JonesTrading Cuts Redwood Trust (NYSE:RWT) Price Target to $6.00

Redwood Trust (NYSE:RWT) had its price objective reduced by JonesTrading from $6.25 to $6.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

RWT has been the subject of several other reports. Keefe, Bruyette & Woods upgraded Redwood Trust from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $7.00 to $6.00 in a research note on Thursday, July 9th. BTIG Research reiterated a “buy” rating and issued a $6.00 target price on shares of Redwood Trust in a research report on Tuesday. Wall Street Zen raised shares of Redwood Trust from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. decreased their price objective on shares of Redwood Trust from $6.50 to $6.00 and set an “overweight” rating for the company in a research note on Friday, July 17th. Finally, Citizens Jmp dropped their price objective on shares of Redwood Trust from $7.00 to $6.00 and set a “market outperform” rating on the stock in a report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $6.00.

Redwood Trust Price Performance

NYSE RWT opened at $4.67 on Tuesday. The company has a market cap of $584.78 million, a price-to-earnings ratio of -116.72 and a beta of 1.37. The company has a debt-to-equity ratio of 29.41, a current ratio of 59.63 and a quick ratio of 59.63. The stock’s fifty day moving average price is $5.03 and its 200 day moving average price is $5.50. Redwood Trust has a 1 year low of $4.19 and a 1 year high of $6.97.

Redwood Trust (NYSE:RWT) last issued its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.02. Redwood Trust had a return on equity of 15.73% and a net margin of 0.56%.The company had revenue of $78.50 million during the quarter, compared to analysts’ expectations of $89.45 million. As a group, equities research analysts forecast that Redwood Trust will post 1.05 earnings per share for the current year.

Redwood Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 23rd were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 15.4%. The ex-dividend date was Tuesday, June 23rd. Redwood Trust’s dividend payout ratio (DPR) is currently -1,800.00%.

Institutional Investors Weigh In On Redwood Trust

Several hedge funds have recently bought and sold shares of RWT. UBS Group AG grew its stake in shares of Redwood Trust by 521.1% during the 4th quarter. UBS Group AG now owns 3,875,226 shares of the real estate investment trust’s stock worth $21,430,000 after purchasing an additional 3,251,302 shares during the period. Wellington Management Group LLP increased its holdings in shares of Redwood Trust by 10.2% during the 3rd quarter. Wellington Management Group LLP now owns 15,020,483 shares of the real estate investment trust’s stock valued at $86,969,000 after purchasing an additional 1,395,675 shares in the last quarter. Evergreen Capital Management LLC lifted its stake in shares of Redwood Trust by 52.8% in the 4th quarter. Evergreen Capital Management LLC now owns 1,674,009 shares of the real estate investment trust’s stock valued at $9,257,000 after purchasing an additional 578,301 shares during the period. Tran Capital Management L.P. acquired a new position in shares of Redwood Trust in the 4th quarter valued at $2,947,000. Finally, Invesco Ltd. boosted its holdings in Redwood Trust by 25.4% during the fourth quarter. Invesco Ltd. now owns 2,551,067 shares of the real estate investment trust’s stock worth $14,107,000 after buying an additional 516,630 shares in the last quarter. Hedge funds and other institutional investors own 74.34% of the company’s stock.

About Redwood Trust

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.