Redwood Capital Bancorp (OTCMKTS:RWCB) Shares Down 0.5% – Here’s Why

Redwood Capital Bancorp (OTCMKTS:RWCB) was down 0.5% during trading on Thursday . The stock traded as low as $29.06 and last traded at $29.40. Approximately 6,881 shares were traded during mid-day trading, an increase of 300% from the average daily volume of 1,722 shares. The stock had previously closed at $29.54.

Redwood Capital Bancorp Trading Down 0.7%

The firm’s 50-day simple moving average is $28.98 and its two-hundred day simple moving average is $27.00.

Redwood Capital Bancorp announced that its board has approved a share repurchase plan on Friday, November 21st that authorizes the company to repurchase $1.00 million in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Redwood Capital Bancorp Company Profile

Redwood Capital Bancorp is the bank holding company for Redwood Capital Bank FSB, a community-oriented financial institution headquartered in Santa Rosa, California. As a federally chartered savings bank, it provides a full range of deposit and lending products to individuals, small businesses, and professional clients, with a focus on personalized service and local decision-making.

The company’s deposit portfolio includes checking and savings accounts, money market funds, and certificates of deposit, all designed to meet the needs of both personal and commercial clients.