Shufro Rose & Co. LLC lifted its stake in shares of Redwood Trust, Inc. (NYSE:RWT – Get Rating) by 12.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 79,500 shares of the real estate investment trust’s stock after buying an additional 8,700 shares during the quarter. Shufro Rose & Co. LLC owned 0.07% of Redwood Trust worth $837,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Los Angeles Capital Management LLC purchased a new stake in Redwood Trust during the 1st quarter worth approximately $620,000. Victory Capital Management Inc. grew its position in shares of Redwood Trust by 57.2% in the 1st quarter. Victory Capital Management Inc. now owns 32,765 shares of the real estate investment trust’s stock worth $318,000 after acquiring an additional 11,919 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Redwood Trust by 231.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 67,773 shares of the real estate investment trust’s stock worth $714,000 after acquiring an additional 47,346 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Redwood Trust by 43.2% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 6,386 shares of the real estate investment trust’s stock worth $67,000 after acquiring an additional 1,927 shares in the last quarter. Finally, Beach Point Capital Management LP acquired a new position in shares of Redwood Trust in the 1st quarter worth approximately $4,607,000. 75.21% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently commented on RWT. StockNews.com lowered Redwood Trust from a “hold” rating to a “sell” rating in a research report on Friday, July 29th. Piper Sandler reduced their price objective on Redwood Trust from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Tuesday, June 28th. Credit Suisse Group cut their target price on Redwood Trust to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, May 19th. JPMorgan Chase & Co. began coverage on Redwood Trust in a research note on Friday, May 13th. They issued an “overweight” rating and a $11.50 price objective on the stock. Finally, BTIG Research cut their target price on Redwood Trust from $11.50 to $10.50 and set a “buy” rating on the stock in a research report on Thursday, June 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.64.
Redwood Trust Stock Down 0.1 %
Redwood Trust announced that its board has initiated a stock buyback plan on Thursday, July 28th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 11.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Redwood Trust Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 23rd were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 11.39%. The ex-dividend date of this dividend was Wednesday, June 22nd. Redwood Trust’s payout ratio is presently 242.11%.
Redwood Trust Company Profile
Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio. The Residential Mortgage Banking 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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