Peregrine Capital Management LLC lowered its holdings in shares of Redwood Trust, Inc. (NYSE:RWT – Get Rating) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,176,666 shares of the real estate investment trust’s stock after selling 12,765 shares during the period. Peregrine Capital Management LLC’s holdings in Redwood Trust were worth $7,954,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its stake in shares of Redwood Trust by 78.4% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,094 shares of the real estate investment trust’s stock valued at $52,000 after purchasing an additional 3,996 shares in the last quarter. Coldstream Capital Management Inc. bought a new stake in Redwood Trust during the 4th quarter worth about $68,000. Catalyst Capital Advisors LLC raised its holdings in Redwood Trust by 43.5% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 10,130 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 3,070 shares during the last quarter. AlphaCrest Capital Management LLC acquired a new position in shares of Redwood Trust during the 2nd quarter worth about $87,000. Finally, Raymond James Trust N.A. acquired a new position in shares of Redwood Trust during the 3rd quarter worth about $70,000. Institutional investors and hedge funds own 71.73% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on RWT. Raymond James decreased their price objective on Redwood Trust from $11.00 to $10.00 and set a “strong-buy” rating for the company in a research report on Sunday, March 5th. Keefe, Bruyette & Woods reduced their price target on Redwood Trust from $9.00 to $8.50 and set an “outperform” rating for the company in a research report on Tuesday, February 14th. JMP Securities upped their price objective on Redwood Trust from $9.00 to $9.50 and gave the stock a “market outperform” rating in a research note on Tuesday, February 7th. StockNews.com began coverage on Redwood Trust in a research note on Thursday. They set a “hold” rating on the stock. Finally, Credit Suisse Group restated an “outperform” rating and issued a $9.00 price target on shares of Redwood Trust in a research note on Thursday, March 9th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Redwood Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.44.
Redwood Trust Price Performance
Redwood Trust Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 24th will be given a $0.23 dividend. The ex-dividend date of this dividend is Thursday, March 23rd. This represents a $0.92 annualized dividend and a yield of 13.65%. Redwood Trust’s dividend payout ratio is presently -63.45%.
Insider Buying and Selling at Redwood Trust
In other Redwood Trust news, insider Andrew P. Stone sold 7,000 shares of the stock in a transaction dated Tuesday, December 20th. The stock was sold at an average price of $6.86, for a total value of $48,020.00. Following the completion of the transaction, the insider now directly owns 106,821 shares in the company, valued at $732,792.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Redwood Trust news, CAO Collin L. Cochrane sold 11,706 shares of Redwood Trust stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $6.86, for a total value of $80,303.16. Following the completion of the sale, the chief accounting officer now directly owns 56,899 shares in the company, valued at $390,327.14. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Andrew P. Stone sold 7,000 shares of Redwood Trust stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $6.86, for a total value of $48,020.00. Following the completion of the sale, the insider now owns 106,821 shares of the company’s stock, valued at $732,792.06. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
About Redwood Trust
Redwood Trust, Inc is a financial company, which focuses on several distinct areas of housing credit. It operates through the following segments: Residential Mortgage Banking, Business Purpose Mortgage Banking, and Investment Portfolio. The Residential Mortgage Banking segment consists of a mortgage loan conduit that acquires residential loans from third-party originators for subsequent sale, securitization, or transfer into the investment portfolio.
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