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

Redwood Trust (NYSE:RWT) had its target price decreased by equities researchers at Piper Sandler from $6.50 to $6.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler’s target price would suggest a potential upside of 8.79% from the company’s previous close.

A number of other research firms have also recently weighed in on RWT. JonesTrading restated a “buy” rating and issued a $6.25 price target on shares of Redwood Trust in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of Redwood Trust from $5.75 to $7.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 18th. JPMorgan Chase & Co. raised shares of Redwood Trust from a “neutral” rating to an “overweight” rating and set a $6.00 target price for the company in a research report on Friday, January 23rd. Citigroup restated a “market perform” rating on shares of Redwood Trust in a research note on Wednesday, February 18th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Redwood Trust in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Redwood Trust currently has a consensus rating of “Moderate Buy” and an average price target of $6.82.

Redwood Trust Stock Down 2.2%

Shares of NYSE RWT traded down $0.13 during mid-day trading on Thursday, reaching $5.52. 94,466 shares of the company were exchanged, compared to its average volume of 1,658,643. The company has a quick ratio of 55.15, a current ratio of 55.15 and a debt-to-equity ratio of 24.34. The stock has a market cap of $689.31 million, a price-to-earnings ratio of -9.02 and a beta of 1.55. Redwood Trust has a 1 year low of $4.68 and a 1 year high of $6.97. The firm has a 50-day moving average of $5.85 and a 200 day moving average of $5.67.

Redwood Trust (NYSE:RWT) last issued its quarterly earnings data on Wednesday, February 11th. The real estate investment trust reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The company had revenue of $140.33 million for the quarter, compared to the consensus estimate of $24.88 million. Redwood Trust had a negative net margin of 5.93% and a positive return on equity of 12.00%. On average, research analysts expect that Redwood Trust will post 0.78 earnings per share for the current year.

Institutional Trading of Redwood Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RWT. Vident Advisory LLC increased its holdings in shares of Redwood Trust by 4.7% in the fourth quarter. Vident Advisory LLC now owns 39,606 shares of the real estate investment trust’s stock valued at $219,000 after purchasing an additional 1,773 shares during the period. Inceptionr LLC boosted its position in Redwood Trust by 10.7% in the third quarter. Inceptionr LLC now owns 26,377 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 2,560 shares during the last quarter. Rhumbline Advisers increased its holdings in Redwood Trust by 0.8% in the 3rd quarter. Rhumbline Advisers now owns 392,058 shares of the real estate investment trust’s stock worth $2,270,000 after buying an additional 3,147 shares during the period. Choreo LLC increased its holdings in Redwood Trust by 29.4% in the 4th quarter. Choreo LLC now owns 13,893 shares of the real estate investment trust’s stock worth $77,000 after buying an additional 3,158 shares during the period. Finally, Apollon Wealth Management LLC raised its position in Redwood Trust by 3.7% during the 3rd quarter. Apollon Wealth Management LLC now owns 89,143 shares of the real estate investment trust’s stock worth $516,000 after buying an additional 3,193 shares during the last quarter. Institutional investors and hedge funds 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.