Redwood Trust, Inc. (RWT) is White Pine Investment CO’s 7th Largest Position
White Pine Investment CO cut its stake in Redwood Trust, Inc. (NYSE:RWT) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 332,065 shares of the real estate investment trust’s stock after selling 7,150 shares during the period. Redwood Trust makes up about 3.0% of White Pine Investment CO’s investment portfolio, making the stock its 7th largest position. White Pine Investment CO owned approximately 0.43% of Redwood Trust worth $5,658,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Redwood Trust during the first quarter valued at $107,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Redwood Trust during the first quarter valued at $109,000. TFS Capital LLC acquired a new stake in shares of Redwood Trust during the first quarter valued at $185,000. Comerica Bank increased its stake in shares of Redwood Trust by 0.8% in the first quarter. Comerica Bank now owns 11,286 shares of the real estate investment trust’s stock valued at $196,000 after buying an additional 95 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its stake in shares of Redwood Trust by 19.5% in the first quarter. Eqis Capital Management Inc. now owns 11,996 shares of the real estate investment trust’s stock valued at $199,000 after buying an additional 1,959 shares during the last quarter. Hedge funds and other institutional investors own 85.08% of the company’s stock.
Shares of Redwood Trust, Inc. (NYSE:RWT) traded up 1.30% on Wednesday, hitting $17.14. The stock had a trading volume of 44,906 shares. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 9.74 and a beta of 0.89. The stock has a 50 day moving average of $17.06 and a 200 day moving average of $16.55. Redwood Trust, Inc. has a 12-month low of $13.22 and a 12-month high of $17.43.
Redwood Trust (NYSE:RWT) last released its quarterly earnings results on Thursday, May 4th. The real estate investment trust reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. Redwood Trust had a return on equity of 13.22% and a net margin of 48.45%. The company had revenue of $62 million for the quarter, compared to analysts’ expectations of $34.89 million. During the same period in the prior year, the firm earned $0.28 earnings per share. Equities analysts predict that Redwood Trust, Inc. will post $1.49 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 6.62%. The ex-dividend date of this dividend was Wednesday, June 14th. Redwood Trust’s dividend payout ratio is currently 62.22%.
Several brokerages have recently weighed in on RWT. Zacks Investment Research upgraded Redwood Trust from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 2nd. ValuEngine downgraded Redwood Trust from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub upgraded Redwood Trust from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Redwood Trust has an average rating of “Hold” and a consensus price target of $16.75.
In related news, Director Karen R. Pallotta acquired 3,027 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were acquired at an average price of $16.53 per share, with a total value of $50,036.31. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Andrew P. Stone sold 3,730 shares of the company’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $17.24, for a total value of $64,305.20. Following the sale, the general counsel now directly owns 49,626 shares in the company, valued at approximately $855,552.24. The disclosure for this sale can be found here. 2.33% of the stock is currently owned by corporate insiders.
Redwood Trust Company Profile
Redwood Trust, Inc, through its subsidiaries, focuses on investing in mortgage and other real estate related assets. The Company is engaged in mortgage banking activities. The Company operates through three segments: Residential Investments, Residential Mortgage Banking and Commercial. The Residential Investments segment includes a portfolio of investments in residential mortgage-backed securities (RMBS) retained from its Sequoia securitizations.
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