The price of Redwood Trust Inc. (NYSE:RWT) shares last traded on Wall Street rose 1.21% to $7.53.
Based on available information, 10 analysts follow Redwood Trust Inc. (NYSE:RWT). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $10.00 and a low of $7.00, we find $8.00. Given the previous closing price of $7.44, this indicates a potential upside of 7.53 percent. RWT stock price is now 18.09% away from the 50-day moving average and 8.90% away from the 200-day moving average. The market capitalization of the company currently stands at $793.96M.
Among analysts, 3 rate the stock a hold while 7 rate it a buy. Brokers who have rated the stock have averaged $8.39 as their price target over the next twelve months.
With the price target maintained at $7, Piper Sandler recently Downgraded its rating from Overweight to Neutral for Redwood Trust Inc. (NYSE: RWT).
In other news, COCHRANE COLLIN L., Chief Accounting Officer sold 11,706 shares of the company’s stock on Dec 20. The stock was sold for $80,303 at an average price of $6.86. Upon completion of the transaction, the Chief Accounting Officer now directly owns 56,899 shares in the company, valued at $0.43 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Dec 20, Chief Legal Officer Stone Andrew P sold 7,000 shares of the business’s stock. A total of $48,020 was realized by selling the stock at an average price of $6.86. This leaves the insider owning 106,821 shares of the company worth $0.8 million. Insiders disposed of 18,706 shares of company stock worth roughly $0.14 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in RWT stock. A new stake in Redwood Trust Inc. shares was purchased by STATE OF NEW JERSEY COMMON PENSION FUND D during the first quarter worth $2,264,000. GSA CAPITAL PARTNERS LLP invested $1,152,000 in shares of RWT during the first quarter. In the first quarter, FJ CAPITAL MANAGEMENT LLC acquired a new stake in Redwood Trust Inc. valued at approximately $822,000. EMERALD MUTUAL FUND ADVISERS TRUST acquired a new stake in RWT for approximately $735,000. MARSHALL WACE, LLP purchased a new stake in RWT valued at around $731,000 in the second quarter. In total, there are 275 active investors with 75.40% ownership of the company’s stock.
A candlestick chart of Redwood Trust Inc. (NYSE: RWT) showed a price of $7.51 on Monday morning. During the past 12 months, Redwood Trust Inc. has had a low of $5.47 and a high of $8.97. The fifty day moving average price for RWT is $6.41 and a two-hundred day moving average price translates $6.92 for the stock.
The latest earnings results from Redwood Trust Inc. (NYSE: RWT) was released for Jun, 2023. According to the REIT – Mortgage Company, earnings per share came in at $0.14, beating analysts’ expectations of $0.11 by 0.03. This compares to $0.24 EPS in the same period last year. The net profit margin was -23.70% and return on equity was -14.70% for RWT. The company reported revenue of $178.52 million for the quarter, compared to $189.4 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -5.75 percent. For the current quarter, analysts expect RWT to generate $35.85M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 06/30/2023. Investors who held shares on 06/23/2023 were paid a $0.16 dividend. On an annualized basis, this represents a $0.64 dividend and a 8.50% percent yield. There was an ex-dividend date of 06/22/2023 for this dividend.
Redwood Trust Inc.(RWT) 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. This segment also offers derivative financial instruments to manage risks associated with residential loans. The Business Purpose Mortgage Banking segment operates a platform that originates and acquires business purpose loans, such as single-family rental and bridge loans for subsequent securitization, sale, or transfer into its investment portfolio. The Investment Portfolio segment invests in securities retained from residential and business purpose securitization activities, and residential and small-balance multifamily bridge loans, as well as residential mortgage-backed securities issued by third parties, Freddie Mac K-Series multifamily loan securitizations and reperforming loan securitizations, servicer advance investments, home equity investments, and other housing-related investments. The company qualifies as a real estate investment trust (REIT) for federal income tax purposes. As a REIT, it intends to distribute at least 90% of its taxable income as dividends to shareholders. Redwood Trust, Inc. was incorporated in 1994 and is headquartered in Mill Valley, California.
