Raymond James Boosts Redwood Trust (NYSE:RWT) Price Target to $9.50

Redwood Trust (NYSE:RWT) had its target price raised by Raymond James from $8.50 to $9.50 in a research note released on Thursday morning, Benzinga reports. They currently have a strong-buy rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on RWT. JPMorgan Chase & Co. boosted their target price on shares of Redwood Trust from $7.00 to $7.50 and gave the company an overweight rating in a research note on Tuesday, July 16th. Wedbush boosted their target price on shares of Redwood Trust from $6.50 to $7.00 and gave the company a neutral rating in a research note on Friday, August 2nd. Piper Sandler upped their price target on shares of Redwood Trust from $6.50 to $7.50 and gave the stock a neutral rating in a research report on Monday, August 5th. Finally, JMP Securities upped their price target on shares of Redwood Trust from $8.00 to $8.50 and gave the stock a market outperform rating in a research report on Friday, July 19th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $8.08.

Redwood Trust Trading Down 1.6 %

Shares of Redwood Trust stock opened at $7.93 on Thursday. Redwood Trust has a 52-week low of $5.45 and a 52-week high of $8.15. The company has a debt-to-equity ratio of 12.97, a current ratio of 50.47 and a quick ratio of 50.47. The company’s fifty day moving average price is $7.37 and its two-hundred day moving average price is $6.65. The firm has a market capitalization of $1.05 billion, a PE ratio of 113.29 and a beta of 1.58.

Redwood Trust (NYSE:RWT) last issued its earnings results on Thursday, August 1st. The real estate investment trust reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. Redwood Trust had a net margin of 4.45% and a return on equity of 4.93%. During the same period in the prior year, the firm posted $0.14 EPS. On average, analysts expect that Redwood Trust will post 0.5 EPS for the current year.

Redwood Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 23rd will be given a dividend of $0.17 per share. The ex-dividend date is Monday, September 23rd. This is an increase from Redwood Trust’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 8.58%. Redwood Trust’s dividend payout ratio is presently 914.29%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC acquired a new position in Redwood Trust during the 2nd quarter valued at about $69,000. MQS Management LLC acquired a new position in Redwood Trust during the 1st quarter valued at about $72,000. Algert Global LLC acquired a new position in Redwood Trust during the 2nd quarter valued at about $86,000. Ameritas Investment Partners Inc. lifted its position in Redwood Trust by 26.5% during the 1st quarter. Ameritas Investment Partners Inc. now owns 14,324 shares of the real estate investment trust’s stock valued at $91,000 after purchasing an additional 3,000 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of Redwood Trust in the 4th quarter valued at about $107,000. 74.34% of the stock is currently owned by institutional investors and hedge funds.

Redwood Trust 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 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.