PVG Asset Management Corp Invests $592,000 in Redwood Trust, Inc. $RWT

PVG Asset Management Corp purchased a new stake in Redwood Trust, Inc. (NYSE:RWT) in the second quarter, Holdings Channel reports. The firm purchased 124,930 shares of the real estate investment trust’s stock, valued at approximately $592,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in Redwood Trust by 0.5% during the fourth quarter. Wellington Management Group LLP now owns 15,101,012 shares of the real estate investment trust’s stock worth $83,509,000 after buying an additional 80,529 shares during the last quarter. UBS Group AG increased its stake in shares of Redwood Trust by 521.1% in the 4th quarter. UBS Group AG now owns 3,875,226 shares of the real estate investment trust’s stock worth $21,430,000 after acquiring an additional 3,251,302 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Redwood Trust by 25.4% during the 4th quarter. Invesco Ltd. now owns 2,551,067 shares of the real estate investment trust’s stock worth $14,107,000 after acquiring an additional 516,630 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Redwood Trust by 15.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,169,992 shares of the real estate investment trust’s stock worth $12,000,000 after acquiring an additional 282,800 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Redwood Trust by 7.5% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,148,393 shares of the real estate investment trust’s stock valued at $12,439,000 after acquiring an additional 149,003 shares during the last quarter. Hedge funds and other institutional investors own 74.34% of the company’s stock.

Redwood Trust Stock Up 1.0%

Shares of RWT opened at $4.62 on Tuesday. The stock has a market capitalization of $577.89 million, a PE ratio of -115.35 and a beta of 1.38. Redwood Trust, Inc. has a 1 year low of $4.19 and a 1 year high of $6.97. The company has a debt-to-equity ratio of 29.41, a quick ratio of 59.63 and a current ratio of 59.63. The company’s 50-day simple moving average is $5.00 and its 200-day simple moving average is $5.49.

Redwood Trust (NYSE:RWT) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.25 EPS for the quarter, beating the consensus estimate of $0.23 by $0.02. The business had revenue of $78.50 million during the quarter, compared to analyst estimates of $89.45 million. Redwood Trust had a net margin of 0.56% and a return on equity of 15.73%. Analysts forecast that Redwood Trust, Inc. will post 1.03 earnings per share for the current fiscal year.

Redwood Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 23rd were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 15.6%. The ex-dividend date of this dividend was Tuesday, June 23rd. Redwood Trust’s payout ratio is presently -1,800.00%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RWT. Weiss Ratings reissued a “sell (d)” rating on shares of Redwood Trust in a report on Wednesday, June 24th. BTIG Research reaffirmed a “buy” rating and set a $6.00 target price on shares of Redwood Trust in a research note on Tuesday, July 28th. Wall Street Zen upgraded shares of Redwood Trust from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Piper Sandler dropped their price target on shares of Redwood Trust from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company cut their price target on shares of Redwood Trust from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.00.

Redwood Trust Company Profile

Redwood Trust, Inc (NYSE:RWT) is a publicly traded real estate investment trust specializing in the U.S. residential mortgage market. Headquartered in Mill Valley, California, the company focuses on investing in a diversified portfolio of residential mortgage assets, including whole loans, agency and non-agency mortgage-backed securities, and structured credit products.

The company’s core activities encompass the acquisition, financing, and management of prime residential mortgage whole loans and mortgage-backed securities.