Redwood Trust (NYSE:RWT) Stock Rating Upgraded by Keefe, Bruyette & Woods

Redwood Trust (NYSE:RWT) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report released on Thursday,Benzinga reports. The brokerage presently has a $6.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $7.00. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 25.94% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Citizens Jmp lowered their target price on Redwood Trust from $7.00 to $6.00 and set a “market outperform” rating on the stock in a report on Wednesday. JonesTrading reissued a “buy” rating and set a $6.25 price objective on shares of Redwood Trust in a research note on Thursday, April 30th. Piper Sandler dropped their target price on Redwood Trust from $6.50 to $5.50 and set a “neutral” rating for the company in a report on Thursday, July 2nd. Zacks Research downgraded Redwood Trust from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Wall Street Zen raised Redwood Trust from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.11.

Redwood Trust Stock Performance

NYSE:RWT opened at $4.76 on Thursday. The company has a market cap of $596.55 million, a P/E ratio of -6.11 and a beta of 1.37. Redwood Trust has a twelve month low of $4.19 and a twelve month high of $6.97. The company’s 50-day moving average price is $5.17 and its 200-day moving average price is $5.57. The company has a current ratio of 59.63, a quick ratio of 59.63 and a debt-to-equity ratio of 28.42.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Evanson Financial LLC acquired a new stake in Redwood Trust during the second quarter worth $66,000. PVG Asset Management Corp purchased a new position in shares of Redwood Trust during the 2nd quarter worth $592,000. Empowered Funds LLC purchased a new position in shares of Redwood Trust during the 1st quarter worth $255,000. Optiver Holding B.V. grew its holdings in shares of Redwood Trust by 2,034.5% during the 1st quarter. Optiver Holding B.V. now owns 10,779 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 10,274 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Redwood Trust by 66.4% during the 1st quarter. Bank of America Corp DE now owns 395,286 shares of the real estate investment trust’s stock worth $2,218,000 after purchasing an additional 157,795 shares during the last quarter. 74.34% of the stock is currently owned by institutional investors and hedge funds.

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.