Peregrine Capital Management LLC Trims Stake in Redwood Trust, Inc. (NYSE:RWT)

Peregrine Capital Management LLC trimmed its stake in Redwood Trust, Inc. (NYSE:RWT - Free Report) by 24.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,013,850 shares of the real estate investment trust's stock after selling 334,607 shares during the quarter. Peregrine Capital Management LLC owned 0.89% of Redwood Trust worth $7,513,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RWT. Bank of Montreal Can boosted its holdings in Redwood Trust by 8.6% in the first quarter. Bank of Montreal Can now owns 34,331 shares of the real estate investment trust's stock worth $371,000 after acquiring an additional 2,715 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Redwood Trust by 51.5% in the first quarter. MetLife Investment Management LLC now owns 59,710 shares of the real estate investment trust's stock worth $629,000 after acquiring an additional 20,294 shares in the last quarter. Rhumbline Advisers boosted its holdings in Redwood Trust by 2.6% in the first quarter. Rhumbline Advisers now owns 308,263 shares of the real estate investment trust's stock worth $3,246,000 after acquiring an additional 7,950 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Redwood Trust by 14.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 98,861 shares of the real estate investment trust's stock valued at $1,041,000 after purchasing an additional 12,189 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Redwood Trust by 1.2% during the first quarter. Vanguard Group Inc. now owns 12,245,804 shares of the real estate investment trust's stock valued at $128,948,000 after purchasing an additional 150,771 shares in the last quarter. 74.34% of the stock is owned by institutional investors.

Redwood Trust Stock Performance

Redwood Trust stock traded down $0.41 during mid-day trading on Wednesday, reaching $5.95. 2,061,375 shares of the stock traded hands, compared to its average volume of 1,501,107. The stock has a market capitalization of $782.88 million, a PE ratio of -49.58 and a beta of 1.48. The company has a debt-to-equity ratio of 10.12, a current ratio of 7.36 and a quick ratio of 7.36. Redwood Trust, Inc. has a 12-month low of $5.47 and a 12-month high of $8.30. The business's 50-day moving average is $6.30 and its 200-day moving average is $6.77.

Redwood Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 21st were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 10.76%. The ex-dividend date of this dividend was Wednesday, March 20th. Redwood Trust's dividend payout ratio (DPR) is presently -533.33%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RWT. Piper Sandler lowered their price target on Redwood Trust from $7.50 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, February 21st. JMP Securities reaffirmed a "market outperform" rating and set a $8.00 price target on shares of Redwood Trust in a report on Wednesday. Wells Fargo & Company lowered their price target on Redwood Trust from $8.00 to $7.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 21st. Keefe, Bruyette & Woods lowered their price target on Redwood Trust from $7.75 to $7.25 and set an "outperform" rating on the stock in a report on Wednesday. Finally, Raymond James lowered their price target on Redwood Trust from $9.00 to $8.50 and set a "strong-buy" rating on the stock in a report on Friday, January 19th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $7.78.

About Redwood Trust

Redwood Trust, Inc, together with its subsidiaries, operates as a specialty finance company in the United States. The company operates through three segments: Residential Consumer Mortgage Banking, Residential Investor Mortgage Banking, and Investment Portfolio. The Residential Consumer 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.