18.50 target price for the company. Zacks Investment Research cut Redwood Trust from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 10th. Finally, Compass Point set a $18.00 target price on Redwood Trust and gave the company a “hold” rating in a report on Wednesday, August 8th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $17.88.

RWT opened at $16.69 on Friday. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 9.54 and a beta of 0.68. The company has a debt-to-equity ratio of 4.54, a current ratio of 4.63 and a quick ratio of 4.63. Redwood Trust, Inc. has a one year low of $14.32 and a one year high of $17.50.

Redwood Trust (NYSE:RWT) last released its quarterly earnings results on Wednesday, November 7th. The real estate investment trust reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $35.00 million during the quarter, compared to analyst estimates of $37.57 million. Redwood Trust had a return on equity of 12.82% and a net margin of 35.10%. Redwood Trust’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 EPS. Equities research analysts forecast that Redwood Trust, Inc. will post 1.77 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 7.19%. The ex-dividend date of this dividend is Thursday, December 13th. Redwood Trust’s payout ratio is 86.33%.

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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.

Further Reading: What is a closed-end mutual fund (CEF)?

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Institutional Ownership by Quarter for Redwood Trust (NYSE:RWT)

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