The Manufacturers Life Insurance Company lowered its position in shares of Redwood Trust, Inc. (NYSE:RWT - Free Report) by 99.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,664 shares of the real estate investment trust's stock after selling 4,183,009 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Redwood Trust were worth $194,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of RWT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Redwood Trust by 26.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 492,661 shares of the real estate investment trust's stock worth $2,990,000 after purchasing an additional 103,893 shares in the last quarter. Jane Street Group LLC bought a new stake in Redwood Trust in the 1st quarter worth approximately $2,018,000. Strs Ohio bought a new stake in Redwood Trust in the first quarter worth $149,000. XTX Topco Ltd increased its position in Redwood Trust by 35.4% in the second quarter. XTX Topco Ltd now owns 14,513 shares of the real estate investment trust's stock worth $86,000 after purchasing an additional 3,795 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Redwood Trust by 331.8% during the second quarter. Russell Investments Group Ltd. now owns 7,915 shares of the real estate investment trust's stock valued at $47,000 after purchasing an additional 6,082 shares in the last quarter. 74.34% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
RWT has been the subject of several research reports. Wall Street Zen upgraded shares of Redwood Trust from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Citizens Jmp decreased their target price on shares of Redwood Trust from $7.00 to $6.00 and set a "market outperform" rating on the stock in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods lowered their price target on shares of Redwood Trust from $6.00 to $5.50 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Wells Fargo & Company dropped their price target on Redwood Trust from $7.00 to $6.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Finally, BTIG Research reissued a "buy" rating and set a $6.00 price objective on shares of Redwood Trust in a research note on Tuesday, July 28th. Six research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $6.00.
Check Out Our Latest Stock Report on RWT
Redwood Trust Stock Performance
Shares of NYSE:RWT opened at $4.82 on Tuesday. The firm has a market cap of $605.45 million, a PE ratio of -120.47 and a beta of 1.38. The firm's 50 day simple moving average is $4.88 and its 200-day simple moving average is $5.41. Redwood Trust, Inc. has a one year low of $4.19 and a one year high of $6.97. The company has a debt-to-equity ratio of 31.69, a quick ratio of 67.49 and a current ratio of 67.49.
Redwood Trust (NYSE:RWT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.02. Redwood Trust had a return on equity of 16.02% and a net margin of 0.42%.The firm had revenue of $56.01 million during the quarter, compared to analyst estimates of $89.45 million. As a group, equities analysts predict that Redwood Trust, Inc. will post 1.03 EPS for the current year.
Redwood Trust Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 23rd were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 14.9%. The ex-dividend date was Tuesday, June 23rd. Redwood Trust's dividend payout ratio is currently -1,800.00%.
Redwood Trust Profile
(
Free Report)
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.
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