Keefe, Bruyette & Woods Upgrades Redwood Trust (NYSE:RWT) to “Outperform”

Redwood Trust (NYSE:RWT) was upgraded by stock analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report released on Thursday, MarketBeat reports. The firm presently has a $6.00 price target on the real estate investment trust’s stock, down from their prior price target of $7.00. Keefe, Bruyette & Woods’ price target points to a potential upside of 17.30% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen raised Redwood Trust from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. BTIG Research decreased their target price on Redwood Trust from $8.50 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, June 17th. Zacks Research cut shares of Redwood Trust from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Citizens Jmp reduced their price target on shares of Redwood Trust from $7.00 to $6.00 and set a “market outperform” rating for the company in a research note on Wednesday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Redwood Trust in a report on Wednesday, June 24th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.11.

Redwood Trust Stock Performance

RWT stock opened at $5.12 on Thursday. The stock has a market capitalization of $640.50 million, a PE ratio of -6.56 and a beta of 1.37. Redwood Trust has a 12-month low of $4.19 and a 12-month high of $6.97. The company has a current ratio of 59.63, a quick ratio of 59.63 and a debt-to-equity ratio of 28.42. The stock’s 50 day simple moving average is $5.14 and its 200 day simple moving average is $5.56.

Hedge Funds Weigh In On Redwood Trust

Large investors have recently added to or reduced their stakes in the company. Clearstead Advisors LLC grew its holdings in Redwood Trust by 192.5% during the 4th quarter. Clearstead Advisors LLC now owns 5,428 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 3,572 shares in the last quarter. Russell Investments Group Ltd. grew its position in Redwood Trust by 331.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,915 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 6,082 shares during the last quarter. Westbourne Investments Inc. purchased a new position in Redwood Trust in the 4th quarter worth about $55,000. Bank of Marin purchased a new position in shares of Redwood Trust during the fourth quarter worth approximately $58,000. Finally, Abel Hall LLC bought a new position in shares of Redwood Trust during the 4th quarter worth $58,000. Hedge funds and other institutional investors own 74.34% of the company’s stock.

Redwood Trust Company Profile

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.