Redwood Trust (NYSE:RWT) Upgraded at JMP Securities

JMP Securities upgraded shares of Redwood Trust (NYSE:RWT) from a market perform rating to a market outperform rating in a research note published on Friday, The Fly reports. They currently have $9.50 price target on the real estate investment trust’s stock.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Redwood Trust from a sell rating to a hold rating in a research report on Tuesday, August 11th. Credit Suisse Group upped their price target on shares of Redwood Trust from $8.00 to $9.00 and gave the stock an outperform rating in a research report on Monday, September 21st. Piper Sandler upped their price target on shares of Redwood Trust from $5.50 to $7.50 and gave the stock a neutral rating in a research report on Friday, June 26th. Raymond James reaffirmed a buy rating on shares of Redwood Trust in a research report on Friday, August 21st. Finally, ValuEngine cut shares of Redwood Trust from a buy rating to a hold rating in a research report on Thursday, August 13th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $9.15.

Redwood Trust stock opened at $8.49 on Friday. The stock has a market cap of $975.88 million, a price-to-earnings ratio of -1.29 and a beta of 1.07. The company has a debt-to-equity ratio of 9.18, a current ratio of 11.32 and a quick ratio of 11.32. Redwood Trust has a 1 year low of $2.14 and a 1 year high of $18.01. The firm has a 50-day moving average of $7.79 and a two-hundred day moving average of $6.35.

Redwood Trust (NYSE:RWT) last released its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.67. Redwood Trust had a negative net margin of 103.58% and a positive return on equity of 3.41%. The company had revenue of $27.00 million during the quarter, compared to analysts’ expectations of $36.20 million. During the same period in the previous year, the company earned $0.39 EPS. Research analysts expect that Redwood Trust will post -0.34 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 22nd were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 6.60%. The ex-dividend date was Monday, September 21st. This is a positive change from Redwood Trust’s previous quarterly dividend of $0.13. Redwood Trust’s payout ratio is 35.44%.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its stake in shares of Redwood Trust by 42.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 5,769 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 1,724 shares in the last quarter. Verus Capital Partners LLC boosted its holdings in Redwood Trust by 89.2% during the first quarter. Verus Capital Partners LLC now owns 5,053 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 2,382 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Redwood Trust by 0.4% during the second quarter. Principal Financial Group Inc. now owns 870,763 shares of the real estate investment trust’s stock worth $6,096,000 after buying an additional 3,552 shares in the last quarter. American International Group Inc. boosted its holdings in Redwood Trust by 5.5% during the second quarter. American International Group Inc. now owns 81,293 shares of the real estate investment trust’s stock worth $569,000 after buying an additional 4,271 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Redwood Trust by 20.7% during the third quarter. Envestnet Asset Management Inc. now owns 25,461 shares of the real estate investment trust’s stock worth $191,000 after buying an additional 4,359 shares in the last quarter. Hedge funds and other institutional investors own 77.79% of the company’s stock.

About Redwood Trust

Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through four segments: Residential Lending, Business Purpose Lending, Multifamily Investments, and Third-Party Residential Investments. The Residential Lending segment operates a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer to its investment portfolio.

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