Redwood Trust Inc. (RWT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Redwood Trust Inc. (NYSE:RWT) from a hold rating to a buy rating in a research report released on Tuesday morning. They currently have $16.00 price objective on the stock.
According to Zacks, “REDWOOD TRUST INC. is a self-advised and self-managed real estate investment trust. It specializes in acquiring and managing real estate mortgage assets which may be acquired as whole loans or as mortgage securities reperesenting interest in or obligations backed by pools of mortgage loans. “
Other equities analysts also recently issued reports about the company. Maxim Group downgraded Redwood Trust from a buy rating to a hold rating in a research report on Wednesday, August 10th. Keefe, Bruyette & Woods downgraded Redwood Trust from an outperform rating to a market perform rating and set a $14.50 target price on the stock. in a research report on Tuesday, July 19th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Redwood Trust presently has an average rating of Hold and an average price target of $15.55.
Redwood Trust (NYSE:RWT) opened at 13.57 on Tuesday. Redwood Trust has a 12 month low of $9.26 and a 12 month high of $15.24. The stock’s 50 day moving average price is $14.08 and its 200-day moving average price is $13.76. The firm has a market capitalization of $1.04 billion, a P/E ratio of 9.89 and a beta of 0.71.
Redwood Trust (NYSE:RWT) last released its earnings results on Monday, August 8th. The company reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.10. Redwood Trust had a return on equity of 12.09% and a net margin of 41.54%. During the same quarter in the prior year, the firm earned $0.31 EPS. On average, analysts forecast that Redwood Trust will post $1.35 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.12 annualized dividend and a dividend yield of 8.25%. Redwood Trust’s payout ratio is currently 85.50%.
Several large investors have recently made changes to their positions in RWT. Independent Portfolio Consultants Inc. increased its stake in shares of Redwood Trust by 33.3% in the third quarter. Independent Portfolio Consultants Inc. now owns 31,475 shares of the company’s stock valued at $446,000 after buying an additional 7,865 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Redwood Trust by 6.7% in the second quarter. Public Employees Retirement System of Ohio now owns 7,329 shares of the company’s stock valued at $101,000 after buying an additional 461 shares during the last quarter. Sterling Capital Management LLC bought a new stake in shares of Redwood Trust during the second quarter valued at approximately $902,000. Schwab Charles Investment Management Inc. increased its stake in shares of Redwood Trust by 5.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 432,470 shares of the company’s stock valued at $5,973,000 after buying an additional 20,856 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Redwood Trust during the second quarter valued at approximately $141,000. Institutional investors and hedge funds own 86.85% of the company’s stock.
Redwood Trust Company Profile
Redwood Trust, Inc, together with its subsidiaries, focuses on investing in mortgage- and other real estate-related assets. The Company operates through three segments: residential mortgage banking, residential investments, and commercial mortgage banking and investments. Its residential mortgage banking segment consists of operating a mortgage loan conduit that acquires residential whole loans from third-party originators for subsequent sale, securitization or transfer to its investment portfolio.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Redwood Trust Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Redwood Trust Inc. and related companies with MarketBeat.com's FREE daily email newsletter.